India, Belarus set trade target of 1 billion dollar by 2018

India and Belarus have set the bilateral trade target of one billion dollar by 2018.

The decision was taken at the Seventh Session of the India-Belarus Intergovernmental Commission held in Minsk, Belarus.

The meeting was co-chaired by Union Commerce and Industry Minister Nirmala Sitharaman co-chaired and her Belarusian counterpart Minister for Industry Vitali Mikhailovich Vovk.

Key highlights

  • Both countries noted the potential to step up cooperation in pharmaceuticals, machinery, energy, fertilizer, mining and tourism.
  • They also agreed to facilitate business to business contacts to promote investment flows in the two countries.
  • Both sides also expressed satisfaction in successful supply of equipment by state owned BHEL for the reconstruction of Grodno Power Plant-2 in Belarus.
  • They hoped for further boost the participation of Indian companies in projects for the reconstruction of power facilities in Belarus.
  • Belarus is eager to boost investment and technology to India to supports its flagship Make in India programme.

It should be noted that, presently the bilateral trade between both countries is around 400 million dollars.

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Categories: Business & Economy Current Affairs 2017

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