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| 'Indian growth miracle is attracting a lot of attention' | | Q&A: Prince Philippe, Crown Prince of Belgium |
| Pallavi Aiyar / Brussels Mar 16, 2010, 17:15 IST |
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Prince Philippe, the Crown Prince of Belgium, will lead a large economic mission to India from March 21-27.
In an interview with Pallavi Aiyar, the Prince who is a frequent visitor to the country discusses the growing complementarity between the Indian and Belgian economies, the common perception of India in Belgium and why he chose it as a destination for his honeymoon.
You will soon be leading an economic mission to India. What is the size and scope of this mission?
This is the fourth economic mission to India I have the privilege to preside over, and for me it is always a renewed pleasure to come to India. I am proud to say that this economic mission has a substantial number of participants — close to 250 business leaders representing 160 different companies. It is one of the biggest economic missions ever. The Indian growth miracle is clearly attracting a lot of attention in Belgium. It is a multi-sector mission with clusters around ICT, automobile, aeronautics, transport infrastructure, clean technology and renewable energy, biopharma, audiovisual and diamonds.
After New-Delhi, the mission will proceed to Pune, Mumbai and Bangalore.
In what areas/sectors are there believed to be the most complementarity between the Indian and Belgian economies? What is the main Belgian economic interest in India?
Belgium is currently India’s third most important European trading partner, preceded only by Germany and the UK. Total bilateral imports and exports exceeded 8.7 billion euros in 2008. The vibrant diamond trade, supported by a thriving Indian community in the Belgian city of Antwerp, is a well-known key driver of the bilateral trade.
Trade relations are nevertheless quickly diversifying into other areas, reflecting the changing needs of a rapidly developing Indian economy. Belgium, the world’s eighth largest exporter of goods, is the prime logistical hub for Indian goods traded with Europe. Following the ambitious initiatives and projects by the Indian government and entrepreneurs, Belgian firms are increasingly associated with the development of infrastructure for ports, roads and railways in India. Belgium also has a solid and rapidly increasing presence in the clean technology, renewable energy and biopharma sectors in India. We have one of the biggest automobile clusters worldwide, with a huge scope for further collaboration with the Indian automotive industry.
Belgium is one of the prime investors in India (ranked 20th just after Russia, and before Australia and Canada). There are close to 150 Belgian enterprises firmly established in India.
At the same time, several of the most distinguished, international Indian business conglomerates are active in Belgium. Their number is rising rapidly, and they are attracted by the many advantages of investing in Belgium, located at the heart of Europe.
Bilateral economic relations are framed by several agreements between India and Belgium. We have a bilateral treaty to avoid double taxation, a bilateral investment treaty, a cooperation agreement in the area of science and technology, and transport agreements. The latest Indo-Belgian success is the bilateral social security agreement, which entered into force on September 1, 2009. I am proud to tell you that Belgium was the first nation to conclude such an agreement with India, and that other European nations are quickly following this lead.
Belgium is often associated with diamonds, but in what other ways do you think Belgium can be an attractive destination for Indian businesses?
Thanks to its central location, Belgium is a gateway to Europe. A highly integrated infrastructure explains why numerous distribution centres are located in Belgium. Our country offers unique combination of seaports, airports, rail and roads.
Moreover, an investor-friendly tax regime and particularly transparent business regulations, especially in employment matters, explain our country’s attractiveness for foreign investors.
From a cost point of view, we can also point out the particularly low cost of office rents in Europe’s capital. As you know, key institutions of the European Union are located in Brussels.
R&D companies are also well represented because they can benefit from a long-established cooperation between enterprise and scientific research institutions, with regional and national fiscal incentives and a strongly performing education system. Belgium offers a highly skilled multi-lingual workforce, one of the world’s most productive.
You have visited India several times. What is your impression of the country?
India is a fabulous country which has managed unity in diversity and combines its very ancient wisdom with a forward looking spirit of entrepreneurship.
I spent much time reading books on Indian history, philosophy and literature, the famous author Rabindranath Tagore, Amartya Sen and others. I have also frequent contacts with Indian friends who keep me informed on the fascinating evolution of the country.
My wife, Princess Mathilde, shares this attraction for India. We spent our honeymoon in India and came back several times afterwards. Princess Mathilde will also take part in the mission with a very interesting and varied programme.
What is the perception of India in Belgium? Has this perception undergone shifts in recent years?
India is generally viewed in Belgium as an emerging global power, both economically and politically. At the same time, interpersonal exchanges have been booming in the last few years and there is a lot of interest, on both sides, for education, culture and tourism.
The organisation of a very important cultural festival in Belgium centred on India in 2006 — Bozar/India — definitely placed India on the emotional map of many Belgians who visited the exhibits or performances in the framework of this festival. The upcoming exhibition “A passage to Asia” organised in Brussels in the framework of the ASEM 8 Summit will also showcase some incredible pieces brought over from India.
And, of course, the introduction of direct flights between Brussels, Delhi, Mumbai and Chennai in 2007 has encouraged Belgian tourists to visit India and vice-versa.
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