On May 2, 2025, Union Minister of Commerce and Industry, Shri Piyush Goyal, held a significant meeting in Brussels with Belgian Minister of Defence and Foreign Trade, Mr. Theo Francken, and Minister-President of the Flanders region, Mr. Matthias Diependaele. The discussions aimed to strengthen the Indo-Belgian partnership across various sectors, including trade, technology, investment, and innovation.
This meeting followed the March 2025 visit of HRH Princess Astrid of Belgium to India, where she met with Prime Minister Shri Narendra Modi. Their discussions underscored a mutual ambition to explore new avenues for collaboration in diverse areas such as trade, technology, defence, agriculture, life sciences, and academic exchanges.
During the meeting, the over 300-member Belgian Economic Mission, led by Princess Astrid, was highlighted as a catalyst for fresh momentum in the bilateral relationship. Both sides reaffirmed their commitment to building on this momentum to forge resilient, future-focused ties that enhance mutual growth and contribute to a more integrated global economic framework.
The discussions emphasized the growing economic synergies between India and Belgium. Key topics included scaling bilateral trade, fostering industrial collaboration, and deepening investments in strategic sectors such as semiconductors, clean energy, defence production, and pharmaceuticals. The Flanders region, recognized as Belgium's economic engine, was particularly highlighted for its advanced manufacturing ecosystem and strategic role as a European gateway.
Minister Goyal reflected on India's transformative economic journey over the past decade, stating, "The last eleven years have not only been about economic upliftment, but about enabling aspirations." His remarks pointed to the significant reforms that have empowered citizens and entrepreneurs alike, setting the stage for robust economic growth.
Moreover, the meeting reviewed the progress in negotiations for the EU–India Free Trade Agreement (FTA). Both parties recognized the necessity to address tariff and non-tariff barriers to enhance market access, which is crucial for fostering a more dynamic trade environment.
According to Minister Goyal, "India is not just a market of the future—it is a collaborator of trust." This statement reinforces India's position as a reliable economic partner for Europe, particularly in light of its status as the fifth largest trading partner of Belgium within the EU.
Bilateral trade between India and Belgium reached USD 15.07 billion in the 2023-24 fiscal year, showcasing a significant growth trajectory. Furthermore, Belgian Foreign Direct Investment (FDI) in India has totaled USD 3.94 billion from April 2000 to September 2024, with a remarkable 39% growth—USD 1.1 billion—in the past year alone.
The cooperation between the two nations spans a wide array of sectors, including defence manufacturing, green hydrogen, nano-electronics, nuclear medicine, and pharmaceutical research and development. This reflects the expanding depth and strategic nature of the Indo-Belgian economic relationship.
Both sides agreed to strengthen high-level engagements and facilitate regular visits by business delegations to accelerate trade and investment outcomes. This proactive approach is expected to enhance collaboration and drive economic growth in both nations.
As India continues to be recognized as the world’s fastest-growing major economy, driven by a young, aspirational population and a dynamic reform-oriented environment, the opportunities for collaboration with Belgium appear unprecedented. The discussions held in Brussels mark a pivotal moment in the ongoing efforts to deepen bilateral ties and explore new economic avenues.
In conclusion, the meeting between Minister Goyal and his Belgian counterparts not only reinforced existing partnerships but also set the stage for future collaborations that can significantly benefit both countries. As they navigate the complexities of the global economy, the commitment to mutual prosperity and resilient economic cooperation remains a guiding principle for both India and Belgium.
