New Delhi, March 4, 2025 – From March 1 to 8, Her Royal Highness Princess Astrid of Belgium,
representing His Majesty the King, spearheads a significant economic mission to India to bolster Belgium’s position as a key trade and investment partner. Accompanied by a delegation of over 300 members—including business leaders, government officials, and representatives from Flanders, Wallonia, and Brussels—the mission visits New Delhi and Mumbai to showcase Belgium as an attractive gateway to the European market.
The mission kicked off in New Delhi, India’s bustling capital, where Prime Minister Narendra Modi welcomed Princess Astrid on the eve of her visit. In a statement posted on X, PM Modi expressed his appreciation for her initiative, noting, “I am Pleased to meet HRH Princess Astrid of Belgium. I deeply appreciate her initiative to lead a 300-member Economic Mission to India.
Look forward to unlocking limitless opportunities for our people through new partnerships in trade, technology, defence, agriculture, life sciences, innovation, skilling, and academic exchanges.” The meeting underscored the growing economic ties between the two nations, which have flourished since diplomatic relations were established in 1947.
This marks Princess Astrid’s second economic mission to India, following a successful visit in November 2013, when she led a delegation of 350 CEOs. The 2025 mission reflects Belgium’s commitment to deepening its economic partnership with India, a relationship rooted in shared values of federalism, pluralism, and the rule of law. Discussions between PM Modi and Princess Astrid spanned critical areas such as trade, investment, clean energy, infrastructure, defence, and innovation, with both leaders pledging to explore new avenues for collaboration in high-impact sectors.
A Robust Bilateral Trade Relationship
India and Belgium share a dynamic trade relationship, with India ranking as Belgium’s 18th largest export client and 16th largest supplier in 2023, according to the Belgian Foreign Trade Agency (BFTA). In 2023, Belgian exports to India totalled €4.9 billion, a 29.7% decline from 2022, largely due to a sharp drop in precious metals and stones, particularly diamonds, which comprised 51.5% of exports. Meanwhile, imports from India reached €6.5 billion, down 20.1%, with diamonds again dominating at 31.5%, followed by chemicals (18.5%) and base metals (13.7%). The trade balance reflected a deficit of €1.6 billion for Belgium.
The first 11 months of 2024 showed continued challenges, with exports dropping to €3.8 billion (-15.1 %) and imports to €5.7 billion (-7.3 %), resulting in a €1.9 billion deficit. Despite these declines, diamonds remain the cornerstone of bilateral trade, with Belgium supplying rough diamonds to India and importing polished stones in return—a partnership vital to both nations’ economies. However, global factors such as reduced demand for luxury goods in China, the rise of synthetic diamonds, and disruptions from the Ukraine conflict have impacted this sector.
Beyond diamonds, Belgium exports machinery, chemicals, and plastics to India while importing mineral products and textiles. The BFTA reports that after the first six months of 2024, exports fell 19.1% to €2.2 billion, driven by a 36.4% decline in diamond exports, though chemical exports rose by 19.8%. Imports also decreased by 11.5% to €3.3 billion, with notable drops in diamonds (-27.2%) and chemicals (-19.2%).
Expanding Horizons: Trade in Services and Investment
Trade-in services offer a brighter outlook. In 2023, Belgian service exports to India grew by 8.2% to €440 million, led by business services (34.9%) and communication services (30.4%). Imports rose by 3.0% to €744.5 million, with business services (45.6%) and communication services (37.3%) dominating. After the first six months of 2024, service exports surged 28.0% to €347.5 million, driven by a 77.3% increase in communication services, while imports fell 34.1% to €251.7 million.
Investment ties are also strengthening. From April 2000 to March 2022, Belgium’s FDI in India reached $2.56 billion, with 160 Belgian companies active. Indian IT giants like TCS, Infosys, and HCL have established bases in Belgium, serving local and European markets.
A Legacy of Cooperation
The 2025 mission builds on a 75-year diplomatic legacy celebrated in 2022. High-level visits have reinforced this bond, including PM Modi’s 2016 trip to Brussels and the 2017 state visit by King Philippe and Queen Mathilde. Belgium supports India’s bid for a permanent UN Security Council seat, reflecting mutual trust on global issues.
Princess Astrid’s visit aims to unlock new opportunities in emerging sectors like technology, defence, and life sciences, aligning with India’s economic growth—projected at 8.2% in 2023 with a GDP of $3.57 trillion. As both nations navigate global economic shifts, this mission signals a renewed commitment to a mutually beneficial partnership, promising innovation-led growth and resilience for their peoples.
