New Delhi, Nov 21 (IANS): India's economy might not inspire confidence among its own people but the country remains a top investment draw for many countries. Belgium's Princess Astrid, accompanied by its "biggest ever" 300-member business delegation and senior ministers, arrives in India Saturday on a week-long visit to deepen trade and investment with a country whose potential they consider "huge".
This is the biggest ever Belgian business mission whose "focus will be on diversifying and deepening trade and investment relations," Belgian Ambassador to India Pierre Vaesen told IANS in an interview.
Belgium is India's second largest trading partner among the 27-nation European Union (EU) after Germany. Bilateral trade between the two countries stood at 12.2 billion euros ($16.5 billion) in 2012. Vaesen said there was need to diversify trade, which was dominated by gems and jewellery.
Out of India's imports worth 7.94 billion euros ($10.74 billion) from Belgium in 2012, 81.7 percent was precious stones and metals, while 41.1 percent of India's exports to Belgium were precious stones and metals. India's exports to Belgium were 4.22 billion euros ($5.7 billion) in 2012.
"The majority of our trade is in diamonds and other precious stones. We need to diversify this. The economic mission comprises a large number of businesspersons. They will look for opportunities in several other sectors," the ambassador said.
In the first six months of 2013, India's export to Belgium stood at 2.26 billion euros, while imports were worth 4.25 billion euros. The trade balance is heavily in favour of Belgium. India had a trade deficit of 3.71 billion euros in 2012. It was recorded at 1.98 billion euros in the first six months of this year.
Princess Astrid, sister of King Philippe, will be visiting India less than two months after President Pranab Mukherjee's visit to Brussels Oct 2-3. This is the fourth business mission from Belgium to India since 1995, all of them led by the present King Philippe or his father, King Albert, who himself led three high-powered business delegations to India.
The Belgian economic mission will be in India during Nov 23-29. Apart from New Delhi, the delegation is also scheduled to visit Mumbai and Chennai. Vaesen said Belgian entrepreneurs and businesspersons would look for joint ventures and partnership deals with Indian firms.
"A large number of people in the delegation will be from small and medium enterprises. I hope there will be many partnership agreements among the companies," the ambassador said.
According to the ambassador, 160 Belgian companies are currently operating in India, while 80 Indian companies are doing business in Belgium whose capital Brussels is the headquarters of the 28-member European Commission and stands strategically at the crossroads of Western Europe.
Belgian firms have invested nearly 370 million euros ($500 million) in India, while Indian investment in Belgium almost equals that.
"The potential is huge. We want these numbers to rise substantially," Vaesen said.
Senior ministers and government officials including Belgium's Deputy Prime Minister and Minister of Foreign Affairs Didier Reynders and Flemish Minister for Economy, Foreign Policy and Agriculture Kris Peeters will be a part of the delegation.