UZEX opens a trading platform in Shanghai

Another foreign trading platform of the Uzbek Commodity and Raw Materials Exchange (UZEX) was 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 January 22.

While speaking at the ceremony, the Chairman of the Board of the JSC UZEX Farokhidin Ibragimov noted that opening the trading platform of the Uzbek Stock Exchange in Shanghai, which is a major global trading-financial center, is a landmark event for the development of trade-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. It should be noted that UZEX also has sales offices in the cities of Kuytun 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 informational business support.

Currently, the work is going on to determine the list of commodity items for sale through the new strong points of the JSC UZEX. The preliminary list for exporting domestic products to China includes such commodities as energy and oil products, polyethylene, chemical products, cotton fiber and lint.
 
According to the data of the State Statistics Committee of Uzbekistan, in 2018, foreign trade turnover between Uzbekistan and China exceeded 6,4 billion US dollars, an increase of 35,2%. At the same time, China retained the status of the largest trading partner of Uzbekistan occupying 19% of the country’s total foreign trade turnover.