Business news

30 Dec 2021

Belarusian commodity exchange welcomes first company from Pakistan

An archive photo

MINSK, 30 December (BelTA) –The first company from Pakistan, Sakafat Forever, has been accredited with Belarusian Universal Commodity Exchange (BUCE), BUCE spokesman Roman Yaniv told BelTA.

The arrival of the Pakistani trading enterprise at the Belarusian commodity exchange was the result of close cooperation between BUCE and the Embassy of Pakistan in Belarus, which assisted in organizing a visit of a Pakistani business delegation to Minsk in October this year. The representatives of Pakistani business got familiar with the benefits of using the exchange mechanism in cross-border trade and also determined the list of the most liquid Belarusian and Pakistani goods to be sold via BUCE.

According to the head of Sakafat Forever Moeez ur Rehman, the company intends to work in both directions - import of goods from Belarus and export of Pakistani products to the Belarusian market. The Pakistani businessman did not rule out trading via BUCE with companies from other countries through transit transactions.

“We plan to start working on the Belarusian exchange with the purchase of timber. In Pakistan, wood products are in high demand, especially in the construction sector, so we expect to establish regular supplies of Belarusian boards to our country. At the start of 2022 a Sakafat Forever authorized representative will come to Belarus to meet your manufacturers, assess the quality of timber products and discuss logistic issues. At the same time, we will study the possibility of selling Pakistani rice and other agricultural products in Belarus. It is one of the key export products for Pakistan, and I am sure that thanks to the exchange mechanism we will be able to get access to the widest range of buyers. It would also be great to use the client base of the exchange to enter the market of the European Union. This is a long-term project, however. Yet, Belarusian companies are a priority,” said the head of the Pakistani company.

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 mercantile 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. More than 27,500 economic entities from 69 countries are accredited with the BUCE. Russia, Lithuania, Latvia, Poland and Ukraine are the leaders in terms of the number of companies working on the exchange, with China taking first place in the growing number of new bidders.