Wednesday, March 22, 2023

Belgium Can Serve as the Gateway to Europe for India, Post Brexit: Ambassador

With uncertainty gripping Brexit, Belgium is trying to woo India. The Ambassador of Belgium to India, Francois Delhaye said Belgium can serve as the gateway to Europe for India, post-Brexit.

At a conference ‘Invest in the gateway to Europe’, Delhaye said Brexit will definitely have a huge impact on the European Union (EU). “Many companies are hedging against what is happening and are looking at secondary locations in Europe. Belgium has a lot to offer.”

Belgium, after Germany, is the second largest partner of India among EU countries. According to the Business Line, “the total bilateral trade between the two countries is €12.6 billion, as per figures furnished by the Belgian Government. Exports from Belgium to India represent €7.9 billion and India to Belgium is close to €4.7 billion.”

Moreover, there are 175 Belgian companies in India, over 1,500 interacting with India, and about 80 Indian companies are located in Belgium. Customs Attache Babette Desfossez said doing business in Belgium was easy. “One needs to come to Belgium only once to open a bank account. The rest can be done by representation. This is complemented by fiscal policy such as double tax avoidance regime and tax incentives for research, development and innovation.”

India and Belgium’s export activities are driven by pharmaceuticals, diamond trade, automation industry and chemical industry etc.

Other News at EurAsian Times

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