Exchange trading is a priority area of trade and economic cooperation between Belarus and Saudi Arabia offering extensive opportunities for joint business between economic entities in both countries. The parties therefore plan to intensify collaboration in this area along two main tracks: attracting Saudi businesses to the Belarusian Universal Commodity Exchange (BUCE) and expanding the range of commodities involved in exchange transactions between Belarusian and Saudi companies.

This is the format of cooperation that Sami bin Mohammed Alsadhan, Ambassador Extraordinary and Plenipotentiary of the Kingdom of Saudi Arabia to the Russian Federation and the Republic of Belarus concurrently, and Alexander Osmolovskiy, Chairman of the BUCE Board, agreed upon following the negotiations at BUCE headquarters in Minsk. The goal of the meeting was to familiarize the Saudi diplomat with the operation of the Belarusian commodity trading platform and its main advantages.

The head of the Saudi Arabian Embassy praised BUCE’s potential as an «electronic bridge» to Belarus for Saudi importers and exporters and expressed his willingness to assist in informing the representatives of the Kingdom’s business community about BUCE’s tools and services.

«The key point is that the exchange facilitates access to the Belarusian market eliminating the need to manually search for business partners and conduct expensive marketing surveys. Manufacturers and consumers, popular export and import goods, as well as current prices and how they change over time — all this information is concentrated on one platform, which is very convenient. I have no doubts that such an electronic resource will in demand among Saudi businessmen. The main thing is to ensure that as many companies as possible learn about the exchange’s capabilities, and the embassy is ready to assist with this matter,» Sami bin Mohammed Alsadhan stated.

In his turn, Alexander Osmolovskiy, Chairman of the BUCE Board, underscored that the exchange is a comprehensive tool that will allow Saudi companies not only to get access to Belarusian enterprises and study the prices of their products but also to establish long-term trade relations.

«I’d like to emphasize that the exchange is not merely virtual storefront and a source of price data but a mechanism for transactions each of which concludes with payment and physical delivery. It means that we serve the real sector of the economy, and this what sets us apart from conventional marketplaces and futures exchanges,» the head of BUCE explained.