The Belarusian Universal Commodity Exchange (BUCE) has signed on Tuesday a memorandum of understanding with Egypt's commodities exchange (EGYCOMEX). The agreement aims to develop cooperation between the BUCE in several areas, including 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. It also targets the involvement of business entities of both countries in exchange trade, organising joint events, and strengthening business ties between Belarusian and Egyptian companies. The EGYCOMEX intends to study the possibility of using BUCE software for launching the exchange trades in agricultural products. The agreement was signed between Alexander Osmolovsky, chairman of the BUCE, and Ibrahim Ashmawy, chairman of EGYCOMEX the Board of the Egyptian Commodities Exchange (EGYCOMEX). Egypt's Supply Minister Ali Moselhy with his delegation in an official visit to Belarus discussing ways of cooperation with Alexander Osmolovsky, chairman of the Belarusian Universal Commodity Exchange (BUCE), along with officials in the BUCE on Tuesday, August 17, 2021 (BUCE photo) The document was signed during the official visit of the Egyptian delegation led by Egypt's Supply Minister Ali Moselhy to Belarus. 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." Osmolovsky said. "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 recognised electronic marketplace with over 26 thousand clients in 66 countries, and we are really good at what we do," Minister Ali Moselhy stated that 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," Moselhy said. Egypt's Supply Minister Ali Moselhy with his delegation with Belarussian officials next to the Belarusian Universal Commodity Exchange's (BUCE) headquarters in Minsk, Belarus, with a sign written in Arabic welcoming the Egyptian delegation on Tuesday, August 17, 2021 (BUCE photo)
