Belgium seeks more investments from Indian cos
Belgian Prime Minister Guy Verhofstadt has asked Indian companies to invest in his country, taking advantage of numerous tax sops, negligible bureaucratic red-tapism, flexible labour laws and easy work permit.
By TNN |
NEW DELHI: Belgian Prime Minister Guy Verhofstadt has asked Indian companies to invest in his country, taking advantage of numerous tax sops, negligible bureaucratic red-tapism, flexible labour laws and easy work permit.
Appreciating the $1bn investments made by Indian companies in Belgium in the past year, the visiting PM said that it was an impressive amount and there was potential for it to increase further, reports Our Bureau.
Speaking at a meet organised by Ficci, CII and Assocham on opportunities for Indian companies to invest in Belgium, Mr Verhofstadt said beginning January ’07, Indian investors will get exemption from withholding tax on dividends.
He added that India and Belgium had signed a social security agreement, which will exempt Indians working in Belgium up to a limited period from social security contribution. “This is the first such agreement India has had with any country,” he said.
Belgium is India’s third-largest trading partner in Europe with bilateral trade registering a 20% growth in ’05 to $7.6bn. A number of large Belgian companies including Bekaert, Magotteaux, Alcatal-Bell (Antwerp) and Barco have already invested in India.
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Describing India as an upcoming “economic and political world power”, Mr Verhofstadt said India and Belgium stand to gain a lot by enhancing their economic partnership.According to Ficci chief Saroj K Poddar, Belgium offers attractive opportunities for Indian businesses in sectors like engineering and metal products, motor vehicle assembly, transportation equipment, scientific instruments, processed food and beverages, chemicals, basic metals, textiles, glass and petroleum.
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