India pushes for long-term fertiliser deal with Belarus
India is keen on entering into a long-term agreement with Belarus to secure supplies of potash fertiliser, while domestic pharmaceutical companies can set up joint-ventures in Belarus.business Updated: Feb 01, 2012 22:58 IST
India is keen on entering into a long-term agreement with Belarus to secure supplies of potash fertiliser, while domestic pharmaceutical companies can set up joint-ventures in Belarus, minister of commerce and industry Jyotiraditya M Scindia said.
Scindia, who is on an official visit to the eastern European country, discussed the issue with its Prime Minister Mikhail V Myasnikovich on Tuesday, an official release said.
“India has world renowned capacity in producing low-cost, high-quality bulk and generic drugs,” the statement said. “Supply of such drugs and investment in producing pharmaceutical products in Belarus through joint ventures by Indian companies will provide win-win situation for both countries.”
Belarus imports nearly 70% of its pharmaceutical requirements. “It will also help fulfill Belarus’ target of domestic production of 50% of all drugs required,” the statement said.
On fertilisers, Scindia said it is currently the main item of export from Belarus to India. “India is interested in setting up a joint-venture in Belarus for production of potash fertiliser,” he said.
Belarus is one of the largest producers and suppliers of potash. Potash is the main import item of India from Belarus.
Scindia, accompanied by senior officials, led the Indian delegation at the fifth session of the India-Belarus Inter-Governmental Commission (IGC) for economic, trade, industrial, scientific, technological and cultural cooperation at Minsk.