Business India

Need to build India-Belarus investment ties: Belarus Deputy PM

Agriculture, pharmaceuticals, nano technology and infrastructure projects were some of the key sectors which can be explored for collaboration by Indian and Belarusian industry, Belarusian Deputy Prime Minister Vladimir Semashko said here on Monday.

With an aim to enhance bilateral investment ties, Semashko, addressing the ‘India-Belarus Business Forum’ organised jointly by business chambers Ficci, Confederation of Indian Industry and Assocham, invited Indian businesses to the East European country, saying they can avail tax exemptions extending from five to seven years and other such incentives.

Heavy Industries and Public Enterprises Minister Anant G. Geete said there was enormous untapped investment and trade potential between India and Belarus.

“India was committed to forge partnerships and joint ventures with the Belarusian industry. The Forum would augur well if Belarus makes investments in India,” he said.

Geete added that India was commissioning large projects and would help Belarus in terms of its work and experience besides assisting in training of manpower and providing best technology for such projects.

Vladimir Ulakhovich, Chairman, Belarusian Chamber of Commerce and Industry, said there should be active interaction between business communities of India and Belarus to augment trade and investment.

“Continuous dialogue and the support from the two governments to the business community would help in taking the bilateral trade and investment to the next level,” Ulakhovich added.

India and Belarusian organisations exchanged 11 MoUs at the forum, including “Agreement on Basic Conditions” between Glorincor LLC and Biocon, and Belarus’ Ministry of Health, Glorincor LLC and Cadila Healthcare, Ficci said in a statement.

“India-Belarus bilateral trade stood at $210 million in 2016-17 and the two countries have set a target of $1 billion by 2020,” the statement added.

“Thus, industry is of the view that it is time to elevate India-Belarus relations to a higher trajectory by building on the enormous potential in trade and investment, defence cooperation, science and technology as well as educational and academic linkages.”

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