You are here: Home » Economy & Policy » News
Business Standard

Modi pitches for strong economic relations in India-Luxembourg summit

Prime Minister Narendra Modi on Thursday pitched for strengthening of cooperation in a range of areas like financial and digital technologies.

Topics
Narendra Modi | Economic relations

Press Trust of India  |  New Delhi 

narendra modi
PM Narendra Modi

Asserting that there was a huge potential to further ramp up economic engagement between India and Luxembourg, the third largest source of Foreign Portfolio Investments (FPI) for the country, Prime Minister while adressing the first summit in two decades between the two countries on Thursday pitched for strengthening of cooperation in a range of areas like financial and digital technologies.

Addressing the summit, held through videoconferencing, Modi also talked about the common values like democracy, rule of law 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," Modi said at the meeting with his Luxembourg counterpart Xavier Bette.

Luxembourg is one of the most important financial centers globally. Several Indian companies have raised capital by issuing Global Depositary Receipts (GDRs) at the Luxembourg Stock Exchange.

Several Luxembourg-based investment funds hold substantial banking and asset management market share in portfolio investments in India.

In his remarks, Modi also talked about possible cooperation between the two countries in dealing with the economic and health 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," Modi said.

He also welcomed Luxembourg's announcement to join the International Solar Alliance (ISA). The ISA, initiated by India, is an alliance of over 120 countries which is focused on working for efficient consumption of solar energy to reduce dependence on fossil fuels.

Modi also invited Luxembourg to join the Coalition for Disaster Resilient Infrastructure (CDRI).

Luxembourg is a key country in the European Union (EU), and is also the third largest source of FPI in India after US and Mauritius accounting for approximately 8.5 per cent of these investments.

India and Luxembourg have a longstanding cooperation in the steel sector. Luxembourgish company Paul Wurth has been in India for the last two decades and played an important role in upgrading the steel sector in India in collaboration with SAIL, TISCO and Jindal Steel.

ArcelorMittal, the world's largest steel-producing company, is based out of Luxembourg and recently entered into a joint-venture in India, partnering with Nippon Steel.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, November 19 2020. 19:31 IST
RECOMMENDED FOR YOU
.