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Belgium looking beyond diamonds in bilateral trade with India
Apr 15, 2019

Belgium is looking beyond diamonds in bilateral trade with India, according to Philippe De Backer, Minister of Digital Agenda, Telecom and Postal Services, Kingdom of Belgium.
 
We see a lot of opportunities for furthering bilateral trade from both sides. Belgium is strong in life sciences, pharma and Information Technology (IT), petrochemicals, digitisation, shipping, among others, the Minister told BusinessLine in an interaction here.
 
In life sciences, Belgium has a ‘complete ecosystem’ in place from multinationals to start-ups in addition to many chemical clusters. We are centrally located and gateway to Europe, Backer said.
 
Referring to T-Hub in Hyderabad and innovation in start-ups, the minister identified Artificial Intelligence (AI) as another area of possible collaboration.
 
Bilateral trade
The bilateral trade between Belgium and India is now predominantly in diamonds. Belgium-India trade has been pegged at €7.9 billion and diamonds contribute 80 per cent of this. From India, the trade is to the tune of €4.8 billion. The trade related to the services sector is now catching up between the two nations.
 
Going forward, things are expected to improve at a policy level too. There are elections in May and the new European Commission will be in place soon.
    

The Hindu Businessline

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