Trade and investment between India and Belgium

This article sets out the economic relationship between India and Belgium: trade figures and the goods traded, investment in each direction, the Belgian Economic Missions, and the ministerial meetings and mechanisms that support commercial ties, including the India-EU dialogue. Its source is the MEA bilateral brief dated August 2026.

Trade

According to the MEA brief of August 2026, India-Belgium bilateral trade amounted to USD 13.01 billion in 2025-26. Trade in diamonds is a significant component of bilateral trade.

Major Indian exports to Belgium include diamonds, tobacco, shrimp, medicaments and steel.
Key imports to India from Belgium are diamonds, pharmaceutical products, machinery and mechanical appliances, and aluminum scrap.

Investment

FDI inflows to India from Belgium from April 2000 to December 2025 amounted to USD 4.2 billion, which the brief says places Belgium as the 18th largest contributor to India's FDI. Around 175 Belgian companies operate in India.

Several Indian companies, particularly in IT and software, such as TCS, Infosys, Tech Mahindra and HCL, have established a presence in Belgium to serve both the Belgian and European markets.

Joint Economic Commission

The India-BLEU Joint Economic Commission (JCM), established in 1997, is described in the brief as the primary platform for discussing bilateral economic and commercial relations. The 18th India-BLEU JCM was held in New Delhi on 9 April 2024.

Belgian Economic Missions

The brief notes that the Belgian Royal Family has traditionally led economic delegations to India. Princess Astrid headed the second Belgian Economic Mission to India from 1-8 March 2025. She was accompanied by Deputy Prime Minister and Minister of Foreign Affairs Maxime Prévot, Defence and Foreign Trade Minister Theo Francken, and Minister-President of Flanders Matthias Diependaele.

The 338-member delegation included representatives of 147 companies, six chambers of commerce, nine academic institutions and eighteen public sector organisations, and 38 MoUs were signed. Princess Astrid called on Prime Minister Shri Narendra Modi, while External Affairs Minister Dr. S. Jaishankar, Defence Minister Shri Rajnath Singh and Commerce and Industry Minister Shri Piyush Goyal held separate meetings with the delegation.

Earlier, King Philippe, then Crown Prince, led an economic mission to India in March 2010. On 27 March 2025, shortly after the 2025 mission, Prime Minister Modi spoke with King Philippe about bilateral relations, including the Belgian Economic Mission (2025), trade, investment and collaboration on innovation and sustainability.

Commerce Minister's meetings

The brief records regular engagement by Commerce and Industry Minister Shri Piyush Goyal with Belgium:

June 2022: a visit to launch the India-EU FTA negotiations.
20 January 2025: a meeting with the Minister for Foreign Affairs, European Affairs and Foreign Trade, Bernard Quintin.
1 May 2025: meetings with Defence Minister Theo Francken and Minister-President of Flanders Matthias Diependaele.
July 2026: during the 3rd India-EU Trade and Technology Council (TTC), a meeting with David Clarinval, Deputy Prime Minister and Minister of Economy, Employment and Agriculture. With the External Affairs Minister, he also met Minister-President Matthias Diependaele and Flanders Minister Annick De Ridder.

India-EU Trade and Technology Council

Indian ministers have attended India-EU TTC meetings during their visits to Belgium. In May 2023, the External Affairs Minister took part in the first Ministerial Meeting of the India-EU TTC. In July 2026, during the visit for the inaugural Strategic Dialogue, the External Affairs Minister, the Commerce and Industry Minister and the MoS (MEITY) held the third ministerial meeting of the TTC. The three ministers also attended a business roundtable hosted by the Federation of Enterprises in Belgium (FEB).

Sectoral agreements

The brief lists agreements covering energy, digital technology and ports:

Renewable energy: an MoU on Renewable Energy cooperation, at both federal and regional levels, was signed on 29 September 2015. The 3rd Joint Working Group meeting was held virtually on 28 October 2021.
ICT: an MoU on ICT cooperation was signed on 7 November 2017 during the Royal Mission to India, and the 1st JWG on ICT met in Brussels in September 2019.
Ports: an MoU between India's Ministry of Shipping and the Antwerp Port Authority, signed in February 2020, facilitates training for Indian port officials.

Since the brief of August 2026

Later developments in India and Belgium relations, from MEA publications, newest first. The article above reports the brief at its date.

Questions and answers

What was India-Belgium trade in 2025-26?

According to the MEA brief of August 2026, bilateral trade amounted to USD 13.01 billion in 2025-26, with trade in diamonds a significant component.

How much has Belgium invested in India?

FDI inflows to India from Belgium from April 2000 to December 2025 amounted to USD 4.2 billion, placing Belgium as the 18th largest contributor to India's FDI. Around 175 Belgian companies operate in India.

What was the 2025 Belgian Economic Mission to India?

Princess Astrid led the second Belgian Economic Mission to India from 1-8 March 2025. The 338-member delegation included representatives of 147 companies, and 38 MoUs were signed.

Sources

This article reports what the sources state at their date and does not add facts from elsewhere. Figures, office holders and agreements may have changed since. Diplo is independent and not affiliated with any government. Suggest a correction.