Business news

Russia’s Oryol Oblast plans to sell steel products, equipment through BUCE

MINSK, 9 June (BelTA) - An agreement to supply Russian-made cabling and wiring products, lifting equipment and solid-sate relay to Belarus was reached in the course of a visit of a business delegation of Oryol Oblast of Russia to the Belarusian Universal Commodity Exchange (BUCE), BelTA has learned from the BUCE press service.

Russian companies plan to use BUCE as a point of entry to the Belarusian market. According to Inessa Volkova, the head of the business delegation, director of the Oryol Regional Export Support Center, Belarus is one of the three key trade and economic partners of the region and promotion cooperation with Belarusian enterprises is a priority.

"Oryol Oblast is a traditional leader in terms of non-commodity exports among other subjects of the Central Federal District of Russia, and Belarus is one of our key markets along with Latvia and Kazakhstan. In 2020, the region's enterprises delivered almost $41 million worth of products to Belarus. We hope that thanks to BUCE our companies will get an additional sales channel and an opportunity to get direct access to major consumers in Belarus,” Inessa Volkova said.

Deputy Chairman of the BUCE Board Aleksei Matsevilo welcomed the arrival of new companies from Oryol Oblast and underlined that BUCE had created all necessary conditions for the Russian business. “We offer a simplified accreditation procedure for business entities of the Russian Federation. It takes two to three days to file documents and conduct the first transaction. Trading sessions are held online and contracts are signed with the help of an electronic digital signature. We keep an eye on the execution of exchange transactions. We use various instruments for that. The most effective of them is the ‘delivery against payment’. In this case the risks for both parties to a transaction are reduced to zero,” Aleksei Matsevilo said.

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.

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