Astana Commodity Market will be integrated with Chicago and Hong Kong markets, Tengrinews.kz reports citing press-service of Kazakhstan trading floor.
“Active work to integrate the electronic commodity trading floor of Astana Commodity Market into electronic floors of Hong Kong and Chicago in currently underway. This will allow even medium and small Kazakhstan producers and not only large ones to export their goods to the world markets at good prices and give them an opportunity to more precisely plan production volumes with the availability of the listings showing real prices of Kazakhstan raw materials,” the message states.
The plan is that the partnership agreement between Astana and Hong Kong Commodity Markets will be signed in September in Hong Kong by representatives of the governments of Kazakhstan, China and Hong Kong.
Recent meetings of Kazakhstan traders with their peers from Chicago and Hong Kong in Moscow, visit of the managing director of Hong Kong Commodity Market to Astana to inspect activities of Astana Commodity Market and dynamics of Kazakhstan open trade, let us say that Kazakhstan has good chances to become a regional leader by commodity markets trading.
“Integration of Astana Commodity Market with Chicago and Hong Kong trading floors will allow Kazakhstan companies to export their goods to the markets in China, USA and Europe at better prices and will significantly lower the costs that local producers are currently facing,” representatives of Kazakhstan commodity market said.
The first push to development of Astana Commodity Market was the Government decree introducing compulsory sales of such commodities like wheat, potatoes, sugar, liquefied gas, cement and other goods via commodity markets. According to Kazakhstan traders, the next development stage will include provision of open entry of Kazakhstan commodities to the world markets.
“Foreign peers have expressed interest in simplification of trade between Kazakhstan and world markets by development and modernization of the commodity markets in the country and said that Kazakhstan's resource would potential allow it to become an important global and regional player in commodity markets trades,” representatives of Astana trading floor said.
During their visit to Kazakhstan representatives of Hong Kong Commodity Market also met with heads of the Ministry of Economic Development and Trade and the Ministry of Industry and New Technologies. Both meetings showed that the country is interested in development of open trade and is ready to render support to Astana Commodity Market's entering the world markets.