A trading platform of UZEX opens in Shanghai
Tashkent, Uzbekistan (UzDaily.com) -- Another foreign trading platform of Uzbekistan Commodity Exchange (UZEX) opened in Shanghai (China) on the basis of the Chinese company Xinjiang Asia - Europe International Material Trade Center Co., LTD.
The official opening ceremony of the trading platform was held on 22 January 2019 in Shanghai with the participation of the management of UZEX and Xinjiang Asia - Europe International Material Trade Center Co., LTD. The event was also attended by heads of large Chinese companies, brokers and traders of the trading platform, representatives of the local business community and the media.
Speaking at the ceremony, Chairman of the Board of UZEX Farohidin Ibrahimov noted that the opening of the trading platform of the Uzbek Stock Exchange in Shanghai, which is a major global trading and financial center, is a landmark event for development of trade and economic relations between Uzbekistan and China. The head of the exchange also expressed confidence that the widespread use of electronic exchange trading and clearing mechanisms would open up new opportunities for Chinese and Uzbek entrepreneurs.
The new marketplace is located at the National Exhibition Center, where the first China International Import Expo took place last Tuesday. It should be noted that UZEX also has sales offices in the cities of Kuitun and Urumqi.
Trading platforms in China, in addition to export-import transactions through electronic exchange and auction trading, will also provide consulting services on various aspects of work in the Chinese and Uzbek commodity markets, logistics, as well as business information support.
At present, work is continuing on determining the list of commodity items for sale through new strong points of UZEX. The preliminary list for the export of domestic products to China includes such commodities as energy and oil products, polyethylene, chemical products, cotton fiber and lint.
According to the State Statistics Committee of the Republic of Uzbekistan in 2018, the foreign trade turnover between Uzbekistan and China exceeded US$6.4 billion, which rose by 35.2%. At the same time, China retained the status of the largest trade partner of Uzbekistan, occupying 19% of the total foreign trade turnover of Uzbekistan.