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Ulakhovich: Belarus, India can boost trade to $1bn in the next few years

Economy 14.09.2017 | 14:46

MINSK, 14 September (BelTA) - Belarus and India have the potential to increase the trade up to $1 billion in the next few years, Chairman of the Belarusian Chamber of Commerce and Industry (BCCI) Vladimir Ulakhovich said at a press briefing in BelTA's press center.

“In my opinion, the goal of $1 billion in Belarus-India trade is absolutely achievable,” Vladimir Ulakhovich said. He added that the matter is about increasing mutual trade in the next few years. In H1 2017 the trade was already growing. “If we take into account the contracts signed at the forum, it will grow further this year,” he noted.

Vladimir Ulakhovich said that the commodity groups which Belarus actively offers will be of interest for the Indian market. “First of all, this is our engineering industry. Virtually the entire lineup of BelAZ, MTZ, MAZ, Gomselmash is in demand there. Everything that relates to agricultural machinery, construction machinery, municipal vehicles is in demand there,” he tressed.

With regard to cooperation in new industries, these can be construction industry, the petrochemical industry, Vladimir Ulakhovich said. “Although India is a renowned manufacturer of textiles, the Belarusian flax linen and the fabrics made by Mogotex turned out to be in demand in that market. Another area is food and agriculture. We need to give the cooperation in these sector serious consideration soon,” he explained.

The head of the Belarusian Chamber of Commerce and Industry stressed that India is a strategic partner for Belarus from the point of the market capacity. “The export is pivotal to our economy. If we have a serious partner, we develop our export line, enter third markets. Such cooperation gives results,” he said.

In 2014-2016 the annual Belarusian-Indian trade stood at $400 million, with Belarus running a surplus. In January-July 2017 the bilateral trade made up $228.5 million.

On 11 September New Delhi played host to the Belarusian-Indian business forum. Attending the event was a big Belarusian delegation that consisted of government representatives, heads of different concerns and enterprises. The businessmen of the two countries discussed the prospects of cooperation in mechanical engineering and woodworking, petro chemistry and mining industry, pharmaceutical industry, biotechnologies, food industry, education and healthcare, IT and services, trade and investment, export and import operations and financial activity, the implementation of infrastructure projects and many more.

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