Trade and Economic Relations between the Republic of Belarus and the Republic of India

Belarusian-Indian Intergovernmental Commission on Trade, Economic, Industrial, Scientific, Technological and Cultural Cooperation (IGC) was established in 1997 and Co-Chaired from the Belarusian Side by Minister of Industry of the Republic of Belarus Mr. Petr Parkhomchik. Ten meetings of the Intergovernmental Commission have been held, the eleventh session is being prepared in Minsk in mid-2022.

In 2015, as a result of the same year VVIP-visit of President of India Shri Pranab Mukherjee to Belarus of the Indian Side decided to recognize the market status of the economy of the Republic of Belarus, as well as to allocate a credit line by the Eximbank of India amounted to $ 100 million.

In 2017, following the results of the VVIP-visit of the Head of the Belarusian State to India, a list of priority projects was identified such areas as education, machinery-building, agriculture, science and technology, pharmaceuticals, oil extraction, potash fertilizers supplies, investment and other cooperation.

The Honorary Consulate of the Republic of Belarus is functioning in Kolkata: Honorary Consul is Mr.Sitaram Sharma.

In 2020, the key trade and economic events included the holding of the first Belarusian-Indian Investment Forum in New Delhi on March 4, in which representatives of 9 Belarusian and more than 70 Indian companies and organizations took part, as well as the tenth meeting of the Belarusian-Indian Intergovernmental Commission on cooperation in the field of trade, economy, science, technology and culture. On the sidelines of the meeting of the Intergovernmental Commission, a Protocol on the exchange of instruments of ratification of the Agreement on Investment was signed. Joint working groups on cooperation in the textile industry, pharmaceuticals, trade and investment are established.

In 2021, representatives of “Gomselmash” OJSC and “Bobruiskagromash” Holding Management Company” OJSC participated in the 2nd International Agroindustrial Exhibition “AGRI PROGRESS EXPO 2021” on September 3-5, 2021 in Mohali, Punjab.

In December 2021, a representative Belarusian business delegation of more than 70 representatives engaged in wholesale trade in food products was prepared, including “Neighbours”, “Vitalyur”, “Aptekarsky Sad” and others, took part in one of the largest in South Asia exhibitions in the field of food “Indus Food 2022” in New Delhi.

Dynamics of Trade and Economic exchanges between the Republic of Belarus and the Republic of India, (million USD)

Structure of the Belarusian Exports to the Republic of India in 2021

(basic items)

Potash fertilizers

Trucks

Wood cellulose

Hydrazine, hydroxylamine

Fiberglass

Monofilament

Plait of synthetic threads

Construction details from plastics

Cord materials for tires

Parts and accessories for cars and tractors

Nitrile compounds

Products of distillation of coal tar

Parts for receiving and transmitting equipment

Raw flax or processed flax

Complex synthetic threads

Electronic integrated circuits

Centrifuges, equipment and devices for filtering liquids or gases

Control or measuring devices, projectors

Leather additionally treated after tanning

Information carriers

Tractors and trucks

Structure of the Indian Imports to the Republic of Belarus in 2021

(basic items)

Retail pharmaceuticals

Seafood

Non-retail pharmaceuticals

Heterocyclic compounds containing nitrogen atoms

Shoe Uppers

Organic colouring matter

Parts and accessories for cars and tractors

Coffee, tea – natural and its essences and concentrates

Peanuts

Antibiotics

Grapes

The main Belarusian export products to India are potash fertilizers (supplied by OJSC “Belarusian Potash Company” (BPC) via its representative office in New Delhi). The Memorandum of Understanding between OJSC BPC and the company Indian Potash Ltd. on the supply of Belarusian potash fertilizers to India signed on September 12, 2017 during the visit of the President of the Republic of Belarus to India, is being implemented in its full capacity.

In 2020, in physical terms, the export of Belarusian potassium chloride to India reached historic record volumes.

In 2021, India's exports of potash chloride increased significantly in value terms.

Cooperation in the mining sector is developing.

In May 2016, the BelAZ dump truck service centre was officially opened in the city of Nagpur (Maharashtra). 5 BelAZ dump trucks with a lifting capacity of 240 tons are successfully operated by the Indian company Triveni within the framework of the Polawarat project in Andhra Pradesh. In January 2019, OJSC “BelAZ” won a tender for the supply of a large state-owned Indian company Coal India 77 mining trucks with a carrying capacity of 136 tons. The corresponding contract was signed on October 15, 2019. In 2020 all dump trucks were shipped.

In January 2021, during the visit of the Minister of Industry of the Republic of Belarus Petr Parkhomchik and the General Director of OAO “BELAZ” Sergei Nikiforovich in Kolkata (India) a new contract was signed with the Indian state company “Coal India Limited” for the supply of 96 Belarusian dump trucks with a capacity of 220 tons to India, as well as the supply of spare parts and services for 8 years of operation. Deliveries of equipment began in 2021.

In 2021, for the first time in many years, the supply of BELARUS tractors to the Indian market was resumed.

In June 2017 OJSC “Gomselmash” together with the Indian company DVR Infratech Private Limited established the JV in India called “Gomselmash-India”.

In 2017 — 2018, RUE PA “Belorusneft” successfully completed two joint projects in the field of enhanced oil recovery at the Digboy and Chabua fields (Assam state).

In February 2020, RUE PA “Belorusneft” has signed a contract with the Indian PSU ONGC for the formulations of surface-active substances (surfactants) to increase the oil recovery in 6 Indian fields. The contract must be fully implemented by October 9, 2020.

The work is underway to conclude some new contracts in the field of enhanced oil recovery.

The Indian major aggregator “YATRA” is authorized as the Belarus Tourism Information Centre in India, which started working in September 2019 on the systematic promotion of Belarus as of the attractive destination for the Indian tourists via the online and offline channels of the company.

In 2021, the export of services to India amounted to $ 98.1 million (160.4% compared to 2020, mostly the export of maritime transport services). The import amounted to $ 7.1 million (64.2%). The balance of the Belarusian-Indian trade in services is positive and amounted to $ 91.1 million at the end of 2020.

Investment cooperation is consistently progressing (there are three investment projects with the participation of the Indian side in the field of pharmaceuticals).  In 2021, the inflow of direct investment from India increased significantly – up to $ 1.3 million.

It is planned to hold a representative National Exposition of the Republic of Belarus on November 14-27, 2022 in New Delhi within the framework of the Universal International Trade Fair “India International Trade Fair 2022” (IITF 2022).