About Us Trade and Economic Relations

Trade and Economic Relations

Trade and economic cooperation between India and Belarus steadily progressed since Belarus’ independence in 1991. In 2020, bilateral trade stood at US$ 627.8 million as compared to US$ 568.3 in 2019. The trade balance remains in favour of Belarus. Belarus is an important source of Potash fertilizers for India. The bilateral trade figures (in US$ million) for the last three years are as under:

In US$ million

Year

Belarusian Exports

Belarusian Imports

Total

2018

304.4

167.7

472.1

2019

394.3

174.0

568.3

2020

456.6

171.2

627.8

[Belarusian Statistics. National Statistics Committee of Belarus, State Customs Committee of Belarus]

There is keen interest on both sides in further strengthening and diversifying economic and commercial interaction considering the potential that exists in two countries. The necessary mechanism including India-Belarus Inter-Governmental Commission for Economic, Trade, Industrial, Scientific, Technological and Cultural Cooperation (IGC) is in place. The 10th session of IGC meeting was held in New Delhi on 5th March 2020. The Indian Government announced a US$ 100 million line of credit to Belarus during the state visit of President of India to Belarus in June 2015. The Government of India granted Market Economy Status to Belarus in 2015.

Both countries have exchanged business delegations and participated in each other’s business events from time to time.  About 20 Indian companies took part in the exhibition ‘Belarus Medica’ held from 20-23 March 2017 in Minsk. A delegation from ‘Tea Board Office’ in Moscow visited Minsk in August 2017.  A CII Business delegation visited Belarus under program “Exploring New Markets for Business & Investment” on 4-5 June 2018.  Another CII delegation visited Minsk to attend the Belarusian investment forum held from 17-20 September, 2019. A CAPEXIL delegation visited Belarus to participate in Buyer-Seller Meet (BSM) held from 25-28 September 2019.  A PHARMEXCIL delegation visited Belarus to take part in BSM held from 13-16 November 2019.

Apart from these, the Mission in collaboration with Belarusian Chamber of Commerce and Industry (BelCCI) organized “Tourism and Business Forum” in Minsk on                         4th September 2017. Minister of State of Commerce of Industry, Shri C.R. Chaudhary paid a working visit to Minsk to co-Chair 9th Session of India-Belarus IGC held from 23-26 September 2018.

The potential for increased cooperation is considerable which needs to be explored, identified and exploited. It offers promising market for India’s pharmaceutical and chemical products, automobile and knowledge-based enterprises. There are good possibilities of investments and joint ventures, particularly in view of the Belarusian industrial and technological strength in manufacturing giant tyres, agro-industrial machinery, mining equipment, and heavy-duty road construction machinery and also the disinvestment process in Belarus. Belarus desires to develop its own pharmaceutical production units aimed at import substitution. Belarus offers opportunities for participation by Indian companies in projects in power generation and power transmission sectors.

Pharmaceuticals, oil and gas, agriculture, fertilizers and food processing have been identified as areas of high potential. Both countries can also expand their links in a range of services such as IT, healthcare, financial services, transport and logistics. As for the energy sector, India has participated in the reconstruction of Grodno power plant in Belarus. BHEL supplied and installed equipment and machinery for Grodno Power Project II in June 2013.

Pharmaceutical is an important area of cooperation between India and Belarus. 2016 witnessed the establishment in Belarus of three joint ventures in the pharmaceuticals sector between Indian and Belarusian companies involving around US$ 3 million investment by Indian companies. Under these joint ventures, the Indian companies will provide substance, technology and investment to their Belarusian counterparts. In May 2017, a large ASSOCHAM led delegation participated in Belarus Medica 2017 in Minsk. Another ASSOCHAM led business delegation participated in BELAGRO, an International Agri Business Expo, held in June, 2018. A CII delegation visited Belarus in June, 2018 and was taken to see the Orsha Cluster. Back-to-Back discussions were held on the expansion of trade between the two countries. The delegation was satisfied with the outcome of the visit.

India’s exports to Belarus include medicaments, drying machines, fish meat, crustaceans, heat exchange units, cereals, yarn, nucleic acids and their salts, other heterocyclic compounds, machinery for working rubber or plastics.

India’s imports from Belarus: Fertilizers, potassium chloride, textile fabrics, fibers synthetic filament tow, acrylic or modacrylic, glass fibers, rubber, vehicle parts; brakes, servo-brakes and parts thereof, hydrazine and hydroxylamine and their inorganic salts, vinyl chloride polymers.

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