India and Belarus target to achieve $1 billion trade by 2018

Focus on renewable energy, pharmaceuticals and bio-tech, automotive industry, hitech and food sectors

The trade between India and Belarus stands at around $450 million and the two nations are now aiming to take this number to $1 billion by 2018. To achieve this target and a high turnover there was a need to effectively implement the existing roadmap for cooperation. The two nations should focus on renewable energy, pharmaceuticals and bio-tech, automotive industry, hi-tech and food sectors as these offer ample opportunities for investment and trade.

This was stated by Mikhail Myasnikovich, Chairman of the Council of the Republic of National Assembly, Republic of Belarus, at an interactive session organized by FICCI in association with the Embassy of the Republic of Belarus in India.

Visiting with his business delegation from Belarus, Myasnikovich called upon the Indian and Belarusian industry to promote interregional cooperation in an active manner. He assured that Belarus would help in transfer of technology, making India a technologically-advanced country.

He said that in Belarus four pharmaceutical production projects are being carried out jointly with Indian investors. Together with potential Indian partners Belarussian leading world-famous industrial companies are working on establishing manufacturing facilities in India.

Underlining the challenges faced by the Indian and Belarusian businesses, G V Srinivas, Joint Secretary, Ministry of External Affairs, said that communication gap, visa issuance and flight connectivity, were some of the concerns. He added that in today's day and age, communication gap can be easily bridged with the help of technology. On visa issuance and flight connectivity, Srinivas said that the two sides were aware of the issues and were working towards resolving it.

Andrei Hrynkevich, Head of Asia, Australia & Oceania, Department of the Ministry of Foreign Affairs, Belarus, said that a highly skilled workforce, geographical position of Belarus and rapid economic development with a favorable investment climate made Belarus a good destination for investment. He added that with an industrially developed economy, well-developed transport and communications infrastructure, perfect access to different markets, Belarus is an attractive nation for international trade.

Vitaly Prima, Ambassador, Embassy of the Republic of Belarus, said that there was a need for stimulating economic activities between India and Belarus. The B2B meetings were a great opportunity for exploring new areas of cooperation and forging partnerships and in entering feasible projects.

Mikhail Myatlikov, Chairman, Belarus Chamber of Commerce and Industry, said that there was a need for a framework for economic partnership to achieve the set target of $1 billion by 2018. He added that Belarus was one of the leaders among the CIS countries according to the level of economic development and offered business opportunities in various sectors.

Rakesh Bakshi, Chairman and Managing Director, RRB Energy Limited, said that to achieve the target of $1 billion trade between the two countries by 2018, India and Belarus need to de create a roadmap with clearly defines tangibles and deliverables. He added that pharmaceuticals, clean energy, defence and heavy engineering, were some of the key sectors where both the countries could establish fruitful associations.

On the occasion, a numbers of agreements and Memorandum of Understanding were signed between the India and Belarusian companies.

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