Brussels, May 4: In an important move to bolster bilateral relations, Union Commerce and Industry Minister Piyush Goyal met with Belgian officials in Brussels on May 2, seeking to enhance cooperation across trade, technology, investment, and innovation sectors.
The discussions with Belgian Minister of Defence and Foreign Trade Theo Francken and Minister-President of the Flanders region Matthias Diependaele emphasized the shared ambition to unlock new avenues for collaboration.
This engagement builds upon the momentum from HRH Princess Astrid of Belgium’s March 2025 visit to India, during which she met with Prime Minister Narendra Modi.
The visit, accompanied by a 300-member Belgian Economic Mission, highlighted mutual interests in trade, technology, defence, agriculture, life sciences, innovation, skilling, and academic exchanges.
Both nations reaffirmed their commitment to building resilient, future-focused ties that enhance mutual growth and contribute to a more integrated global economic framework. The discussions accentuated growing economic synergies, focusing on scaling bilateral trade, fostering industrial collaboration, and deepening investments in strategic sectors such as semiconductors, clean energy, defence production, and pharmaceuticals.
The Flanders region, recognized as Belgium’s economic engine, was highlighted as a critical partner due to its advanced manufacturing ecosystem, R&D infrastructure, and strategic role as a European gateway.
With India positioned as the world’s fastest-growing major economy, driven by a young, aspirational population and a dynamic reform-oriented environment, the growth story presents unprecedented opportunities for both countries.
Minister Goyal reflected on India’s transformative economic journey over the past decade, emphasizing reforms that have empowered citizens and entrepreneurs alike.
“The last eleven years have not only been about economic upliftment, but about enabling aspirations,” he stated.
The meeting also reviewed progress in EU-India Free Trade Agreement (FTA) negotiations, with both parties recognizing the need to address tariff and non-tariff barriers to enhance market access. Minister Goyal reiterated India’s position as a trusted and long-term economic partner for Europe’s growth, remarking, “India is not just a market of the future—it is a collaborator of trust.”
Belgium remains one of India’s most significant economic partners in Europe, ranking as India’s fifth-largest trading partner within the EU. Bilateral trade reached USD 15.07 billion in 2023-24, with Belgian FDI in India totaling USD 3.94 billion from April 2000 to September 2024, including a remarkable 39% growth—USD 1.1 billion—in the past year alone.
Cooperation spans a wide array of sectors, including defence manufacturing, green hydrogen, nano-electronics, nuclear medicine, and pharmaceutical R&D, reflecting the expanding depth and strategic nature of the Indo-Belgian economic relationship.
Both sides agreed to strengthen high-level engagements and facilitate regular visits by business delegations to accelerate trade and investment outcomes, reinforcing their shared vision of mutual prosperity and resilient economic cooperation amidst evolving global challenges.
