Belarus Deputy PM invites Indian Cos to cash in on tax exemption

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SME Times News Bureau | 12 Sep, 2017
Deputy Prime Minister of the Republic of Belarus, Vladimir Semashko Monday invited Indian businesses to Belarus and avail themselves of tax exemptions which extends from five to seven years and other such incentives to enhance investment ties between Belarus and India.

Addressing the 'India-Belarus Business Forum' coinciding with the visit of Semashko to Delhi, organized by FICCI jointly with CII and ASSOCHAM, the Belarus Deputy Prime Minister said that agriculture, pharmaceuticals, nano technology and infrastructure projects were some of the key sectors which can be explored for collaboration by Indian and Belarusian industry.

At the Forum, 11 MoUs were exchanged between India and Belarusian organizations, which included ‘Agreement on Basic Conditions’ between Glorincor LLC and Biocon Limited; and Ministry of Health of the Republic of Belarus, Glorincor LLC and Cadila Healthcare Limited.

India-Belarus bilateral trade stood at US$ 210 million in 2016-17 and the two countries have set a target of US$ 1 billion by 2020. Thus, industry is of the view that it is time to elevate India-Belarus relations to a higher trajectory by building on the enormous potential in trade and investment, defence cooperation, science and technology as well as educational and academic linkages.

Anant G Geete, Minister of Heavy Industries & Public Enterprises, said that there was enormous untapped investment and trade potential between India and Belarus. India was committed to forge partnerships and joint ventures with the Belarusian industry. The Forum would augur well if Belarus makes investments in India.

He added that India was commissioning large projects and would help Belarus in terms of its work and experience besides assisting in training of manpower and providing best technology for such projects.

Vladimir Ulakhovich, Chairman, Belarusian Chamber of Commerce and Industry, said that there should be active interaction between business communities of India and Belarus to augment trade and investment. Continuous dialogue and the support from the two governments to the business community would help in taking the bilateral trade and investment to the next level.

Vikramjit S Sahney, Senior FICCI Executive Member and Chairman, Sun International, highlighted FICCI’s three-point agenda in Belarus. These were enhancing cooperation in oil & gas, agriculture, fertilizers, food processing, science and technology, tourism, IT and healthcare; connecting Indian States with industry stakeholders in Belarus; and deepening partnership for innovation and technology.

Shiv Vikram Khemka, Member, CII International Council & Vice Chairman, SUN Group, said that on the bilateral front, there are many areas where Indian companies could look at economic and commercial partnership with Belarus. These include eco-friendly transport and transport infrastructure, mining, tourism, textile and synthetic fibres and filaments, and agriculture and agro-processing. He added that India encourages Belarussian companies to establish joint ventures to manufacture automotive vehicles, tractors and agricultural machinery in India.

Prof. Dr Sanjeev Bagai, Vice Chairman & Director, Manipal Dwarka Hospital and Senior Managing Committee Member, ASSOCHAM, said that India was interested in cooperation with Belarus in fields such as economy and trade, information technologies, biological technologies, pharmaceuticals and medicine.