Accompanied by a business delegation, Myasnikovich, who is on a day-long trip, said both sides can increase engagement in sectors like pharmaceutical, biotechnology and information technology.
"We invite Indian businessmen to invest in Belarus. We are inviting joint collaborations in sectors like pharmaceuticals. We can help Indian companies in heavy engineering goods," he said while addressing Industry chambers Assocham, CII and Ficci at the luncheon meeting.
He said huge potential exist between the two countries to boost trade and investments.
"It (bilateral trade) is considerably lower than the existing potential. We can establish joint ventures for production of agriculture equipment and increase cooperation in exploring hydrocarbon energy and modernisation of petrochemical set ups," he added.
Speaking on the occasion, Minister of State for Commerce and Industry, D Purandeswari, said the bilateral trade and investment between India and Belarus remains below its potential.
"Both the sides need to make sincere and concerted efforts by taking specific measures to enhance trade," she said.
The bilateral trade between the two country during 2011-12 stood at about USD 300 million.
The minister said Belarus is well known as a major supplier of potash fertilisers.
"India is interested in long-term off-take, besides being interested in investing in the potash sector in Belarus. I believe talks between the two sides are on-going. We need to make efforts to take this dialogue forward," she said.
Purandeswari said leather and foot wear, chemicals, dyes, tea, coffee and consumer durables can be other areas of trade engagements between the countries..
She noted India's state-run firm BHEL is working on the up gradation of a power plant in Belarus.
"We hope this will lead to further projects being awarded to Indian companies," she added.
India mainly exports pharmaceuticals, tea, rice, pepper, yarn and organic dyes to the country.
About 60 companies from the Belarus are participating in the fair.
This year Belarus has been given the 'partner country' status at the fair.