The first Indian company intends to join BUCE’s roster of exchange traders
The first ever company from India may soon apply for accreditation at the Belarusian Universal Commodity Exchange (BUCE). Agreement to this effect was reached on July 8, 2019 following the visit of Dhira Timber Industries (a major timber importer to India) delegation to BUCE head office in Minsk.
The company is based in Delhi and supplies a wide range of timber products to the Indian market. According to Rahi Agarwal, Deputy Director for Sales and Procurement, they decided to join BUCE because it provides direct access to timber manufacturers cutting off all unnecessary mediators.
“We are a wholesaler of timber, including Belarusian timber, which we have been buying through mediators. Since it is a very competitive niche in India, we operate at a low margin but with big volumes. Therefore, it is crucial for us to gain immediate access to timber producers, which is exactly what BUCE does. We expect our margins to grow significantly as a result”, the Indian executive underscored.
In his turn, Anatoly Zaretsky, BUCE’s acting Chairman, pointed to the importance of developing trade and economic relations with India and expressed readiness to render any assistance Dhira Timber Industries may require to enter the Belarusian timber market.
During its stay in Belarus, Dhira Timber Industries delegation also intends to visit Borisov Experimental Forestry and Begoml Forestry in order to inspect the quality and assortment of Belarusian timber products. Negotiations at Bellesexport and Belarusian Timber Company (two major timber exporters) are scheduled to take place as well.