In a significant step towards enhancing the Indo-Belgian partnership, Union Minister of Commerce and Industry, Shri Piyush Goyal, met with Belgian Minister of Foreign Trade, Mr. Theo Francken, and Minister-President of the Flanders region, Mr. Matthias Diependaele, in Brussels on May 2, 2025. The meeting was part of a broader effort to strengthen bilateral ties across trade, technology, investment, and innovation, reflecting the shared ambition of both nations to deepen their collaboration in key sectors.
This dialogue builds upon the momentum generated by the March 2025 visit of HRH Princess Astrid of Belgium to India. During her visit, the Princess’s meeting with Prime Minister Narendra Modi emphasized a mutual desire to explore new opportunities for cooperation in fields such as defence, agriculture, life sciences, and academic exchanges. The recent Belgian Economic Mission, which included over 300 members, further infused fresh energy into the growing relationship between India and Belgium.
The talks between Minister Goyal and the Belgian leadership focused on expanding bilateral trade, fostering industrial collaboration, and boosting investments in strategic sectors such as semiconductors, clean energy, defence production, and pharmaceuticals. The Flanders region, a key economic hub in Belgium, was highlighted for its advanced manufacturing capabilities, robust R&D infrastructure, and its vital role as a gateway to the European market. With India poised to remain the world’s fastest-growing major economy over the next two decades, the discussions underlined the vast potential for India and Belgium to mutually benefit from this growth.
Minister Goyal reflected on India’s transformative economic journey over the past decade, emphasizing the reforms that have enabled both citizens and entrepreneurs to realize their aspirations. He noted that the period was not just about economic upliftment but also about empowering the country’s people and businesses. His statement resonated strongly with the shared vision of mutual prosperity that both India and Belgium hold for their future cooperation.
The meeting also touched on the ongoing EU–India Free Trade Agreement (FTA) negotiations, with both parties recognizing the importance of addressing existing barriers—both tariff and non-tariff—to enhance market access. Minister Goyal reaffirmed India’s role as a trusted and long-term economic partner for Europe, stressing that India is not only a market of the future but also a reliable collaborator.
Belgium remains one of India’s most important economic partners within the European Union. In 2023–24, bilateral trade between the two nations reached USD 15.07 billion, with Belgium ranking as India’s fifth-largest trading partner in the EU. Additionally, Belgium’s Foreign Direct Investment (FDI) in India has totaled USD 3.94 billion since 2000, with a notable 39% growth in the past year alone. The cooperation between the two countries spans a wide range of sectors, including defence manufacturing, green hydrogen, nano-electronics, and pharmaceutical research and development, underscoring the increasingly strategic nature of their relationship.
Looking ahead, both India and Belgium have committed to strengthening high-level engagements and facilitating regular visits by business delegations to accelerate trade and investment. The meeting in Brussels marked another important chapter in the evolving partnership, setting the stage for deeper cooperation that will continue to drive mutual growth in the years to come.