Belgium looking beyond diamonds in trade with India

Belgium is working on diversifying business with India and looking beyond trade in diamonds, according to Bart De Groof, Consul General of Belgium in India.

Speaking at a seminar on Brussels as a gateway for investments in Europe, organised by the Federation of Andhra Pradesh Chambers of Commerce and Industry here on Thursday, he said despite economic slowdown in Europe, his country was making efforts to step up business with India.

“We are the fourth nation from the European Union to come to Chennai with our consul office recently. Our interests are shifting from traditional partners to new regions (such as India),’’ Groof said.

Belgium is now the second largest trade partner of India in the European Union after Germany and most of it is in the high-value diamond trade. It now hopes to forge new business partnerships in information and communication technology, research and development in healthcare and pharma, medical devices and chemicals.

“We are also very much in favour of the European Union which means that we are also in favour of free trade,’’ Groof said.

According to Kathlijin Fruith of the Trade & Investment Attache, Brussels Invest & Export, Brussels, had advantages in terms of its geographical position and connectivity to Paris, London and other major European cities.

“We are at the crossroads of three cultures and provide a gateway to investments in Europe,’’ she said adding that there were 80 Indian companies in Belgium, including Mahindra Satyam and Bank of Baroda.

Tax incentives are also being offered for Indian companies intending to invest in Belgium. They are allowed to claim a notional interest reduction (of up to about 3 per cent) on equity investments reflecting the economic cost of capital deployed.

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