Business news

MINSK, 25 January (BelTA) - The Indian company IPL has signed a five-year memorandum on the delivery of Belarusian potash fertilizers, Ambassador Extraordinary and Plenipotentiary of India to Belarus Pankaj Saxena told a press conference dedicated to the India National Day, BelTA has learned.

The head of the diplomatic mission stressed that India has a great demand for potash fertilizers, and therefore will continue to purchase them in Belarus. Belarusian potash fertilizers make up a large portion of bilateral trade. "The trade balance remains in favor of Belarus as fertilizers constitute the bulk of imports from Belarus," Pankaj Saxena said. He noted that a governmental delegation from India visited Belarus. It held the negotiations with the Belarusian Potash Company and visited its manufacturing facilities in Soligorsk. The goal of the Indian delegation was to sign a long-term contract. According to the Ambassador, India’s proposals voiced during the visit are under consideration of the Belarusian partners.

When asked about possible purchase of shares of the potash company, the Ambassador said: “The Belarusian side informed us that despite the decline in product prices, the potash company is doing well and not seeking foreign investment. Both sides agreed that they may revisit the issue in a couple of years”

Pankaj Saxena also said that the Belarusian Potash Company and Indian Potash Limited (IPL) signed a memorandum of understanding for 2016-2020. The memorandum touches upon the issues of regular deliveries of Belarusian potassium to India. The Ambassador noted that all questions relating to product prices and volume are within the competence of the two parties.