Business news

22 Jan 2024

Chinese company ready to buy more Belarusian goods via BUCE

An archive photo

MINSK, 22 January (BelTA) – The Chinese company Taomu (Suzhou) Information Technology was the largest foreign buyer of timber at the Belarusian Universal Commodity Exchange in 2023. The company intends to step up operations in Belarus. In addition to importing more sawn timber via BUCE the company may buy other Belarusian goods that are popular in China. The company’s founder and director Chen Deguo mentioned the plans at a meeting with BUCE’s top managers in Minsk, BelTA has learned.

The Chinese businessman said: “Last year we bought over 142,000m3 of sawn timber from the commodity exchange. Nearly 4 times as much as the year before that. This year we will continue increasing purchases and may explore other commodity groups. First of all, we are certainly interested in agriculture products. Namely milk powder, rapeseed oil, and sugar. In other words, the things that definitely sell well on the Chinese market. We will get access to all the Belarusian manufacturers thanks to the commodity exchange. This aspect is particularly important for us.”

Chairman of the Board of the Belarusian Universal Commodity Exchange Aleksandr Osmolovsky suggested that Taomu (Suzhou) Information Technology should not limit operations to importing Belarusian goods. The company should consider selling Chinese goods in Belarus, including within the framework of import substitution. “Our digital platform for trading in industrial and consumer goods may become a convenient point for Chinese exporters to enter the Belarusian market. About 3,000 enterprises from Belarus used the platform last year alone. They concluded over 39,000 deals with import-substituting products. Depending on the structure of sales, we can say that the most popular products are industrial equipment and tools, parts and components, computer equipment and electric appliances. All these goods are made in China and could be sold to Belarusian consumers via our trade platform. This is why we count on your assistance with encouraging Chinese manufacturers to trade with us. Moreover, as an exchange broker you have the right to do this kind of business,” Aleksandr Osmolovsky noted.

For the sake of further stepping up cooperation in exchange trade the parties also agreed to consider integrating BUCE’s platform and the digital marketplace run by Taomu (Suzhou) Information Technology. Banking and logistic services are already integrated with the Chinese marketplace. The link is supposed to allow Belarusian exporters, which are accredited with BUCE, to more effectively promote their products to China by interacting with end consumers.