First Stand-alone Summit between India and Luxembourg
India and Luxembourg will hold their first stand-alone summit on November 19, 2020. This summit would provide an opportunity to lay the platform to cooperate between the two countries in a post-Covid scenario.
Prime Minister Narendra Modi and his counterpart Xavier Bettel will meet virtually. Both sides would discuss the entire spectrum of bilateral relationship.
India – Luxembourg
The bilateral relation between India and Luxembourg dates back to year 1929. In the year 1929, the government of Luxembourg opened its first Vice-consulate in Bombay. The diplomatic ties between the countries was establishment on July 1, 1948. Since then, both the countries continue to maintain high-level exchanges.
The relation between both the countries have developed specifically on cooperation in the steel sector. Further, the Luxembourg Stock Exchange was the first stock exchange in the world that listed Masala Bonds in the year 2008. Currently, more than 170 Indian companies are listed in the Luxembourg Stock Exchange.
The economic relationship between India and Luxembourg highlights that Luxembourg is an important global financial centre. Luxembourg is the 5th largest investor in Worldwide from the EU grouping just after the Netherlands, Germany, France, Cyprus and the country is also the 15th largest investor in India. Both the countries are strong trade and investment partners. Many companies from Luxembourg such as Paul Wurth, Ceratizit, Rotarex and Amer-Sil Ketex contribute to the “Make in India” initiative of India. These companies also play an significant role in upgrading the steel sector in India with their collaboration with Indian companies such as SAIL, TISCO and Jindal Steel.
Luxembourg’s cumulative investment in India has doubled from USD 1.088 billion to USD 3.082 billion since 2014. Luxembourg is also the third largest source of Foreign Portfolio Investments (FPI) investments in India. The country stands just after US and Mauritius and accounts for approximately 8.5 percent of these investments.