Asserting that there was an enormous potential to additional ramp up financial engagement between India and Luxembourg, Prime Minister Narendra Modi on Thursday pitched for the strengthening of cooperation in a variety of areas like monetary and digital applied sciences. Luxembourg is the third-largest supply of International Portfolio Investments (FPI) for the nation.
PM Modi was addressing the primary summit in twenty years between the 2 international locations. Addressing the summit, held by videoconferencing, PM Modi additionally talked concerning the frequent values like democracy, rule of regulation and freedom which have strengthened the bilateral ties.
“There’s a large potential to develop financial engagement between the 2 international locations. Now we have good cooperation in areas like metal, monetary know-how, digital area, however there’s a large chance of taking it ahead,” PM Modi mentioned on the assembly together with his Luxembourg counterpart Xavier Bette.
— Narendra Modi (@narendramodi) November 19, 2020
Luxembourg is likely one of the most vital monetary centres globally. A number of Indian corporations have raised capital by issuing World Depositary Receipts (GDRs) on the Luxembourg Inventory Trade. A number of Luxembourg-based funding funds maintain substantial banking and asset administration market share in portfolio investments in India.
In his remarks, PM Modi additionally talked about potential cooperation between the 2 international locations in coping with the financial and well being challenges posed by the coronavirus pandemic. “When the world is preventing the financial and well being challenges of the COVID19 pandemic, the partnership between India and Luxemburg will be helpful for the 2 international locations in addition to each the areas,” PM Modi mentioned.
He additionally welcomed Luxembourg’s announcement to hitch the Worldwide Photo voltaic Alliance (ISA). The ISA, initiated by India, is an alliance of over 120 international locations which is concentrated on working for environment friendly consumption of photo voltaic vitality to scale back dependence on fossil fuels. PM Modi additionally invited Luxembourg to hitch the Coalition for Catastrophe Resilient Infrastructure (CDRI).
Luxembourg is a key nation within the European Union (EU) and can be the third-largest supply of FPI in India after the US and Mauritius accounting for about 8.5 per cent of those investments.
India and Luxembourg have longstanding cooperation within the metal sector. Luxembourgish firm Paul Wurth has been in India for the final twenty years and performed an vital position in upgrading the metal sector in India in collaboration with SAIL, TISCO and Jindal Metal.
ArcelorMittal, the world’s largest steel-producing firm, is predicated out of Luxembourg and lately entered right into a joint-venture in India, partnering with Nippon Metal.