PM Modi says there is a lot of potential for increasing economic exchanges between India and Luxembourg

Prime Minister Narendra Modi yesterday said there is a lot of potential for increasing economic exchanges between India and Luxembourg. 

Addressing the India Luxembourg virtual summit this evening, Mr Modi said steel, financial technology and digital domains are several sectors where both nations have good cooperation, but there are more possibilities in these sectors. He congratulated his Luxembourg counterpart Xavier Bettel's skillful leadership in this difficult time of the COVID pandemic. 

He expressed condolences on behalf of all Indians for the loss of lives in COVID in Luxembourg. He said this is the first stand-alone Summit meeting between India and Luxembourg in the past two decades.

Speaking on the occasion, the Luxembourg Prime Minister welcomed the agreements in the area of space and finance. He said his country supported and welcomed India's election to UNSC for the term 2021-22.

Briefing the media virtually this evening, Sandeep Chakravorty, Joint Secretary, Europe West, External Affairs Ministry said the meeting focused on constructive engagement on the bilateral relationship. It focused on the financial sector, fintech, green financing and on space applications. There was also discussion on deepening business ties between the two countries. 

Luxembourg is a founding member of the EU. In this context, the two leaders exchanged views on further strengthening India EU relations including forward movement on India EU trade agreements and investment agreements. There was also discussion on multilateral cooperation, and achieving effective and reformed multilateralism. Global issues like climate change and terrorism were also discussed.

Prime Minister Modi highlighted the challenge the global community faces from terrorism and the need to eradicate it in all its forms and manifestations. The Luxembourg Prime Minister conveyed the intention of Luxembourg to join the International Solar Alliance. 

Mr Modi invited Luxembourg to join the Coalition for Disaster Resilient Infrastructure. There was also a lot of discussion on the COVID situation, on vaccine development, and also the infrastructure for vaccine



delivery.

Three agreements were signed coinciding with the Summit. The agreements were between the Luxembourg Stock Exchange with State Bank of India and with the India International Stock Exchange. The third agreement was between Lux Innovation and Invest India.

Prime Minister Narendra Modi and his Luxembourg counterpart Xavier Bettel have welcomed the growing economic relationship between the two countries. Joint Statement on the India-Luxembourg Virtual Summit said both leaders expressed satisfaction that companies from both India and Luxembourg were expanding their presence in each other’s .countries. 

In this context, they agreed to look at new opportunities for business cooperation. Both Prime Ministers welcomed the signing of a cooperation agreement between Invest India and Luxinnovation to support and develop mutual business cooperation between Indian and Luxembourg companies.

 

The Joint Statement said the two Prime Ministers also took note of the long-standing cooperation between India and Luxembourg in the steel sector. The leaders called upon businesses to explore further opportunities for expanding the economic relationship. They also noted that Luxembourg companies were taking a growing interest in India’s various initiatives related to the environment, clean energy and sustainable technologies, including the Clean Ganga Mission.

 

The leaders looked forward to the 17th Joint Economic Commission between India and the Belgium-Luxembourg Economic Union to review the economic and trade relations. They also exchanged views regarding the ongoing efforts to make supply chains more resilient, diversified, responsible and sustainable. They noted that over the last decades, supply chains have become increasingly complex, intertwined and dependent on a diverse set of stakeholders located across the globe.

Prime Minister Narendra Modi said he was pleased to hold the India-Luxembourg Summit with Luxembourg counterpart Xavier Bettel in virtual format. In a tweet, Mr Modi said they agreed on the potential to further deepen and expand growing bilateral exchanges, especially in the economic realm. He welcomed Luxembourg joining the International Solar Alliance.