The Chamber of Commerce and Industry of Kyrgyzstan will promote the development of exchange trade with Belarus  

Photo BUTB February 22, MINSK . The Chamber of Commerce and Industry of Kyrgyzstan will join forces with the Belarusian Universal Commodity Exchange to develop exchange trade between Belarus and Kyrgyzstan. This agreement was reached during a meeting of representatives of BUCE and the Chamber of Commerce and Industry of Kyrgyzstan, organized on February 22 in the format of a video conference, BELTA was told by the BUCE press service.

Based on the results of the exchange of views, the parties identified promising areas of interaction, the implementation of which will increase the number of Kyrgyz companies using the exchange mechanism and significantly increase the volume of transactions concluded by residents of Kyrgyzstan on the BUCE platform.

In particular, the Chamber of Commerce and Industry of Kyrgyzstan expressed its readiness to assist in attracting new participants to exchange trading from among the members of the chamber, as well as to help with the search for a company that would become a BUCE broker in Kyrgyzstan. As for the commodity items of interest for mutual exchange trade, in the opinion of the parties, it is advisable to EXPORT lumber, SUGAR beet processing products, MILK powder and steel fittings to Kyrgyzstan through the exchange platform, while food raw materials will be in demand on the Belarusian market, groceries and cotton fiber.

“We support all areas of cooperation proposed by the exchange and are ready to work on each of them in detail. Of course, we will try to pay special attention to informing the Kyrgyz business community about the possibilities of using exchange trading to do business in Belarus. These could be either online seminars and conferences, or in-person events, including on-site events. For example, in April of this year a visit to Minsk is planned for a Kyrgyz business delegation led by the president of our Chamber of Commerce and Industry. So, a visit to the exchange will be included in the business program," said the HEAD of the Department of International cooperation of the Chamber of Commerce and Industry of Kyrgyzstan Nazir Katipov.

OJSC "Belarusian Universal Commodity Exchange" was created in 2004. The first auction took place in June 2005. BUCE is one of the largest commodity exchanges in Eastern Europe. The main function of the exchange is to assist Belarusian enterprises in exporting products and assist foreign companies in entering the Belarusian market. The exchange sells metal, timber, agricultural products , industrial and consumer goods of a wide range.

Currently, 25 residents of Kyrgyzstan are accredited to BUCE. At the end of 2023, the amount of transactions of exchange trading participants from this country increased by 34% due to purchases of Belarusian lumber and sugar.