Belgian Companies Are Afraid To Invest In India: President FEB (Federation Of Enterprises Of Belgium)
Bernard Gilliot, the President of Federation of Enterprises of Belgium (FEB) was in India with the Royal mission. The Federation of Enterprises in Belgium is the only Belgian non-profitable organization representing companies in all three regions of Belgium. Gilliot feels the potential of business between the two countries is still untapped and there is so much that has to be done. In an exclusive interview with BW Businessworld, he talks about the roadblocks between stronger Indo-Belgian ties, FDI’s in India and GST.
Edited excerpts from his interview:
India and Belgium had signed an MoU for effective co-operation and development and modernization of Railways in 2012, what are some of the ways Belgium is aiming to increase its soft power in India?
I can’t comment upon the current status of the MOU’s signed in 2012, but I can say there is a lot of expertise in Belgium that can be used to extend the railways to a certain level in India.
Is there a potential trajectory of an increase in FDI inflows to Belgium from India and vice versa?
FDI is really important between the two countries. We need a trade Agreement with India and I hope this political agreement takes place soon between the two countries. It will make the business inflow very smooth.
India has been named in the top 100 countries in ease of doing business, how does that change Belgium’s view of India?
Your PM has made sure that it is easy to do business in India. We saw that during our mission to India. India has always shown the intention for it, but now is the time to bank on it. But it will take time. This royal mission is different than the one two years ago.
Even though bilateral trade has increased over the years between the two countries, what do you feel are the impediments and challenges which have dampened trade relations and not let it reach its full potential?
We do have a very strong presence in the diamond sector. The roadblocks are very simple, it takes time to implement procedures decided by the governments. And the second one is the risk. Belgian companies are afraid to take the risk of coming to India. This state visit has made it possible to start a relationship of Belgian businesses with Indian business today. This mission has increased people to people contacts between Indian and Belgian companies. HM the King is here to open doors of Belgium for India.
India has recently completed a year of demonetisation drive. Have Indian policies like Dogmatisation and GST impacted Belgian Businesses in India.
GST is a catalyst for increasing business between India and Belgium. No comments on demonetisation.
