MCX inks pact with Mozambique commodities exchange

Envisages to develop Mozambican commodity markets ecosystem, which consists of varied products to deliver better value for the stakeholders

Multi Commodity Exchange of India (MCX) has signed a memorandum of understanding (MoU) with Mozambique Commodities Exchange (also known as Bolsa De Mercadorias De Moçambique (BMM) for strategic co-operation.

BMM envisages to develop Mozambican commodity markets ecosystem consisting of energy, base metals and agricultural products to deliver better value for the stakeholders.

As, MCX intends to help the Mozambique exchange realise potential behind its resource-rich economy through sharing market and capacity development expertise. Both the exchanges plan to share knowledge, research and expertise which is expected to result in opening up of new avenues for mutual cooperation.

António do Rosário Grispos, chief executive, BMM, said: "The alliance is a significant step in consolidating commodities exchange market in Mozambique, especially dedicated to agricultural commodities. Through this agreement, the technicians of BMM can learn from the successful experience of MCX, by its know-how and understand the vicissitudes of a commodities market inserted in a global market, in order to better serve the BMM and Mozambique."

He further added that the choice of MCX, is not only due to its excellent performance in the ranking of the best world commodities exchanges, but is also due to the history of the peoples of these two nations (Mozambique and India), where according to official records last at least five centuries of commercial and social exchanges, which makes all of us a living heritage of this legacy. This agreement creates conditions for a greater cooperation between the countries.

Mrugank Paranjape, managing director & chief executive, MCX, said: "This alliance will surely go a long way in creating more efficient markets and strengthen trading among the Asian and African regions benefiting each other's stakeholders. We look forward to a longstanding and gratifying partnership with BMM."