Import substitution seen as driver of exchange trade between Belarus, Karelia

Import substitution should become the driver of the exchange trade between Belarus and Karelia, First Deputy Chairman of the Board of the Belarusian Universal Commodity Exchange (BUCE) Eduard Belsky said, BelTA learned from the BUCE press service. 

“Our trading platform is already used by companies from ten Russian regions. They act as buyers and suppliers of import-substituting goods. Moreover, a significant part of them uses BUCE services on a regular basis. As a result, in slightly over half a year since the import substitution platform was launched, the transactions made by companies from the Russian Federation amounted to $7.5 million in equivalent. Moreover, each such transaction is a clear example of how the exchange tool helps to address relevant tasks facing the two countries, like ensuring uninterrupted supplies of critical imports and diversifying exports of domestic products. Taking into consideration that we need to substitute a wide range of commodity items, I believe that import substitution should become the driver of the exchange trade between the Republic of Belarus and the Republic of Karelia,” Eduard Belsky emphasized.

According to him, the products of Karelia that can be in high demand on BUCE's import substitution platform include industrial equipment and building materials, while Belarus could supply food products, machines and mechanisms for the woodworking industry to Karelia.