Belarus, China discuss exchange trade prospects

 The Inner Mongolia Autonomous Region of China is interested in developing mutually beneficial trade, economic and investment cooperation with Belarus. The matter was discussed during the meeting of Executive Vice Chairman of the region Huang Zhiqiang with the management of the Belarusian Universal Commodity Exchange (BUCE), BelTA learned from the BUCE press service.

Chairman of the Board of the BUCE Aleksandr Osmolovsky emphasized the importance of the Chinese market for the development of cross-border exchange trade and expressed hope that the entry of economic entities from Inner Mongolia to the exchange would help ensure even higher growth of exchange trade between Belarus and China. “In January-August 2023, the number of transactions of Chinese traders more than doubled compared to last year's performance and continues to grow. The commodity assortment is expanding, too. Today our trading platform is actively used to supply lumber, rapeseed oil, meat and dairy products to China. Recently our platform of industrial and consumer goods has been in high demand. If we take a look at the country of origin, the share of Chinese products in the structure of transactions is about 20%, which is comparable to the one from the Russian Federation. I think that this platform will become an effective tool for companies from Inner Mongolia in finding new business partners from Belarus,” he said.

Possible areas of cooperation between the parties were discussed at the talks, which were attended by representatives of the Ministry of Antimonopoly Regulation and Trade, the National Agency for Investment and Privatization, and Belintertrans. According to the head of the Chinese delegation, exchange trading can play a key role in creating favorable conditions for companies from Inner Mongolia to do business in the Belarusian market.

“Our region has four main features: vast territory, huge reserves of natural resources, highly developed agriculture and a powerful energy industry. Belarus also has strong economic sectors and competitive goods that are in demand in China. Therefore, I have no doubt that we will be able to find common ground and establish fruitful cooperation. Here, the exchange platform with its wide import and export opportunities can simplify the activities of companies from Inner Mongolia in the Belarusian market. Moreover, as far as I know, you have already accumulated considerable experience in working with Chinese business and achieved certain results,” Huang Zhiqiang said.

As of 1 September 2023, 137 Chinese residents were accredited on the BUCE, including one with the status of a stock broker.