Belarus connects with Asian partner India

Belarus connects with Asian partner India

first_imgIndia features very high on Belarus’ agenda. The country considers its ever expanding trade and economic cooperation with India as an important contribution to ensure long-standing traditionally friendly and constructive comprehensive ties.India is one of Belarus’ most important partners in Asia. Both the countries have considerably increased the volume of their bilateral trade. Belarus had previously contributed significantly both to the trade and economic component of the Soviet-Indian relations, supplying Belarus tractors, large capacity dump-trucks and other high-tech machinery to India. Also Read – ‘Playing Jojo was emotionally exhausting’Today, the volume of bilateral trade in 2012 increased nearly 2.7 times compared to 2007 and totals $494.4 million. Export of Belarusian products to the Indian market increased over 2.6 times. Among Belarusian goods exported to India are potash fertilizers, large capacity mining vehicles, synthetic cord, acrylic fibers, tyres, bearings, transmitting and receiving equipment, leather, electronic integrated microcircuits and other products.The major Belarusian product supplied to the Indian market are potash fertilizers which are very important for increasing productivity of Indian agriculture and ensuring food security. There is also a dynamic increase of Indian import to Belarus. In 2012, the total volume of Indian goods delivered to the Belarusian market amounted over $ 230 million. India is the biggest supplier of medicine and pharmaceutical substances to Belarus. Among other imported goods are raw tobacco, tea, sea products, spices, nuts, vegetable oils, chemical products, cotton yarn, transformers. Also Read – Leslie doing new comedy special with NetflixSince 1998, the Intergovernmental Belarus-India Commission for Cooperation in the Fields of Economy, Trade, Industry, Science, Technology and Culture has been functioning. The Commission plays a decisive role in working out the consolidated approach of both the parties to cooperation in the above mentioned fields.Another effective tool to expand bilateral mutually beneficial business ties is the Business Council “Belarus-India” which functions under the aegis of the Belarusian Chamber of Commerce and Industry and the Federation of Indian Chambers of Commerce and Industry. Eight sessions of the Council have been organized so far. The visit of the Prime Minister of the Republic of Belarus to India on November 13- 14, 2012 gave a new stimulus to the development of bilateral relations, including in trade, economic, investment and industrial fields.  In November 2012, over 60 enterprises, organizations and institutions of Belarus took part in the National Exposition of the Republic of Belarus at the 32nd Indian International Trade Fair in New Delhi. It provided a good opportunity to establish new business contacts between Belarusian and Indian companies.However, there is still a lot of work to do in the sphere of development of trade, economic and industrial cooperation and increasing of turn-over between our two countries. A wide unexplored potential exists in the sphere of technical and industrial cooperation and creation of Belarus-India joint ventures for production of agricultural machinery, engines, cargo vehicles, including high capacity mining trucks.Both the countries have vast perspectives of cooperation in pharmaceutical sphere. Belarus is very much interested not only in buying Indian medicine and pharmaceutical products but also to attract Indian upgraded technology in this field for the expansion of production of pharmaceutical goods and to contribute to the strengthening of the national health security. Belarus is an attractive and safe destination for foreign investments. The country has adopted a well-elaborated investment legislation aimed to encourage investment activities and protect the investors’ rights in its territory. Six free economic zones (FEZs) function in Belarus providing preferential terms of activities to their residents.Among the advantages of doing business in Belarus are favourable economic and geographical location along the eastern boundary of the European Union provides Belarus with an opportunity to serve as a strategic platform for foreign investors to start their business in the promising CIS markets. With the entry into force of the Customs Union of Belarus, Kazakhstan and Russia and the formation of the Unified Economic Space, foreign investors enjoy a smooth access to a huge common market of the three states; political, social, and economic stability, low crime and corruption rate, absence of conflicts; highly skilled manpower makes the country’s labour market particularly attractive. Highly developed industrial and scientific potential has made the Belarusian economy an export-oriented one.last_img

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