First India-Luxembourg summit: PM Modi and counterpart to discuss ties and international issues

Source: Free Press Journal

November 19, 2020 | Komal Gupta

“Luxembourg is the 15th Foreign Direct Investor in the country (India),” says Luxembourg ambassador Jean Claude.

Prime Minister Narendra Modi and Luxembourg counterpart Xavier Bettel will discuss the “strong” bilateral relations and international issues of common interest during the first stand-alone summit on Thursday.

The summit will be an opportunity to lay the ground for cooperation between the two countries in the post-Covid world, according to sources. The discussion will focus on the entire spectrum of the bilateral relationship, according to Ministry of External Affairs (MEA).

India and Luxembourg have maintained high-level exchanges in the recent past. Jean Claude Kugener, the Luxembourg Ambassador, in an interaction with Fortune India Exchange said that as per this year’s Indian official statistics, “Luxembourg is the 15th Foreign Direct Investor in the country compared to its 16th ranking in 2018”.

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He said that the bilateral ties between India and Luxembourg go back to 1929, when the then Luxembourg government opened its first vice-consulate in Bombay. This was followed by the establishment of diplomatic relations between the Grand Duchy and India on 1 July 1948. Over the decades, these relations have developed from the extensive cooperation in the steel sector, as Luxembourg was among the top steel producers worldwide in the 19th century, into a strong partnership reflective of both countries’ political priorities and business interests.

Since July 2014, Luxembourg’s cumulative investment in India has more than doubled–from USD 1.088 billion to USD 3.082 billion (March 2020), according to sources. Luxembourg is the third-largest source of Foreign Portfolio Investments in India after the US and Mauritius, accounting for approximately 8.5 per cent of the investments. Luxembourg Stock Exchange was the first stock exchange globally to list Masala Bonds in 2008.

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Source: ANI

Edited: Komal Gupta