“Happy to announce that a virtual bilateral summit will be held on November 19 between the Prime Minister of # India @ narendramodi and the Prime Minister of # Luxembourg @ Xavier_Bettel to discuss strong relations and international issues of common interest,” a tweeted the Luxembourg Ambassador to India, Jean Claude Kugener.
India and Luxembourg, which share diplomatic ties dating back to 1929, will hold their first autonomous summit on Thursday.
The India-Luxembourg summit will be an opportunity to lay the foundations for cooperation between the two countries in a post-Covid world, according to sources.
Prime Minister Narendra Modi and his Luxembourg counterpart Xavier Bettel will discuss all bilateral relations, the Ministry of External Affairs (MEA) said on Tuesday.
India and Luxembourg have continued to maintain high level trade in the recent past.
Jean Claude Kugener, Ambassador of Luxembourg, in a recent interaction with Fortune India Exchange said that according to official Indian statistics for this year, “Luxembourg is the 15th foreign direct investor in the country compared to its 16th place in 2018”.
“Our [India and Luxembourg] historical bilateral relations date 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 July 1, 1948. Over the decades, these relations have developed from extensive cooperation in the steel sector, the Luxembourg being among the world’s leading steel producers in the 19th century, in a strong partnership reflecting the political priorities and business interests of both countries, ”he said.
Since July 2014, Luxembourg’s cumulative investment in India has more than doubled, from 1.088 billion USD to 3.082 billion USD (March 2020), according to sources.
Luxembourg is the third largest source of foreign portfolio investment (FPI) in India after the United States and Mauritius, which account for around 8.5% of these investments. The Luxembourg Stock Exchange was the first stock exchange in the world to list Masala Bonds in 2008.
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