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India keen to invest in Belarusian potash sector

Posted on Nov 14, 07:38PM | IBNS

India on Wednesday said it is interested in investing in Belarusian potash sector.

In a business meeting with Mikhail Myasnikovich, Prime Minister of the Republic of Belarus, Minister of State for Commerce and Industry D Purandeswari said that both India and Belarus need to take sincere and concerted efforts as the bilateral trade and investment between the two countries remains below potential.

"Specific measures should be taken to enhance trade between the two countries...a number of new bilateral documents are in the process of elaboration," said Purandeswari.

Highlighting the sectors where both the countries can look forward to boost trade, Purandeswari said that since Belarus is well-known as a major supplier of potash fertiliser, "India is interested in long-term off-take, besides her interest in investing in the potash sector in Belarus".

She further said that she "believes talks between the two sides are on-going. We need to make efforts to take this dialogue forward".

She further noted that the pharmaceutical sector is another area of "promising cooperation and we feel that Joint Ventures in Belarus would be to mutual benefit".

Purandeswari also added that India's leading public sector undertaking Bharat Heavy Electricals Limited is working on the up gradation of the power plant in Grodno Region including a GOI credit line.

"I understand the commissioning of the plant is to take place in December 2012," said Purandeswari.

Speaking on the occasion, Myasnikovich said that both the sides should increase engagement in various sectors like pharmaceutical, biotechnology and information technology.

He said: "The bilateral trade between the two countries is considerably lower than the existing potential. We can establish joint ventures for production of agriculture equipment and increase cooperation in exploring hydrocarbon energy and modernisation of petrochemical set ups."

Purandeswari expressed happiness that Belarus is participating as the partner country in this year's India International Trade Fair.

As many as 57 major companies from the country, covering a gamut of sectors ranging from infrastructure development, automobiles, integrated circuits, optical devices, food products, beverages, leather and rubber products and petro chemicals are participating in the event.