BUTB and the Embassy of Turkmenistan agreed on cooperation

Photo by BUCE, April 7, Minsk . During a visit to the Belarusian Universal Commodity Exchange by Turkmenistan's Ambassador to Belarus, Nazarguly Shagulyev, an agreement was reached to combine the efforts of the embassy and the exchange to develop exchange trading between the two countries. This was reported to BELTA by the BUCE press service.

The cooperation is expected to be comprehensive and cover a wide range of areas, including information exchange, joint events, assistance with accreditation of Turkmen business entities at BUCE, development of promising commodity positions, consultations on foreign trade issues, and visa support. The joint efforts are expected to result in increased exchange turnover, an expanded product range, and an increase in the number of Turkmen users of the BUCE trading platform.

"Last year, the value of exchange transactions by Turkmen participants increased 25-fold – from $80,000 to almost $2 million. Moreover, all of this was Belarusian exports , namely sawn timber and powdered milk . As you can see, in absolute terms, trade volumes are quite modest and definitely do not correspond to the potential of our countries in the exchange sector. At the same time, the economies of Belarus and Turkmenistan complement each other: you produce products in demand on the Belarusian market, and our goods are in demand among Turkmen consumers. I believe that we have the power to intensify the exchange vector of bilateral trade and economic cooperation and increase the share of exchange transactions in mutual trade turnover," noted Alexander Osmolovskiy, Chairman of the Board of BUCE, during a discussion of promising areas of cooperation between the exchange and the Embassy of Turkmenistan.

Nazarguly Shagulyev confirmed the need to find new growth points in exchange trading between the two countries, both in terms of introducing additional commodity items of interest to both parties and in terms of increasing the attractiveness of exchange instruments for Turkmen businesses. In this regard, as part of its functions, the embassy plans to assist BUCE in informing Turkmenistan's business community about opportunities to import and export goods through the Belarusian exchange, as well as assist in organizing exchange-related business events for Turkmen businesses.

As of April 7, 2025, 21 exchange trading participants from Turkmenistan were accredited at BUCE. Six of these entered the exchange in 2024 to purchase products from the woodworking and dairy industries.