Madhya Pradesh and Belarus look to strengthen trade ties

Madhya Pradesh and Belarus look to strengthen trade ties

Staff ReporterUpdated: Sunday, February 07, 2021, 12:06 AM IST
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Bhopal: Madhya Pradesh has recorded a 10 per cent compounded annual growth rate (CAGR) in the agro sector over the past decade and has a presence of around 2,800 generic drug-manufacturing companies. This is likely to interest business houses of Belarus that has a lot of commonalities with the Indian state.

Speaking at the ‘Belarus-Madhya Pradesh (India) Virtual Meeting & Discussion’, facilitated by FICCI in order to develop economic ties and trade relations, Sanjay Kumar Shukla, principal secretary, Department of Industrial Policy and Investment Promotion, reiterated the strategic location of Madhya Pradesh and pointed out the various promotional assistance that the government offers that could help Belarus businesses set up base in the state.

“The state government offers good promotional assistance. It’s the only state in the country with a tax-delinked investment promotion policy. Madhya Pradesh also offers special financial assistance for large-scale apparel units,” Shukla said.

Shukla added that the Madhya Pradesh Industrial Development Corporation (MPIDC), a single-window secretariat of the industry department, acted as the nodal agency.

Sangeeta Bahadur, Ambassador Extraordinary and Plenipotentiary of the Republic of India to the Republic of Belarus, said, “Belarus’s geographical position makes it a link between the East and the West. Think of it as a central point from which you can further expand your business to other lands.”

Ruslan Strahar, Deputy Chairman, Mogilev Regional Executive Committee, elaborated on the Mogilev region and said that it shares an open border with the Russian Federation and is called the “logistics hub” of that region.

Sanjay Bhayani, member, FICCI and director, India Operations, Avgol, said that FICCI had signed MoUs with the Belarus Chamber of Commerce to further strengthen economic ties.

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