The Inner Mongolia Autonomous Region is interested in developing mutually beneficial trade, economic and investment cooperation with the Republic of Belarus and is ready to implement joint projects that would further strengthen business ties and increase the volume of trade between Belarus and China. This statement came from Huang Zhiqiang, Inner Mongolia Vice-Governor, as he visited the head office of the Belarusian Universal Commodity Exchange (BUCE) in Minsk.

The participants of the talks that involved the representatives of the Ministry of Antimonopoly Regulation and Trade, the National Agency for Investment and Privatization and state-run logistics operator “Belintertrans” discussed possible areas of interaction, including exchange trade, which, according to the head of the Chinese delegation, can play a key part in creating favorable conditions for Inner Mongolia companies willing to do business in Belarus.

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

In this regard, Alexander Osmolovsky, BUCE Chairman, highlighted the importance of the Chinese market for the development of cross-border exchange trade and expressed hope that should Inner Mongolia businesses decide to join the exchange platform it will definitely help bolster the trade turnover between Belarus and China. 

“During the first 8 months of this year, the value of transactions made by the Chinese participants of exchange trades more than doubled compared to last year’s figure and continues to grow. The product range is also expanding. Today, Belarusian exporters are using the exchange platform to supply copious amounts of timber, rapeseed oil, meat and dairy products to China. Our industrial and consumer goods marketplace has grown popular as well with the share of Chinese products in the structure of transactions averaging at 20%. This is nearly the same as the share of Russian goods. Therefore, I think that this platform will serve as an effective import-export tool for Inner Mongolia companies and help them find new business partners in Belarus,” the head of BUCE believes. 

As of September 1, 2023, 137 residents of the People's Republic of China were accredited on BUCE, including one exchange broker.