India has proposed investments by Indian pharmaceutical companies in joint ventures in Belarus, which, it said, would help India to increase its exports while at the same time helping Belarus meet its target of locally producing at least 50 per cent of the country's drug requirements.
India, with its capacity to produce low-cost, high quality drugs – both bulk and generic – could invest in Belarus, creating a ''win-win'' situation for the two countries, visiting deputy minister of commerce Jyothiraditya Scindia said in the Belarus capital Minsk today.
''Supply of such drugs and investment in producing pharmaceutical products in Belarus through JVs by Indian companies will provide win-win situation for both countries,'' Scindia said at the fifth meeting of the India-Belarus Inter-Governmental Commission (IGC) for Economic, Trade, Industrial, Scientific, Technological and Cultural Cooperation.
Belarus currently imports 70 per cent of the drugs required for its $700 million pharmaceuticals market and has targeted to bring down its import requirements to 50 per cent of the market size.
Similarly, Belarus currently exports fertlisers to India and India has shown interest in a long term agreement to secure supply of potash fertiliser from Belarus. India has also shown interest in setting up a joint venture in Belarus for production of potash fertiliser.
India is a leader in information technology and has made a lot of progress in expanding e-governance and this could be used by the government of Belarus on government-to-government level interaction, it was pointed out.