The Embassy of the United Arab Emirates in the Republic of Belarus is going to assist the Belarusian Universal Commodity Exchange (BUCE) with the development of exchange trade in the Middle East, North Africa and Asia. Importantly, the Embassy’s assistance will not be limited to information support only but encompass several other areas of mutual interest. These matters were discussed in the course of the meeting between His Excellency, Ibrahim Salim Mohamed Al-Musharrah, Ambassador Extraordinary and Plenipotentiary of the UAE to the Republic of Belarus, with BUCE administration.

«In order to operate effectively in the UAE market and in the Arab world in general, one needs to have a good knowledge of the local mentality, legislation, business communication principles and many other subtle details that can play a crucial role in establishing long-term trade relations. This said we are ready to offer you our help and expertise. Moreover, we will recommend your platform to Emirati businessmen as a reliable and secure way of trading with Belarusian enterprises. Finally, since the UAE is a global commercial hub with robust transport, logistics and financial infrastructure, cooperation with our companies will open up extensive opportunities for promoting Belarusian goods to North Africa and Asia. I think that this is a very promising export destination for traders from Belarus,» the head of the UAE Embassy in the Republic of Belarus believes.

With this in mind, given the unity of the goals the parties pursue, Alexander Osmolovsky, BUCE Chairman of the Board, confirmed his interest in establishing close cooperation with the Embassy in all the aforementioned areas. According to the head of the Belarusian exchange, such a partnership will help boost the numbers of BUCE members from the UAE and other MENA states, thereby creating favorable conditions for enhancing bilateral and multilateral trade.

«Our common strategic objective is to increase the trade turnover between the Republic of Belarus and the United Arab Emirates. Therefore, I suggest that we accomplish it together through joint efforts. I am sure that by combining your profound understanding of how to do business in the Middle East and our years of experience in the field of exchange trading, we will achieve the synergetic effect that will catapult the trade and economic cooperation between our countries to a whole new level. We are always open for dialogue and ready to become a reliable partner for both the Embassy and every UAE company that decides to harness our tools. After all, by receiving an electronic key required to participate in exchange trades, one, in fact, obtains an access key to the Belarusian exchange commodity market represented by nearly 25 000 enterprises from all sectors of the economy,» Alexander Osmolovsky emphasized.

As of April 1, 2023, 14 companies from the UAE were accredited to BUCE. Sales of timber and petrochemical products accounted for the bulk of transactions executed during 2022-2023.