One of the Effective Tools for Developing Mongolia-Belarus Trade is "Commodity Exchange Trading"

2024-06-04 12:40:12

Ulaanbaatar, June 4, 2024 /MONTSAME/. A Mongolia-Belarus business forum took place at the Mongolian National Chamber of Commerce and Industry (MNCCI) on June 3, 2024.

The forum was opened by MNCCI Executive Director T. Duuren, who emphasized in his speech that combining Mongolia's agricultural resources with Belarus's advanced technology and traditions in agriculture will create new business opportunities and develop our bilateral cooperation.

At the invitation of President of Mongolia Khurelsukh Ukhnaa, A.G. Lukashenko, the President of the Republic of Belarus, is paying a state visit to Mongolia. At the business forum organized on the sidelines of the Visit jointly by the trade chambers of Mongolia and Belarus, S. Bayasgalan, the Secretary-General of the MNCCI introduced the business environment of Mongolia to the participants.

Belarusian Minister of Industry Alexander Rogozhnik, who attended the forum, expressed his confidence that despite the challenging global economic and geopolitical situation, both sides will make every effort to maintain the current relationship. He believes that the joint efforts will yield positive results and serve the common good.

Vitaliy Petrovich Borchuk, Head of the Department of Foreign Economic Relations of the Ministry of Industry of Belarus, gave a presentation on the Industrial Capacity of Belarus. He noted that Belarus covers a wide range of markets, including the production of automobiles and parts, road construction, equipment, household electrical appliances, and agricultural products.

Olga Nikolaevna Gorelik, First Deputy Chairman of the Board of the Belarusian Universal Commodity Exchange, introduced the forum the Belarusian commodity exchange, which operates with 71 countries and has reached a total trade turnover of USD 3 billion. She suggested that Commodity Exchange Trading could be a modern and effective tool for developing trade between Mongolia and Belarus.

At the end of the forum, several cooperation documents were signed between the two parties, including:

  • The  Action Plan for the Implementation of 2024-2026 Roadmap for the Development of Mongolia-Belarus Cooperation 
  • A Memorandum of Understanding between "Ovoot Tolgoi Resources" and "UNITED MERES MACHINERY LLC," the local representative of the "BELAZ" company,
  • A Memorandum of Understanding between "Best Fashion Elevators LLC" and "Mogilevliftmash,"
  • A cooperation agreement between "Spartak" and "RUSBEL,"
  • A cooperation agreement between "SGLM" and "Zhabinkovsky Sugar Factory,"
  • A cooperation agreement between "SGLM" and "Slutsk Sugar Refinery."

Over 60 company representatives in machinery, agriculture, food industry, science, and banking and finance sectors in Belarus participated in the forum.

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