Belarusian commodity exchange signs MoU with EGYCOMEX

MINSK, 16 August (BelTA) – Chairman of the Board of the
Belarusian Universal Commodity Exchange Aleksandr Osmolovsky and
Chairman of the Board of the Egyptian Commodities Exchange (EGYCOMEX)
Ibrahim Ashmawy signed a memorandum of understanding. The docuemtn was
signed during an official visit of a Egyptian delegation led by Egypt’s
Minister of  Supply and Internal Trade Ali El-Sayed Ali El-Moselhi to
Belarus, BelTA has learned.

The parties have undertaken to
develop cooperation in such areas as electronic exchange trade in
strategic types of commodities, to exchange experience in using the
exchange mechanism in trade and procurement, to bring new commodities in
demand in Belarus and Egypt to the exchange market, to engage business
entities of both countries in exchange trade, to organize joint events,
promote business ties between Belarusian and Egyptian companies. The
parties will explore a possibility of using BUCE software products in
the organization of spot exchange trading in agricultural products in
Egypt.

Aleksandr Osmolovsky stressed that the visit of the
Egyptian delegation was important for Belarus. “Egypt is a strong
economy, one of the fastest growing on the African continent. Such
meetings and contacts are important for us. We signed a memorandum of
cooperation with the Egyptian Commodities Exchange, which has recently
been launched in Cairo. We hope that it will help us improve our work in
the Egyptian market. We also hope that we will help Egypt with our
knowledge and experience. BUCE is an internationally recognized
platform. We have clients in 66 countries which want to work and
cooperate with us,” he said.

According to Ali El-Sayed Ali
El-Moselhi, one of the priority tasks is to increase mutual trade with
Belarus. “We are exploring the commodity exchange here, especially in
technological terms. We are looking at possibilities to establish
channels for technology and knowledge transfer, and to expand
interaction between the exchanges of Belarus and Egypt,” he said.

Founded
in 2004, the Belarusian Universal Commodity Exchange conducted its
first trading session in June 2005. BUCE is one of the largest commodity
exchanges in Eastern Europe. Its main function is to assist Belarusian
enterprises with export and foreign companies with entering the
Belarusian market. BUCE sells a wide range of metal, forestry, and
agricultural products, industrial and consumer goods.