India-Belarus Business Forum eyes trade push in agri machinery, heavy engineering
Synopsis
With bilateral trade at just $106.6 million in FY25, India and Belarus are betting on a business forum in Mumbai to unlock far bigger opportunities — from agricultural machinery and heavy engineering to local currency settlements. The push aligns with Maharashtra's $1 trillion economy ambition and India's broader play to diversify strategic trade partnerships.
Key Takeaways
The India–Belarusian Business Forum was held at World Trade Center Mumbai on 17 June 2025 .
Bilateral trade between India and Belarus stood at $106.6 million in FY25 , with participants citing significant untapped potential.
Key focus sectors include agricultural equipment , heavy machinery , pharmaceuticals , engineering goods , and mining equipment .
Atul Kumar Goel of the Indian Banks' Association flagged local currency settlement mechanisms as critical to easing cross-border transactions.
India and Belarus have maintained diplomatic relations since 1992 , with cooperation spanning trade, education, healthcare, and technology.
Forum participants linked deeper bilateral ties to Maharashtra's $1 trillion economy goal and India's $5 trillion economy target.
The India–Belarusian Business Forum, held at World Trade Center Mumbai on 17 June 2025, brought together government officials, diplomats, industry leaders, and bankers to explore investment opportunities in agricultural equipment, heavy machinery, and allied sectors. The forum underscored growing momentum to deepen bilateral trade ties, with current two-way commerce standing at a modest $106.6 million in FY25 — a figure participants said has significant room to grow.
Key Sectors on the Table
Avinash Netaji Solwat, Under Secretary, FDI, Diaspora and International Outreach Department, Maharashtra, spotlighted Belarus' established expertise in agricultural equipment and heavy machinery. He noted that Maharashtra's vast industrial, agricultural, and manufacturing base creates substantial scope for collaboration. 'Maharashtra remains one of India's leading investment destinations and is open to collaborations across manufacturing, technology, infrastructure, agriculture and innovation-led sectors,' Solwat said.
From the Belarusian side, Tatiana Alekseyeva, Deputy Director General, Mogilev Branch of the Belarusian Chamber of Commerce and Industry, pointed to 'significant opportunities for Indian companies in manufacturing, industrial technologies, agriculture, machinery and innovation-driven sectors.'
Diplomatic Context and Bilateral Ties
Aliaksandr Matsukou, Consul General of the Republic of Belarus in Mumbai, described India as 'an important strategic partner,' adding that the forum was expected to 'create meaningful opportunities for businesses from both countries to explore partnerships, investments and long-term cooperation.' He noted that India and Belarus have maintained diplomatic relations since 1992, with cooperation now spanning trade, culture, education, healthcare, technology, and people-to-people exchanges.
Trade Finance and Banking Channels
Atul Kumar Goel, Chief Executive, Indian Banks' Association, stressed that reliable banking channels, trade finance instruments, and settlement mechanisms are essential to build business confidence between the two nations. 'Local currency settlement mechanisms can play an important role in facilitating international trade, reducing transaction costs and supporting smoother cross-border transactions,' Goel said. This comes amid broader Indian efforts to expand local currency trade frameworks with non-Western partners.
The $1 Trillion Vision Link
Dr. Vijay Kalantri, Chairman of World Trade Center Mumbai and President of the All India Association of Industries, framed the bilateral opportunity within Maharashtra's ambition to become a $1 trillion economy and India's national goal of reaching a $5 trillion economy. He highlighted strong potential to expand trade in pharmaceuticals, engineering goods, chemicals, textiles, and machinery, while leveraging Belarus' strengths in heavy engineering, mining equipment, agricultural machinery, and automobiles. 'Collaboration in manufacturing, joint ventures and technology transfer can support Maharashtra's vision,' Kalantri said.
What Comes Next
The forum is expected to serve as a platform for follow-on business-to-business engagements, with both sides expressing intent to formalise partnerships in manufacturing and technology transfer. Whether these expressions of intent translate into binding agreements will be the key measure of the forum's success in the months ahead.
Point of View
India–Belarus trade is negligible relative to the ambitions on display at the Mumbai forum. The real test is whether local currency settlement — the mechanism both sides flagged — can be operationalised fast enough to matter, given that Belarus operates under significant Western sanctions. India has navigated similar complexity with Russia; the Belarus playbook may follow the same template. The sectoral focus on agricultural machinery and heavy engineering is strategically coherent — Belarus has genuine industrial depth there — but joint ventures will require clear regulatory pathways that neither side has yet publicly detailed.
NationPress
5 Aug 2026
Frequently Asked Questions
What is the India–Belarusian Business Forum?
It is a bilateral trade and investment forum held at World Trade Center Mumbai on 17 June 2025, bringing together government officials, diplomats, industry leaders, and bankers from both countries to explore cooperation in agricultural equipment, heavy machinery, pharmaceuticals, and other sectors.
How much trade do India and Belarus currently do?
Bilateral trade between India and Belarus stood at approximately $106.6 million in FY25, according to Dr. Vijay Kalantri, Chairman of World Trade Center Mumbai. Participants at the forum described this as well below the potential of the relationship.
Which sectors were highlighted for India-Belarus collaboration?
Key sectors discussed include agricultural machinery, heavy engineering, mining equipment, automobiles, pharmaceuticals, chemicals, textiles, and engineering goods. Belarus was noted for its industrial depth in heavy engineering and agricultural equipment.
Why is local currency settlement important for India-Belarus trade?
Local currency settlement can reduce dependence on third-party currencies, lower transaction costs, and ease cross-border payments — particularly relevant given the sanctions environment around Belarus. Atul Kumar Goel of the Indian Banks' Association highlighted it as essential to building business confidence.
How long have India and Belarus had diplomatic relations?
India and Belarus established diplomatic relations in 1992. Over more than three decades, cooperation has expanded beyond trade to include culture, education, healthcare, technology, and people-to-people exchanges, according to Belarus Consul General Aliaksandr Matsukou.
