India- Luxembourg Virtual Summit 2020: Prime Minister Narendra Modi held a virtual summit with Prime Minister of Luxembourg, Xavier Bettel on November 19, 2020. This is the first stand-alone summit between India and Luxembourg in the past two decades.
Speaking on the occasion, PM Modi said that he is happy that ISRO recently launched Luxembourg's four satellites and he also welcomed Luxembourg's decision to join the International Solar Alliance, an global initiative led by India.
Prime Minister Narendra Modi takes part in India- Luxembourg Virtual Summit
— ANI (@ANI) November 19, 2020
PM Modi says, "I am happy that our space agency recently launched Luxembourgh's four satellites. We welcome Luxembourg's decision to join the International Solar Alliance." pic.twitter.com/KDCm3n53PB
Prime Minister of Luxembourg Xavier Bettel also welcomed the agreements between India and Luxembourg in the area of space and finance. He also extended Luxembourg's full support to India and welcomed India's election to UNSC for the term 2021-22
I welcome the agreements in the area of space and finance. We know that we are stronger when we work together. You can count on us. We have supported and welcomed India's election to UNSC for the term 2021-22: Prime Minister of Luxembourg Xavier Bettel https://t.co/pUxwDRsGyO pic.twitter.com/bbMTd5L76S
— ANI (@ANI) November 19, 2020
Key Details
The India-Luxembourg summit talks are expected to cover the entire spectrum of bilateral relationship including strengthening of India-Luxembourg cooperation in the post-COVID world.
The two leaders will also exchange views on international and global issues of mutual interest. The two Prime Ministers have met previously on three occasions but never in a stand-alone summit.
Significance
Luxembourg is one of the most important financial centres globally and several Indian companies have raised capital by issuing Global Depositary Receipts (GDRs) at the Luxembourg Stock Exchange. Besides this, several Luxembourg-based investment funds also hold substantial banking and asset management market share in portfolio investments in India.
India-Luxembourg Relations
•India–Luxembourg relations were established in 1947 and Luxembourg opened its embassy in New Delhi in 2002.
•Over the years, the relations between the nations have grown significantly. Grand Duke Jean had become the first Luxembourg Head of State to visit India in 1983.
•Following the visit, there have been several major diplomatic visits by the leaders of both nations. Several trade and foreign affair ministers from Luxembourg have visited India.
• In 2012, India's Minister of External Affairs had visited Luxembourg and in 2015, Luxembourg's Foreign Minister Jean Asselborn visited India.
•As far as trade is concerned, the bilateral trade between the two nations stood at $37.17 million between January and September 2014. The exports from India to Luxembourg stood at $7.79 million, while the imports stood at $29.38 million.
•Over 170 Indian Companies are listed on the Luxembourg Stock Exchange.
•There is also a significant community of Indians living in Luxembourg and working in companies or sectors including IT, Banking and Arcelor-Mittal.
•Luxembourg had planned to be the first European nation in 2019 to host the annual Asian Infrastructure Investment Bank meeting.
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