India, Belgium and Luxembourg seek stronger economic ties, explore cooperation in key sectors

New Delhi: India, Belgium and Luxembourg have agreed to strengthen economic ties and explore opportunities to deepen cooperation in aerospace, research, innovation and higher education, according to a statement issued by the Commerce Ministry on Friday.

The 19th session of the India-Belgium-Luxembourg Economic Union (BLEU) Joint Economic Commission (JEC) was held in Luxembourg. The meeting provided a platform for India, Belgium and Luxembourg to review bilateral trade and investment relations and discuss opportunities to further strengthen economic cooperation across key sectors, the statement said.

The JEC was co-chaired by Commerce Secretary Rajesh Agrawal; Director-General for Geo-Economy and Economic Diplomacy, Belgian Federal Public Service Foreign Affairs, Foreign Trade and Development Cooperation, Filip Vanden Bulcke; and Secretary General of the Ministry of Foreign and European Affairs, Defence, Development Cooperation and Foreign Trade, Luxembourg, Henri Schumacher.

The discussions covered a broad range of priority sectors, including logistics, with a focus on air connectivity and ports, renewable energy and clean technology, financial services and FinTech, digital transformation and information and communication technology (ICT), healthcare and life sciences, Ayurveda and traditional medicine, and the agro and food processing industry.

The meeting resolved to explore opportunities to deepen cooperation in aerospace, research and innovation, higher education, and skill development. Market-related issues were also discussed with a view to addressing trade concerns, facilitating market access and identifying opportunities to further strengthen economic ties.

The JEC provided an opportunity for the three sides to exchange views on their economic priorities, review sectoral cooperation and identify avenues for enhancing business engagement and investment partnerships. The discussions reaffirmed the importance of sustained dialogue and cooperation in advancing mutually beneficial economic relations between India, Belgium and Luxembourg.

After the JEC session, Rajesh Agrawal interacted with CEOs of Luxembourg-based companies. He highlighted India’s strong economic growth and investment potential and underscored opportunities for collaboration in financial services, advanced manufacturing, logistics, clean energy, digital technologies, healthcare, and research and innovation.

He encouraged Luxembourg companies to explore long-term investments, technology partnerships and opportunities to integrate with Indian firms to serve global value chains, the statement added.