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Belarus’ commodity exchange partners up with China’s e-commerce giant
MINSK, 29 January (BelTA) – The Belarusian Universal Commodity Exchange (BUCE) has established partnership with the OSell Group holding company, China’s platform for B2B cross-border e-commerce that local manufacturing relies on to enter foreign markets, BelTA learned from the BUCE press service.
The digital ecosystem of the OSell Group is used by thousands of companies from various sectors of the manufacturing industry and agriculture. The holding company views its cooperation with BUCE as an opportunity to facilitate cross-border trade for Chinese businesses.
The first joint event that was held after establishing partner relations was a round table for the business community of Jiangsu Province in the city of Wuxi. The parties discussed the possibility of using exchange trade tools to sell goods manufactured by enterprises of Jiangsu Province, as well as the possibility to buy Belarusian goods through BUCE.
According to Head of the BUCE office in Shanghai Aleksei Dykusha, BUCE is interested in expanding the presence of Chinese manufacturers at its trading platform and is ready to provide assistance to any enterprise that wants to sell its products to the Belarusian market.
“Exchange trade in industrial and consumer goods is one of the most dynamically developing areas; it grew 1.7 times in value by the end of last year. At the same time, goods from China were in high demand among trading participants, along with Belarusian and Russian products. Thus, work continues to bring more Chinese suppliers to BUCE, and the first exchange broker has recently been accredited here. The broker will work primarily with small and medium-sized businesses in China. Given the high level of economic development and significant export potential of Jiangsu Province, local enterprises will be able to quickly find partners among almost 26,000 buyers from Belarus represented at BUCE,” Aleksei Dykusha said.
The public joint-stock company (OAO) Belarusian Universal Commodity Exchange was established in 2004. The first trade sessions took place in June 2005. BUCE is one of the largest commodity exchanges in Eastern Europe. Its key function is to assist Belarusian companies with exporting their products and assist foreign companies with entering the Belarusian market. The commodity exchange facilitates trade in metals, timber, agricultural products, and a broad choice of industrial and consumer goods.
The BUCE office in Shanghai opened in 2023 with the goal to bring more Chinese companies to the exchange platform, promote Belarusian goods on the Chinese market and facilitate the supply of import-substituting products to Belarus. The office helped accredit 19 new companies from the People's Republic of China, including one exchange broker.
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