Business news

19 Oct 2022

Belarus, Tula Oblast to intensify cooperation in import substitution

An archive photo

MINSK, 19 October (BelTA) – The Belarusian Universal Commodity Exchange (BUCE) and the Export Support Center (ETS) of Tula Oblast of Russia have plans to cooperate in import substitution, BelTA learned from the press service of BUCE.

The cooperation agreement was reached during the visit of a Belarusian business mission. The visit was arranged by the Tula Chamber of Commerce and Industry with a view to informing manufacturers and traders of Tula Oblast about business opportunities in Belarus, including the terms of doing business through the commodity exchange. It was agreed that the Export Support Center will help bring local manufacturers of pipe fittings, metal structures, fasteners, electrical equipment, workwear and other industrial and consumer goods that in demand in Belarus to the BUCE import substitution platform. BUCE noted that the focus will be on small and medium-sized businesses. They will be able to use the BUCE platform as an alternative to the traditional commodity distribution network and thus get an easier access to the Belarusian market.

“We are certainly interested in increasing mutual trade. I believe that the import substitution platform will contribute to this effort by helping Belarusian and Tula companies find each other and conclude deals. For our part, we are ready not only to teach small and medium-sized businesses how to use this tool effectively, but we are also considering the option of accreditation as a stock broker. As far as I know, some export support centers in other regions of Russia have already taken this path. For us, this scheme of work is also quite acceptable,” Daria Medvedeva, the head of the Export Support Center of Tula Oblast, said following the negotiations with the delegation of the Belarusian Universal Commodity Exchange.

According to BUCE, in January-September 2022 exchange transactions by business entities of Tula Oblast on BUCE amounted to about RUB85 million, up 2.4 times year-on-year. Tula enterprises purchased Belarusian dairy products and building materials and sold to Belarus mostly feed additives and products made of ferrous metals.