BUCE and EGYCOMEX sign MoU

Chairman of the Board of the Belarusian Universal Commodity Exchange (BUCE) Alexander Osmolovsky and Chairman of the Board of the Egyptian Commodities Exchange (EGYCOMEX) Ibrahim Ashmawy signed a memorandum of understanding. The document was signed during the official visit of the Egyptian delegation led by Egypt’s Minister of Supply and Internal Trade Ali El-Sayed Ali El-Moselhi to Belarus.

The parties have agreed to develop cooperation in such areas as electronic exchange trade in strategic commodities, sharing experience of using the exchange mechanism for buying and selling goods, introduction of new commodities highly sought after in Belarus and Egypt, involvement of business entities of both countries in exchange trade, organizing joint events, and strengthening business ties between Belarusian and Egyptian companies. EGYCOMEX also intends to study the possibility of using BUCE software for launching the exchange trades in agricultural products.

In the course of the talks, Aleksandr Osmolovsky stressed that the visit of the Egyptian delegation was of utter importance 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 understanding 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 by sharing our extensive experience and expertise. BUCE is an internationally recognized electronic marketplace with over 26 thousand clients in 66 countries, and we are really good at what we do,” he said.

According to Ali El-Sayed Ali El-Moselhi, one of the priority tasks is to increase mutual trade with Belarus.

“We are studying the workings of the commodity market in Belarus and particularly the technological aspect. 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.