PM Modi discusses Covid-19, space missions and fintech in first bilateral summit with Luxembourg …

Key Highlights

  • The Summit is significant as it lays a platform for cooperation between both countries in a post-Covid world
  • India and Luxembourg trace back their diplomatic relations to 1929 and have continued to maintain high-level exchanges even recently
  • Luxembourg’s cumulative investment in India since July 2014 has more than doubled — from $1.088 billion to $3.082 billion (in March 2020)

New Delhi/Luxembourg: Addressing the first India-Luxembourg bilateral summit, Prime Minister and his counterpart Xavier Bettel deliberated on various issues pertaining to both countries on Thursday, such as the ensuing coronavirus pandemic, the joint space programmes and the possibilities in business.

“I extend my deepest condolences to the people who died due to in Luxembourg,” PM Modi said at the beginning of his address to his Luxembourg counterpart during the virtual summit.

Discussing various other matters, Prime Minister Modi told Bettel that there are a lot of possibilities in bilateral trade deals between the two countries in the areas of steel, financial technology, digital domain.

“I am happy that our space agency recently launched four Luxembourg satellites. We also welcome Luxembourg’s decision to join the International Solar Alliance,” PM Modi said.

Both Prime Ministers discussed the “strong” India-Luxembourg relationship and international issues of common interest during the stand-alone summit on Thursday.

The Summit is significant as it lays a platform for cooperation between both countries in a post-Covid world.

India and Luxembourg trace back their diplomatic relations to 1929 and have continued to maintain high-level exchanges even recently.

“Luxembourg is the 15th Foreign Direct Investor in the country compared to its 16th ranking in 2018. Our (India and Luxembourg) historic bilateral ties go back to 1929, when our government opened its first vice-consulate in Bombay. This was followed by the establishment of diplomatic relations between the Republic and the Grand Duchy on 1 July 1948. Over the decades, these relations 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,” Jean Claude Kugener, Ambassador of Luxembourg, recently said, according to news agency ANI.

Luxembourg’s cumulative investment in India since July 2014 has more than doubled — from $1.088 billion to $3.082 billion (in March 2020).

It is also the third-largest source of Foreign Portfolio Investments (FPI) in India after the United States and Mauritius, bringing in approximately 8.5 per cent of the investments.

Moreover, the Luxembourg Stock Exchange was the first globally to list Masala Bonds in 2008, the year of the world went into recession.

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