Belarus, Kyrgyzstan working on joint projects in exchange trading
The implementation of joint projects in the field of electronic exchange trading can give an additional impetus to the development of trade-economic relations between Belarus and Kyrgyzstan, ensure the growth of mutual trade and bring practical benefits to business entities of both countries – as noted by Umbriel Timiraliev, the Director General of the Bishkek Free Economic Zone, during a study visit to the central office of the Belarusian Universal Commodity Exchange (BUCE), sb.by reports with reference to the BUCE press service
According to the head of Kyrgyzstan’s largest FEZ, Belarus’ experience in introducing an exchange mechanism in the real sector of the economy and forming an exchange market for a wide range of primary and non-primary goods is of significant interest to the Kyrgyz side, therefore it is extremely important to identify priority areas and begin their detailed study.
“The use of Belarusian experience and technologies in the field of exchange trading could significantly accelerate the process of creating its own commodity exchange in Kyrgyzstan, as well as open up new opportunities for mutually beneficial interaction. As far as I know, certain steps have already been taken, and a number of joint projects on the stock exchange are currently under discussion. However, in my opinion, work on this track needs to be activated,” Umbriel Timiraliev underlined.
Chairman of the BUCE Board Aleksandr Osmolovsky supported the proposal of the head of the Bishkek FEZ, and also confirmed the BUCE’s readiness to share its technological developments and build co-operation in any format acceptable to Kyrgyz partners.
“We are ready to provide methodological and technical assistance to Kyrgyzstan in launching an exchange-traded commodity market: up to the development of a ready-made software product adapted to the needs of your enterprises and functioning in accordance with the norms of your legislation. Moreover, we have positive experience in organising special trading sessions for individual regions and countries to reduce volatility and ensure transparent pricing for ‘sensitive’ commodity items. Therefore, if you are interested, we can work according to this scheme. We are open to dialogue and constructive suggestions,” Aleksandr Osmolovsky stressed.
It is planned that the promising areas of co-operation outlined during the meeting will be brought to the Government of Kyrgyzstan and – after appropriate elaboration – will be considered at the next meeting of the Intergovernmental Belarusian-Kyrgyz Commission on Trade-Economic Co-operation.
In January-August 2024, the trade turnover of the Kyrgyz Republic residents on the BUCE stood at $4.4m – 2 times more comapred to the same period a year earlier. Belarusian butter, milk powder, cheeses, sugar and lumber were supplied to Kyrgyzstan. There were no import deals in 2024.
