India And Belgium Eye Closer Collaboration In Renewable Energy, Healthcare, IT 

To gain mutual benefits through strategic collaboration and shared growth opportunities, India and Belgium are eyeing closer collaboration in ports, renewable energy, healthcare, and information and technology (IT) sectors. By enhancing market access and logistics, both nations are reportedly working towards leveraging their distinct strengths and capabilities to drive mutual growth. 

Belgium's central location in Europe is a gateway for Indian businesses looking to enter the European market. As India witnesses rapid growth in its consumer base, Belgian companies are also keen on expanding their market.

While speaking at an event, Guillaume de Bassompierre, Trade and Investment Commissioner, Wallonia-Brussels Economic Representation, discussed Belgium's strengths in logistics, with major ports like Antwerp and efficient inland waterways and railways. “Belgium is at the heart of Europe, making it a gateway to the European market," he added.

Babette Desfossez, Trade and Investment Commissioner at FIT, explained Belgium's specialisation in key sectors like life sciences, with a strong focus on innovation and research and development (R&D). “Despite having a relatively small land area, Belgium demonstrates remarkable leadership in the production of offshore wind energy and green hydrogen," she added.

Earlier in March, PM Modi, in a telephone conversation with Alexander De Croo, Prime Minister of Belgium, also discussed ways to further strengthen the bilateral partnership in diverse sectors, including trade, investment, clean technologies, semiconductors, pharmaceuticals, green hydrogen, IT, defence, and ports, among others.

The two leaders affirmed their commitment to further bolster the India-EU strategic partnership under the ongoing Belgian Presidency of the Council of the European Union. They exchanged views on regional and global developments. 

Anshuman Choudhary, Partner Risk Advisory, Deloitte Belgium, emphasised the emergence of a new, dynamic, entrepreneurial generation in India, driving growth and transformation. He highlighted opportunities from India's digital platform, high-speed internet connectivity, and government initiatives like the PLI scheme. Choudhary stressed the advantages of considering Belgium as a destination, such as its productive workforce, top-notch infrastructure, and business-friendly environment.

Bhushan Trivedi, AVP of Invest India, highlighted the skills of Indians in tapping opportunities. He highlighted the increasing number of PhD graduates, IITs, IIMs, and other higher education institutions. Trivedi discussed the role of the new education policy in addressing skill development and the need for targeted networking and a focused approach by students.

India is Belgium’s third-largest export destination and fourth-largest trade partner outside the EU. A report by Invest India stated that India’s total imports from Belgium in 2021–22 were USD 9950.50 million and exports were USD 10084.37 million. “India’s overall imports from Belgium have changed 43.36 per cent from 2020–21 to 2021–22. India’s overall exports to Belgium have changed by 92.61 per cent from 2020–21 to 2021–22,” it added. 

Talking about Belgium's investment in India, Rajeev Dhawan, President, BLBA, mentioned the traditional focus on diamonds and expressed optimism about the increasing trade and business activity between India and Belgium across various sectors, including green hydrogen, chemicals, and food processing.

Dhawan highlighted the exchange of technical personnel and manpower between the two countries. He discussed the regulatory mechanisms in place for skilled labour mobility and the efforts made by companies to facilitate it. Dhawan expressed optimism about the increasing trade and business activity between India and Belgium across various sectors, including green hydrogen, chemicals, and food processing.

Musharrat Shahin

BW Reporters The author is working as correspondent with BW CIO