Press Information Bureau

Government of India

Ministry of Commerce & Industry

25-June-2012 17:32 IST

Minister of Commerce, Industry and Textile, Shri Anand Sharma, led a high level business delegation headed by Naina Lal Kidwai to Antwerp, Belgium on 24-25 June 2012 to address the Global India Business Meeting - 2012 organized by Horasis and the Government of Flanders, Belgium. The Minister President of Flanders region, Kris Peeters was also present on the occasion along with the Belgian Defence minister.

Shri Sharma, while delivering his keynote address at the Business meet assured investors of the welcoming investment climate in India and shared the steps taken by the Government for liberalizing the foreign investment regime. In particular, he impressed upon the foreign investment in retail sector, where the policy for 100% FDI in single brand retail has already been rolled out and several global majors have already firmed up investment plans.

Minister Sharma visited the Antwerp World Diamond Centre (AWDC) and interacted with the leaders of the diamond industry. Antwerp is the hub of global diamond trade and the trade in diamonds constitutes nearly 60% of the India’s $17 billion trade with Belgium. Minister Sharma urged the Antwerp Bourse to establish an institutional linkage with Bharat Diamond Bourse for building necessary capacities and skill development. He assured the representatives of the diamond industry that the issues relating to procedural tax simplification would be taken up with the Ministry of Finance. He shared the recent policy measures for allowing consignment import of rough diamonds.

He expressed confidence that the government will be able to evolve consensus on allowing foreign investment in multi-brand retail ‘very soon’. In the context of India’s economic engagement with EU, he identified ten broad areas of cooperation: infrastructure, manufacturing, research, innovation, skill development, nuclear sciences, space science, information technology, agro processing, and pharmaceuticals. He expressed confidence that after the conclusion of the India- EU BTIA, bilateral trade and investment will increase significantly. EU is currently India’s largest trading partner with bilateral trade of $110 billion. Four Indian business leaders Mr. D.K. Jain (Luxor), Mr. K.P. Singh (DLF), and Mr. Sanjay Goenka (RPG Group), Anil Aggarwal (Vedanta) were presented Business leadership awards.

Tomorrow Minister Sharma will be holding substantive discussions with the EU trade Commissioner Karel de Gucht on the progress of India-EU BTIA negotiations. He will also meet the Belgian Crown Prince.

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DS/GK

Institutional linkage for diamond trade urged to boost capacity, simplify trade taxes, and support consignment imports. Urging an institutional linkage between the Antwerp Bourse and the Bharat Diamond Bourse, the Minister promoted capacity building and skill development in the diamond sector, noted policy measures such as allowance for consignment import of rough diamonds, and pledged to pursue procedural tax simplification with fiscal authorities to facilitate diamond trade. The Minister also reaffirmed liberalisation measures on foreign investment, including 100% FDI in single brand retail, and anticipated progress on permitting foreign investment in multi brand retail alongside broader India-EU cooperation across strategic sectors.