India-Belgium eye doubling bilateral trade over next five years

New Delhi [India], September 3 (ANI): Prime Minister Narendra Modi on Thursday said India and Belgium have set a goal of doubling bilateral trade over the next five years, as the two countries moved to deepen economic, defence, clean energy and technology cooperation.
Addressing the joint press statement following his meeting with Belgian Prime Minister Bart De Wever, PM Modi said the India-European Union Free Trade Agreement concluded earlier this year has opened up new possibilities for economic ties.
"Earlier this year, we concluded a historic Free Trade Agreement between India and the European Union. This unprecedented cooperation between two of the world's largest democratic powers will further strengthen global stability, growth, and shared prosperity," Modi said.
He said India and Belgium have taken several steps to translate the new economic opportunities into concrete outcomes, including establishing an Investment Fast-Track Mechanism in India for Belgian companies.
"We have decided to make the India-Belgium Business Forum a regular mechanism. We will enhance synergy between the financial, fintech, and regulatory institutions of both nations, and through these measures, we will realise the goal of doubling bilateral trade over the next five years," he said.
On defence and security cooperation, Modi said the two sides have agreed to enhance military exchanges and training cooperation, while agreements between governments and defence industries would create opportunities for defence co-development and co-production.
"Defence and security cooperation is a key pillar of our relationship. Today, we have agreed to enhance military exchanges and training cooperation between the two countries," he said.
The Prime Minister also said India and Belgium would strengthen intelligence sharing and cooperation against crime between their respective agencies.
Highlighting cooperation in clean energy and critical minerals, PM Modi said the two countries share the priority of building a clean energy future and reliable supply chains.
"The MoU on renewable energy signed today will give new momentum to our cooperation on sustainability. We have decided to enhance cooperation in the processing and recycling of critical minerals," he said.
PM Modi underlined how Belgium's expertise in semiconductors and India's scale could complement each other, and the two sides would work towards integrating Belgium's IMEC Institute with India's semiconductor ecosystem.
On people-to-people ties, the Prime Minister said India and Belgium have agreed to strengthen cooperation between startups and enhance capacity building in the maritime sector.
"We will also reinforce cooperation in the university and research sectors, and we will soon sign a Migration and Mobility Partnership Agreement to facilitate the movement of talent," Modi said.
His remarks come as Belgian Prime Minister Bart De Wever is on a three-day official visit to India. 
De Wever, who took office in February 2025, is visiting India for the first time as Belgian Prime Minister. His visit also marks the first visit by a Belgian Prime Minister to India in two decades.
He is accompanied by Belgium's Minister of Defence and Foreign Trade, Theo Francken, along with a high-level delegation of officials and business leaders, including representatives from the Belgian defence industry. (ANI)