Business news
Belarusian commodity exchange plans to accredit broker in India
MINSK, 18 December (BelTA) – Representatives of the Belarusian Universal Commodity Exchange (BUCE) held online talks with Manpreet Singh, President of the Indian Chamber of International Business (ICIB) to discuss the accreditation of an exchange broker in India, BelTA learned from the press service of the BUCE.
The BUCE is working through this matter in order to intensify exchange trade between Belarus and the South Asian countries, and India is considered as the largest and most promising market to cooperate in exchange trade.
Manpreet Singh expressed an interest in establishing partnership with the BUCE. According to him, as a broker, ICIB will be able not only to attract new Indian traders to the BUCE, but also to improve the activities of Indian companies already accredited at the exchange.
"For over 10 years we have been operating in the Belarusian market and assisting Belarusian and Indian businesses in finding partners and establishing mutual trade," the ICIB president said. "We also deal with the matters of logistics and delivery of goods, which, in my opinion, brings benefits to Indian companies that already participate in exchange trading and conclude transactions. In other words, as you can see, we already act as an exchange broker to some extent. We are eager to establish cooperation with the exchange in this format."
In his turn, head of foreign economic activity at the BUCE Aleksandr Bashliy emphasized the importance of the Indian market as one of the strategic markets for BUCE exports. He expressed confidence that joint efforts of the BUCE and ICIB will bring the Belarusian-Indian exchange trade to a higher level.
"As of today, we have accredited only four Indian companies. In January-November 2024 the total amount of transactions totaled $1.6 million. This amount was achieved through the export of Belarusian timber. Accordingly, we have a great potential for expanding the range of traders and increasing trade. I am sure that with the support of ICIB, which has experience in Belarus and India, we will be able to achieve much better results," Aleksandr Bashliy summed up.
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