Home / Agricultural Economy / Agribusiness / Işınsu Kestelli: The ultimate goal of Product Market Intermediary Institutions is to contribute to the Turkish agriculture and agricultural trade

Işınsu Kestelli: The ultimate goal of Product Market Intermediary Institutions is to contribute to the Turkish agriculture and agricultural trade

Press release…

ELÜSMarket, (ELÜS – Electronic Warehouse Receipt – EWR) a product market intermediary institution incorporated company, has been officially established with a capital of 21 million 450 thousand Turkish liras. The company is a partnership between 21 Commodity Exchange and İş Yatırım Menkul Değerler A.Ş. The establishment ceremony took place on 29 April 2024 and was attended by representatives from 22 partner institutions.

During the ceremony, Işınsu Kestelli, Chairwoman of the Board of Directors of Izmir Commodity Exchange and ELÜSMarket ÜPAK A.Ş. (ÜPAK – Ürün Piyasası Aracı Kurumu – Product Market Intermediary Institution), delivered an opening speech. Kestelli mentioned that the first meeting to discuss the establishment of a successful national ÜPAK system took place on 19 December 2023. Over the past four months, significant progress has been made on both the regional ÜPAKs and the Central ÜPAK. Kestelli expressed his wishes for success to ELÜSMarket and other Exchanges in establishing their own ÜPAKs, highlighting their collective goal of contributing to the growth and development of the country’s agriculture and agricultural trade.

Kestelli also provided information on the current status of EWR markets. She stated that since 2019, the TÜRİB (Turkish Mercantile Exchange – TMEX) system has facilitated more than 1 million transactions with over 216 thousand registered investors. These transactions amounted to approximately 40 million tonnes of products and a transaction volume of 182 billion TL. In 2023 alone, there were over 331 thousand transactions, resulting in the exchange of 12 million tonnes of agricultural products.

Işınsu Kestelli

The establishment of ELÜSMarket as a product market intermediary institution marks an important step towards enhancing the agricultural trade in the country. The partnership between 21 Commodity Exchange and İş Yatırım Menkul Değerler A.Ş. demonstrates a strong commitment to supporting the growth and development of the agricultural sector. The establishment ceremony, attended by representatives of 22 partner institutions, signifies the broader industry’s recognition and involvement in this initiative.

With the establishment of ELÜsMarket, the focus is on the ÜPAK system, which aims to foster a successful national trading platform. Over the past four months, progress has been made in developing both regional and central ÜPAKs. The ultimate goal is to strengthen the agricultural trade sector and contribute to its growth, benefiting the entire industry and the country as a whole.

The current status of EWR markets is also promising. The TÜRİB system has already facilitated over 1 million transactions since 2019, with a substantial number of registered investors. These transactions have resulted in a significant volume of agricultural products being traded. In 2023 alone, over 331 thousand transactions took place, involving the exchange of 12 million tonnes of agricultural products.

Overall, the establishment of ELÜSMarket and the progress made in the ÜPAK system illustrate the commitment to advancing the agricultural trade sector in Türkiye. With the support of partner institutions, including Commodity Exchanges and İş Yatırım Menkul Değerler A.Ş, the focus is on developing a robust national trading platform that will contribute to the growth and success of the industry…

About İsmail Uğural

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