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Opinion: Despite solid figures, Belarus-India trade sector has much more potential

Economy 18.09.2019 | 15:27
Vladimir Ulakhovich (right)
Vladimir Ulakhovich (right)

MINSK, 18 September (BelTA) – The current level of trade between Belarus and India is very convincing. Yet, it still represents an untapped potential for bilateral cooperation, Chairman of the Belarusian Chamber of Commerce and Industry Vladimir Ulakhovich said at the Indian-Belarusian Business and Technological Forum which is underway in Minsk as part of the Belarusian Industrial and Investment Forum, BelTA has learned.

“India is a strategic partner for Belarus. We have accumulated many years of positive experience in bilateral cooperation. Our mutual trade looks very convicting in comparison with other countries. Belarus has a very good export portfolio, yet it does not reflect the potential our cooperation has,” the head of the Belarusian Chamber of Commerce and Industry said. “We have all necessary instruments for its development (the intergovernmental commission, working groups on industry, pharmaceuticals, science, our business council). We only need to redirect this potential into concrete projects, our business cooperation.”

According to Vladimir Ulakhovich, Belarus has a significant potential for the future in the mechanical engineering sector. BelAZ has recently won a number of big tenders that will total in the delivery of almost 200 haulers to Indian partners. Belkommunmash has signed an agreement to deliver $60 million worth of electric buses. The two countries have also been cooperating in the pharmaceutical sector. “This is a good example of cooperation for our businessmen, companies of various forms of ownership,” the head of the Belarusian Chamber of Commerce and Industry said.

According to Head of the Indian business delegation, Director of Bajaj Industries Pankaj Bajaj, the trade between the two countries totaled $473 million in 2018. Belarus supplied to India fertilizers, automotive equipment and plastic. “There is a possibility that India and the Eurasian Economic Union will sign an agreement, and then we will be able to increase these figures,” he said.

Pankaj Bajaj
Pankaj Bajaj

According to Pankaj Bajaj, the Confederation of Indian Industry that works closely with the Indian government and is engaged in advancing business activity, has outlined a number of key areas to further develop relations between Belarus and India. They include paper production, farm production, mechanical engineering, renewable sources of energy. The two countries can also develop cooperation in IT, finance and tourism.

Photos by Maksim Guchek

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