Some 300 companies from Central Asia, Far East operate on BUCE import substitution platform

About 300 companies from Central Asia and the Far East are working on the import substitution platform of the Belarusian Universal Commodity Exchange (BUCE), Chairman of the BUCE Board Aleksandr Osmolovsky told the media at a seminar for executives of Belarusian companies, BelTA has learned.

The import substitution platform was launched in Belarus three months ago. “It has already proved its effectiveness and usefulness. Today's seminar with the heads of Belarusian largest enterprises was held in order to popularize the platform among Belarusian organizations and to extend its functions to all Belarusian enterprises. The more organizations are represented on it, the more effective the platform is,” said Aleksandr Osmolovsky.

Apart from its domestic operation, the BUCE has started to actively attract clients from Russia and other foreign countries. “Clients from the People's Republic of China and CIS countries have got very interested in our platform. About 300 companies have come to the platform from Central Asia and the Far East. The platform is gaining momentum and in order to develop even more actively, it needs to be filled with offers and bids for purchase and sale,” the BUCE head said.

According to the chairman, one request may get up to 100 responses. There are also bids that have about 600 proposals from various CIS countries.

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.

An estimated 6,387 transactions to the total tune of Br46.6 million have been conducted on the BUCE import substitution platform since 27 May 2022.