From 1 to 8 March 2025, one of Belgium’s largest-ever economic missions took place, aiming to deepen trade and diplomatic ties between Belgium and India. Led by Princess Astrid, the 330-member delegation, comprising business leaders, diplomats, and trade officials, engaged in high-level meetings across New Delhi and Mumbai.
Brussels companies, represented at the mission by hub.brussels, the Brussels-Capital Region’s official agency for entrepreneurship, stand to benefit significantly from increased cooperation with India’s booming technology and business services sector, among other fields.
The Brussels investment body stresses the importance of direct business agreements in India, which are in alignment with ongoing EU-India trade negotiations. In the first half 0f 2024, the Brussels-Capital region exported €5.3 million worth of goods to India and imported €11.2 million in return.
One of the primary objectives of the mission was to position Brussels as a key entry point for Indian companies seeking to expand into Europe. As Belgium’s capital and the de facto capital of the EU, the city offers unparalleled access to European markets. During the week-long visit, Hub.brussels signed two memoranda of understanding (MoUs) with prominent Indian startup incubators, the T-Hub in Hyderabad and the Kerala Startup Mission, to facilitate business exchanges.
Gaёlle Appelmans, spokesperson for the Brussels investment agency, told The Brussels Times that these partnerships were designed to introduce the city as a destination for Indian companies wishing to invest in Europe while also providing access for tech start-ups looking to penetrate the Indian market.
Attracting investment and talent
Brussels has already established several initiatives for encouraging Indian investment. Why.brussels, an initiative of Hub.brussels, offers facilities such as coworking spaces, tax advice and location research for Indian start-ups looking to relocate to Brussels, especially appealing to companies active in digital technologies, life sciences, and media.
According to the investment hub, 60% of the business members of the Brussels economic delegation to India had no prior business experience in India. Despite this, at events organised in India by the hub, over 100 business-to-business interactions were held between Indian and Brussels-based firms. During the mission, businesses from the Belgian capital signed five contracts with Indian firms at an official signing ceremony.
“The mission confirmed the importance of the Indian market and its opportunities, but also its complexity,” the Hub.brussels spokesperson stated. The new agreements signed between the city of Brussels investment officials and Indian innovation hubs, it believes, will help simplify the process of attracting new talent and investments from the subcontinent.
Brussels has long been a focal point for Indian businesses seeking to establish a presence in Europe. The city’s strategic location, coupled with its status as the capital of the European Union, makes it an attractive destination for foreign investment. “India is emerging as a trading partner for the future, particularly with the negotiation of a free trade agreement with the EU,” Hub.brussels noted.
Illustration shows chocolate during a gala event, in Mumbai, India, Thursday 06 March 2025, on the fifth day of the Belgian economic mission to India. Credit: Belga/ Benoit Doppagne
The Belgian mission to India aimed to attract further investments into Belgium’s fintech, cybersecurity, and AI-driven technologies. Brussels is already home to the offices of several major Indian companies, such as Axiom Consulting, Infosys, and Tata Consultancy Services. As of 2016, over 11,000 Indians called Belgium their home. Around 4,000 live in the Brussels’ municipality of Evere.
Hub.brussels says that its mission identified IT, technology and business services as prime sectors for collaboration. "India is a country of engineers and IT. It’s a huge market full of collaboration opportunities," the investment body explained. "Brussels is a city of services… During the mission, specialists in European regulations, taxation and HR presented the immense potential of having an office in Brussels."
A follow-up mission, focused on IT and law, is already planned for later this year between Brussels and local Indian officials at the Bangalore Tech Summit.
More trade expected
European Commission President Ursula von der Leyen pictured with Indian Prime Minister Shri Narendra Modi during an official visit to New Delhi on 27 February. The EU and India are close to finalising a free trade agreement which would liberalise trade between the two economic partners. Credit: European Union/ European Commission AV service
The economic mission coincides with renewed efforts to finalize a comprehensive free trade agreement (FTA) between the European Union and India by the end of this year. Negotiations, which had been stalled since 2013, were relaunched in 2021, aiming to enhance cooperation in trade, technology, connectivity, and defence.
On an official EU visit to New Delhi on 27-28 February, European Commission President Ursula von der Leyen hoped to accelerate these negotiations, describing India-EU trade deal as "one of the defining partnerships of this century." The EU and India are now reportedly close to finalising a free trade agreement, which could see significant cash flows to Belgium and other EU Member States.
The EU is India’s largest trading partner, with bilateral trade reaching over €124 billion in the 2023-24 fiscal year. The proposed FTA seeks to remove high Indian tariffs on cars and alcoholic beverages and open up the European market to Indian pharmaceuticals, textiles and clothing.
If successful, the FTA would significantly benefit Brussels by reducing tariffs, streamlining regulatory compliance, and creating a more attractive environment for Indian companies to expand into the European market.
