Business news

20 Sep 2022

Chambers of commerce of Belarus, India to cooperate in exchange trade

An archive photo

MINSK, 20 September (BelTA) – The Belarusian Universal Commodity Exchange (BUCE) and the Inventivepreneur Chamber of Commerce and Industries (ICCI) headquartered in New Delhi plan to join forces to bring Indian companies to the Belarusian commodity exchange. Such an agreement was reached following the visit of the ICCI delegation led by ICCI Chairperson Dr. Ritika Yadav to the BUCE central office, BelTA learned from the BUCE press service.

The Indian delegation believes that the use of the commodity exchange platform will not only help boost trade between Belarus and India, but also create favorable conditions for closer cooperation in related areas.

ICCI has over 10,000 members across India. These are mainly small and medium-sized businesses operating in various industries and agriculture. They use ICCI services like market analytics, assistance in attracting investments, professional development courses, search for business partners in India and abroad. “Yet, our main task is to help businesses scale up their operations, which usually involves entering the markets of other countries, including Belarus. Taking into account low risks, a wide product range and direct access to leading Belarusian enterprises, I believe that the exchange serves as an excellent springboard to start operations in your country. For our part, we will try to bring companies from India and possibly from neighboring countries to your platform,” Dr. Ritika Yadav noted.

First Deputy Chairman of the Board of the Belarusian Universal Commodity Exchange Eduard Belsky expressed his readiness to collaborate with ICCI in any areas, provided that such interaction would help increase exchange trade between Belarus and India.

“I would like our cooperation to be exclusively practical, I think you are also interested in this. Therefore, I suggest starting from specific commodity items that are in demand in Belarus and India and jointly bring sellers and buyers from the two countries to the exchange platform. For example, we known that Belarusian acrylic fiber and other products of the petrochemical industry are in high demand in India, since these commodities are regularly traded through our platform. Sawn timber, dairy products, light industry products hold a lot of promise, too. Our main task is to convey this information to as many Indian businesses as possible, and in this we count on your support,” Eduard Belsky emphasized.

Founded in 2004, the Belarusian Universal Commodity Exchange conducted its first trading session in June 2005. BUCE is one of the largest commodity exchanges in Eastern Europe. Its main function is to assist Belarusian enterprises with export and foreign companies with entering the Belarusian market. BUCE sells a wide range of metal, forestry, and agricultural products, industrial and consumer goods.