India-Luxembourg hold first summit in two decades; PM Narendra Modi pitches for strengthening of economic relations

India-Luxembourg hold first summit in two decades; PM Narendra Modi pitches for strengthening of economic relations

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 spread of areas like monetary and digital applied sciences. Luxembourg is the third-largest supply of Foreign Portfolio Investments (FPI) for the nation.

PM Modi was addressing the primary summit in 20 years between the 2 nations. Addressing the summit, held by means of videoconferencing, PM Modi additionally talked concerning the frequent values like democracy, rule of legislation and freedom which have strengthened the bilateral ties.

“There is a huge potential to expand economic engagement between the two countries. We have good cooperation in areas like steel, financial technology, digital domain, but there is a massive possibility of taking it forward,” PM Modi mentioned on the assembly together with his Luxembourg counterpart Xavier Bette.

Luxembourg is likely one of the most essential monetary centres globally. Several Indian firms have raised capital by issuing Global Depositary Receipts (GDRs) on the Luxembourg Stock Exchange. Several 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 nations in coping with the financial and well being challenges posed by the coronavirus pandemic. “When the world is fighting the economic and health challenges of the COVID19 pandemic, the partnership between India and Luxemburg can be beneficial for the two countries as well as both the regions,” PM Modi mentioned.

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He additionally welcomed Luxembourg’s announcement to hitch the International Solar Alliance (ISA). The ISA, initiated by India, is an alliance of over 120 nations which is targeted on working for environment friendly consumption of photo voltaic vitality to cut back dependence on fossil fuels. PM Modi additionally invited Luxembourg to hitch the Coalition for Disaster Resilient Infrastructure (CDRI).

Luxembourg is a key nation within the European Union (EU) and can also 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 20 years and performed an essential function in upgrading the metal sector in India in collaboration with SAIL, TISCO and Jindal Steel.

ArcelorMittal, the world’s largest steel-producing firm, is predicated out of Luxembourg and just lately entered right into a joint-venture in India, partnering with Nippon Steel.

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