With Britain’s imminent exit from the European Union, Belgium offers a unique combination of assets to foreign investors and is an ideal investment location, Ambassador of Belgium to India François Delhaye said on Thursday.
Speaking at the ‘Invest in the Gateway to Europe: Belgium’ conference, jointly organised by the Belgian Embassy and the Federation of Indian Chamber of Commerce and Industry here on Thursday, Mr. Delhaye said, “We do not know which form it [Brexit] will be. It will probably have a profound impact on the EU.”
The Hindu BusinessLine was the media partner for the event.
Brexit will have a huge impact in the EU, which is a single market. For instance, goods will be more expensive as it moves from the UK to the EU, and vice versa. Member countries are now vying for investment as the Brexit nears.
With Brexit on the horizon, Mr. Delhaye said, “Many companies are hedging against what is happening and are looking at secondary locations in Europe. In Europe, Belgium has a lot to offer.”
Belgium is one of the more open countries in the world and is well-connected to other parts of Europe. After Germany, Belgium is the second largest partner in India among the EU countries. The total trade flow between two countries is €12.6 billion. Exports from Belgium to India represent €7.9 billion and India to Belgium is close to €4.7 billion.
In addition, there are 175 Belgian companies in India and over 1,500 Belgian companies interacting with India. Around 80 Indian companies are located in Belgium and are active in various sectors.
But how easy is it to set up a business in Belgium? As it happens, it takes just a week.
Babette Desfossez, Customs Attache, Embassy of Belgium, said, “It takes only a week to open a company. One needs to come to Belgium only once — to open a bank account. The rest can be done by representation.”
This is complemented by fiscal policies, such as double tax regime and tax incentives for research, development and innovation.
