Belarusian Universal Commodity Exchange inviting Azerbaijani companies

Finance Materials 7 March 2020 10:03 (UTC +04:00)

BAKU, Azerbaijan, Mar. 7

By Eldar Janashvili – Trend:

The Belarusian Universal Commodity Exchange (BUCE) and the Azerbaijani Embassy in Belarus will join efforts to attract Azerbaijani business to exchange trading, Trend reports referring to the Belarusian media.

Latif Gandilov, Ambassador Extraordinary and Plenipotentiary of Azerbaijan to Belarus, noted that one of the main tasks of the embassy is to promote development of trade and economic relations between the countries, and this applies not only to supply of Belarusian goods to Azerbaijan, but also to the products of Azerbaijani enterprises in Belarus.

“Exchange trading has significant potential: it removes the need to search for business partners abroad and, more importantly, provides direct contact between the manufacturer and the end user. Therefore, together with BUCE, we recommend using this mechanism and are ready to inform representatives of the Azerbaijani business about the opportunities of the exchange platform, especially since there are no barriers to access the exchange market,” Gandilov added.

The diplomat also supported the decision of the BUCE leadership to simplify the accreditation procedure for non-resident companies, noting that such a step towards foreign bidders will lead to an increase of exchange commodity circulation, including with Azerbaijan.

Meanwhile, BUCE Chairman of the Board Alexander Osmolovsky stressed the importance of expanding the range of goods purchased by Azerbaijani companies at the exchange trading, and noted that 33 Azerbaijani companies were accredited to the exchange, which made deals of 14.2 million manat ($8.3 million) in 2019, which is twice more compared to 2018.

At the same time, Osmolovsky said if along with timber, dry milk, whey or metal products were purchased, this volume could be three or even four times more.

“These products that are in demand in Azerbaijan, therefore, in my opinion, the potential of exchange trading is not yet fully captured. We count on the assistance of the embassy in developing a list of promising commodity items, as well as in finding a worthy company that would become a broker of BUCE in Azerbaijan. We can achieve the desired results only if we join forces,” Osmolovsky added.


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