New Delhi [India], September 3 (ANI): Prime Minister Narendra Modi hailed defence and security cooperation as a vital foundation of bilateral relations on Thursday, noting that both nations have finalised pacts to boost military exchanges and training initiatives.

Following their meeting in New Delhi, PM Modi addressed a joint press conference alongside visiting Belgian Prime Minister Bart De Wever, emphasising that shared democratic principles, a robust market economy, and strong interpersonal connections establish both countries as 'natural partners.'

Detailing the strategic outcomes of the discussions, PM Modi stated, 'Defence and security cooperation is a key pillar of our relationship. Today, we have agreed to enhance military exchanges and training cooperation between the two countries. Agreements reached between our governments and defence industries will open up new opportunities for defence co-development and co-production. We will also further strengthen intelligence sharing and cooperation against crime between our respective agencies.'

Highlighting the remarkable evolution of diplomatic ties over the past ten years, the Prime Minister noted that bilateral cooperation has successfully transcended traditional domains to embrace high-stakes strategic sectors, including defence innovation and sustainable energy.

Pointing to ongoing industrial partnerships, the Indian leader mentioned collaborative projects involving advanced military hardware, such as the Zorawar light tank, alongside major economic initiatives like the development of a premier green ammonia facility situated in Kakinada, Andhra Pradesh.

Commemorating historical bonds, PM Modi remarked, 'The ties between India and Belgium are deeply rooted in history. The courage and sacrifice of thousands of Indian soldiers in Belgium during the First World War remain a vital part of our shared memory. Today, democratic values, a market economy, and strong people-to-people ties make us natural partners.'

Addressing broader macroeconomic trends against a backdrop of global volatility, the Prime Minister observed that India continues to register steady financial expansion despite worldwide disruptions.

'Today, the world is going through a period of major upheaval. Conflicts persist in several parts of the world, while uncertainty is affecting every sector like food, fuel and supply chains. Even in this challenging environment, India's economy has maintained its momentum. India recorded 7.8 per cent growth in the last quarter. Today, India's growth story is becoming a source of confidence and new opportunities for the world,' PM Modi noted.

Turning to commercial frameworks, the Prime Minister underscored the positive impact of the landmark India-European Union Free Trade Agreement finalised in January, asserting that the pact will powerfully stimulate international stability and shared prosperity.

To maximise these emerging commercial prospects, PM Modi announced targeted institutional measures designed to accelerate bilateral commerce.

'Today, we have taken several significant steps to translate these possibilities into concrete results. We have established an 'Investment Fast-Track Mechanism' in India for Belgian companies. We have decided to make the India-Belgium Business Forum a regular mechanism. We will enhance synergy between the financial, fintech, and regulatory institutions of both nations, and through these measures, we will realise the goal of doubling bilateral trade over the next five years,' he explained.

Furthermore, the signing of a bilateral Memorandum of Understanding dedicated to renewable energy is expected to accelerate joint sustainability initiatives and secure resilient supply chains.

On technological cooperation, PM Modi added, 'A clean energy future and reliable supply chains are our shared priorities. The MoU on renewable energy signed today will give new momentum to our cooperation on sustainability. We have decided to enhance cooperation in the processing and recycling of critical minerals. Belgium's expertise in semiconductors and India's scale complement each other. In this regard, we will work together to integrate Belgium's IMEC Institute with India's semiconductor ecosystem.' (ANI)