Trade and economic cooperation

Trade and economic cooperation between India and Belarus has steadily progressed since Belarus’ independence in 1991. In 2023, bilateral trade stood at USD 111.8 million, The trade balance remains in favour of Belarus. Belarus is an important source of Potash fertilizers for India. The bilateral trade figures (in US$ million) for the last four years are as under:

In USD million

[Department of Commerce of India, National Statistics Committee of Belarus, State Customs Committee of Belarus]

There is keen interest on both sides in further strengthening and diversifying economic and commercial interaction considering the potential as well as the positive trajectory of the bilateral relationship. This aspect of the bilateral cooperation is discussed under the framework of the India-Belarus Inter-Governmental Commission for Economic, Trade, Industrial, Scientific, Technological and Cultural Cooperation (IGC). The 11th Session of IGC meeting was held in New Delhi on 10 November 2022.

The 2nd meeting of the JWG on Pharma was held on 4 August 2023 in virtual format. The meeting was chaired by Economic Adviser of the Department of Pharmaceuticals from the Indian side and the Deputy Minister for Health from the Belarus side.

The 2nd meeting of the Joint Working Group on Textiles was held on 18 September 2023. It was chaired by Trade Adviser from the Ministry of Textiles on the Indian side and the heads of Bellegprom and Belneftekhim on the Belarus side.

India announced a USD 100 million Line of Credit to Belarus during the state visit of President of India to Belarus in June 2015. The Government of India granted Market Economy Status to Belarus in 2015.
Both countries have exchanged business delegations and participated in each other’s business events from time to time.  In December 2023, an 8-member business delegation led by FICCI visited Minsk. The delegation held B2B meetings with counterparts from Belarus, and visited Belarusian enterprises to assess potential opportunities for cooperation.

An ASSOCHAM delegation visited Minsk in November 2021 and held B2B interactions with Belarusian counterparts. A CII Business delegation visited Belarus under program “Exploring New Markets for Business & Investment” on 4-5 June 2018. Another CII delegation visited Minsk to attend the Belarusian investment forum held from 17-20 September, 2019. A CAPEXIL delegation visited Belarus to participate in Buyer-Seller Meet (BSM) held from 25-28 September 2019.

During January 2022, 25 companies from Belarus took part in the Indus Food Exhibition. 9 companies from Belarus participated in the Indus Tech Exhibition. 

In March 2023, Deputy Industry Minister Dmitry Kharitonchik led a delegation of Belarusian businesses, organised by the National Center for Marketing and Price Control of the Ministry of Foreign Affairs to participate in the India-Belarus Business Forum organised by CII and held meetings with representatives from government, as well as businesses in India.

During 17-19 October 2023, Deputy Transport and Communications Minister Sergei Dubina participated in the Global Maritime India Summit 2023, held in Mumbai.

The potential for increased cooperation is considerable which needs to be explored, identified and exploited. Belarus offers a promising market for India’s pharmaceutical and chemical products, automobile and knowledge-based enterprises. Investments and joint ventures, particularly in view of the Belarusian industrial and technological strength in manufacturing giant tyres, agro-industrial machinery, mining equipment, and heavy-duty road construction machinery and also the disinvestment process in Belarus, provide possibilities for increasing cooperation. Belarus desires to develop its own pharmaceutical production units aimed at import substitution. Belarus offers opportunities for participation by Indian companies in projects in power generation and power transmission sectors.

Pharmaceutical is an important area of cooperation between India and Belarus. 2016 witnessed the establishment in Belarus of three joint ventures in the pharmaceuticals sector between Indian and Belarusian companies involving around USD 3 million investment by Indian companies.

A large delegation of 19 Indian companies participated in the international medical forum “Healthcare of Belarus” in May 2022.In May 2017, a large ASSOCHAM led delegation participated in Belarus Medica 2017 in Minsk. Another ASSOCHAM led business delegation participated in BELAGRO, an International Agri Business Expo, held in June, 2018.

Two Indian companies participated in the 29th edition of “Healthcare of Belarus”, an international medical forum in Minsk held during 23-26 April 2024. In World Food India held during 20-21 September, 2024, eight Belarusian companies participated. During 12-15 November 2024, eight-member Indian business delegation participated at the Prodexpo 2024 held in Minsk. 

IT, healthcare, financial services, transport and logistics are other potential areas of cooperation. As for the energy sector, India has participated in the reconstruction of Grodno power plant in Belarus. BHEL supplied and installed equipment and machinery for Grodno Power Project II.

India’s exports to Belarus include medicine and pharmaceutical products, drying machines, rice, tea, coffee, marine products, heat exchange units, cereals, yarn, nucleic acids and their salts, other heterocyclic compounds, machinery for working rubber or plastics.

India’s imports from Belarus: Fertilizers, potassium chloride, textile fabrics, fibers synthetic filament tow, acrylic or modacrylic, glass fibers, rubber, vehicle parts; brakes, servo-brakes and parts thereof, hydrazine and hydroxylamine and their inorganic salts, vinyl chloride polymers.

December 2024