From diamonds to defence: India, Belgium target 2x trade in 5 years

India and Belgium will work to double bilateral trade over the next five years as the two countries seek to expand their partnership beyond traditional commerce into defence, clean energy, critical minerals and semiconductors, Prime Minister Narendra Modi said on Thursday.

Modi made the remarks alongside Belgian Prime Minister Bart De Wever at a joint press statement at Hyderabad House in New Delhi. De Wever is on a three-day official visit to India from September 2 to 4.

“India, Belgium aim to double bilateral trade in next 5 years,” Modi said.


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The two leaders also highlighted new areas of cooperation, including renewable energy and semiconductor technology, with Modi saying Belgium’s expertise and India’s scale could complement each other.

The two countries already have a significant economic relationship. Bilateral trade reached around $13.01 billion in 2025-26, while Belgium's cumulative foreign direct investment into India was about $4.2 billion between April 2000 and December 2025, according to the Ministry of External Affairs.

Diamonds remain an important component of bilateral commerce, with Antwerp serving as one of the world's major diamond hubs. But the relationship is increasingly expanding into technology, clean energy, defence, maritime cooperation and critical minerals.

The visit follows the first India-Belgium Ministerial-level Strategic Dialogue held in Brussels in July 2026, providing a new institutional framework for discussions on bilateral, regional and global issues.

From traditional trade to strategic partnership

In his address, Modi said India-Belgium ties have strengthened significantly over the past decade and expanded into areas such as defence and clean energy.

“In the last decade, our ties have strengthened significantly,” Modi said.

“Ten years ago, I had the opportunity to visit Belgium, and I am very pleased that our partnership has made remarkable progress over the past decade,” the Prime Minister said. “Today, the scope of our cooperation has expanded beyond traditional sectors to reach strategic areas such as defence and clean energy.”

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Modi said the two countries are working together on modern defence equipment, including the Zorawar tank.

India and Belgium have also identified renewable energy and critical minerals as areas for deeper cooperation. A memorandum of understanding signed on renewable energy will give fresh momentum to bilateral sustainability efforts, Modi said.

“In critical minerals, we have decided to increase cooperation in processing and recycling,” he said.

India-Belgium Semiconductor push

Semiconductors emerged as another key area of cooperation, with Modi proposing closer links between Belgium’s Interuniversity Microelectronics Centre (imec) and India’s semiconductor ecosystem.

“In semiconductors, Belgium's expertise and India's scale are complementary to each other,” Modi said.

“In this direction, we will work together to connect Belgium's IMEC Institute with India's semiconductor ecosystem,” he added.

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Belgium's imec is a major global research and innovation centre in nanoelectronics and digital technologies. The partnership could give India greater access to Belgium’s semiconductor research capabilities as New Delhi builds out its domestic chip ecosystem.

Green ammonia project in Andhra Pradesh

Clean energy is another growing pillar of India-Belgium economic ties.

“In Kakinada, Andhra Pradesh, we are developing one of the world's largest green ammonia projects,” Modi said.

Belgian engineering company John Cockerill is already working with Indian partner Greenko on an electrolyser manufacturing facility in Kakinada. The companies have planned a facility with annual manufacturing capacity of up to 2 GW.

Kakinada is emerging as a major green-ammonia production hub, with large-scale projects targeting exports to global markets including Germany and Japan.

Modi said a clean-energy future and reliable supply chains are shared priorities for the two countries.

“A clean energy future and reliable supply chain are our shared priorities,” he said. “The MOU signed today on Renewable Energy will give new momentum to our sustainability cooperation,” Modi added.

Trade target comes amid global uncertainty

Modi's push to double bilateral trade comes at a time when global trade and supply chains are facing heightened uncertainty.

“Today, the world is passing through a phase of great upheaval,” Modi said.

“In many parts of the world, situations of conflict persist.”

“Food, fuel or supply chains—uncertainty is affecting every sector.”

Despite the global volatility, Modi said India's economy had maintained its momentum, pointing to 7.8% growth in the latest quarter.

“Even in this challenging environment, India's economy has maintained its momentum,” he said. “In the last quarter, we have recorded a growth of 7.8 percent. Today, India's growth story is becoming a source of confidence and new opportunities for the world.”

The two leaders also stressed their shared commitment to diplomacy and the fight against terrorism, amid conflicts in Ukraine and West Asia.

“India and Belgium, both believe in the rule of law, dialogue, and diplomacy. Be it Ukraine or West Asia, we support all efforts for the early end of conflicts and for peace. And to eradicate every form of terrorism from its roots is our shared commitment,” Modi said.

Belgium seeks deeper economic engagement

Belgian Prime Minister Bart De Wever said Belgium may be smaller than India but remains highly integrated with global trade.

“We are a little smaller, but we are one of the world's most open economies to trade,” De Wever said.

He also stressed that the partnership should extend beyond government-to-government cooperation to the two countries' defence industries.

“We not only want to strengthen ties between our armed forces, but also between our defence industries,” De Wever said.

The Belgian prime minister also called for the agreements signed between the two countries to translate into tangible business opportunities.

“Now we have to turn these agreements into real opportunities,” De Wever said.

De Wever’s India visit builds on defence, trade push

De Wever is on a three-day visit to India, his first to the country as Belgian prime minister and the first by a Belgian prime minister in two decades. He is accompanied by Belgium's Defence and Foreign Trade Minister Theo Francken, along with senior officials and business leaders, including representatives from the Belgian defence industry.

His visit follows a Belgian Economic Mission to India led by Princess Astrid in March 2025, which brought together 338 participants from companies, chambers of commerce, academia and public institutions and resulted in 38 memoranda of understanding.

Defence has emerged as an important new area of engagement. Earlier on Thursday, De Wever's Defence Minister Theo Francken held talks with Defence Minister Rajnath Singh, with the discussions focused on expanding bilateral defence manufacturing and industrial cooperation. Multiple agreements were also signed during the meeting.