India, Belgium set five-year goal to double bilateral trade

India and Belgium have announced a target to double their bilateral trade within the next five years. The announcement came on Thursday, the second day of Belgian Prime Minister Bart De Wever's first visit to New Delhi since taking office in February 2025.

During talks with Indian Prime Minister Narendra Modi, the two leaders discussed bilateral relations as well as regional and global issues of mutual interest. The visit was aimed at strengthening cooperation in defence, security, trade, investment, technology, and renewable energy.

Several Memorandums of Understanding (MoUs) were exchanged, including one on renewable energy cooperation between the Belgian Ambassador to India and India's Foreign Secretary. Another MoU was signed between India's Central Bureau of Investigation and the Belgian Federal Police to combat transnational organised crime, cyber crime, and related matters.

Speaking to the press, De Wever highlighted that 30 corporate announcements are expected during the mission across a wide range of sectors. He said these, along with defence-related agreements, show that companies and institutions on both sides are turning political ambition into practical cooperation.

Modi said India has formed fast-track mechanisms for Belgian investments and decided to make the India-Belgium business forum a regular mechanism. He added that coordination between financial, fintech, and regulatory institutions will be enhanced. "By these initiatives, we will double up our bilateral trade in the next 5 years," Modi said.

The Prime Minister also noted that the renewable energy MoU will boost sustainability cooperation. He said the two countries have decided to increase cooperation in processing and recycling critical minerals, and that Belgian expertise and Indian skills in semiconductors are complementary.