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Belarusian government pledges support to joint business projects with India

Economy 11.09.2017 | 12:54

NEW DELHI, 11 September (BelTA0 - The Belarusian government will support the development of joint business projects with India, Belarus' Deputy Prime Minister Vladimir Semashko said at the Belarusian-Indian Forum running in New Delhi, BelTA has learned.

The deputy prime minister spoke in detail about the advantages of cooperation with Belarus. He noted that the main factors are the growing attractiveness of the Belarusian economy, favorable business conditions, geographical advantages, the opportunity to promote products and services in the common market of the Eurasian Economic Union.

Vladimir Semashko stressed that the bilateral trade, which was around $400 million in 2016, is far below the potential of Belarus and India.

“Our country has opened its economy to foreign investors and privatization, radically eased registration procedures and business practices. Belarus' strategy is ambitious: to enter the top 20 world leaders in terms of favorable investment climate. Today we are the 37th in the world out of 185 countries. We are ready to use the most advanced forms of investment: from the setting up of foreign joint ventures to concessions,” said the vice premier.

He proposed to establish joint ventures in India in those industries where Belarus has recognized experience in manufacturing, technology and know-how. “The Belarusian government will provide every assistance to the newly created companies and the existing businesses in India,” Vladimir Semashko stressed.

He noted that a maintenance center for BelAZ rock haulers has already been set up in India. “Our vehicles proved their worth in India thanks to the competitive price, technical level, and reliability. During the visit the parties are expected to sign the corresponding agreements and decide on a joint venture to produce mining equipment in India with a sufficient level of localization,” the deputy prime minister said.

Taking into account India's steady economic growth and constantly increasing truck and passenger transportation volumes, Belarus offers its lineup of trucks and MAZ buses for the Indian market. The parties are ready to set up a joint company to produce these vehicles and provide aftersales services.

There are good prospects for cooperation in agricultural mechanical engineering and the supplies of the corresponding Belarusian products to India. “A good economic effect can be produced by the joint production of MTZ tractors, including mini and energy-intensive tractors with different attachments. The parties are expected to sign a contract to launch the production of tractor equipment. This year a contract was signed to set up a joint venture to make grain and fodder combine harvesters. The first trial models will be delivered to the Indian market in late October. Next year we plan deliveries for mass production,” Vladimir Semashko said.

In his words, Belarusian producers offer their partners a whole range of machinery for the full technological cycle in agricultural production.

“We invite the Indian business to invest in Belarus. Priority projects get unprecedented preferences. One of the top priorities for us is pharmaceutics, bio- and nano-technologies. These are steadily developing markets,” the vice premier said.

Vladimir Semashko added that Belarus is ready to support every project with special personnel training programs both in Belarus and India.

During the main part of the business forum Belarusian and Indian partners concluded ten agreements and memoranda of various kinds.

These include a general agreement on strategic partnership between the Belarusian Healthcare Ministry and Hetero Labs Limited, a trilateral term sheet between the Healthcare Ministry, Glorincor, and Biocon Limited, a trilateral term sheet between the Healthcare Ministry, Glorincor, and Cadila Healthcare Limited.

Invest India and Belarus' National Investment and Privatization Agency signed a memorandum of understanding.

The Indian Association of Tour Operators and the Belarusian National Union of Tourist Industry also signed a memorandum of understanding. An agreement on information cooperation and coordination was signed between the National Union of Tourist Industry and Salvia Promoters Private Limited.

A memorandum of development of the joint enterprise Gomselmash India Private Limited was signed between OAO Gomselmash and DVR Infratech Private Ltd. A contract on the delivery of farm equipment was concluded between OAO Gomselmash and Gomselmash India Private Limited.

OAO BelAZ and M/s BGR Mining & Infra Ltd. (BGR MIL) also agreed on cooperation.

The Belarusian enterprise Aeromash signed a memorandum of understanding with an Indian partner.

Representatives of Belarusian ministries and agencies continue bilateral talks in New Delhi. It is expected that there will be more promising agreements and arrangements by the end of the day.

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