Thursday, November 19, 2020

PM Modi, Luxembourg counterpart to discuss ties, international issues during first stand-alone summit today

Prime Minister Narendra Modi and Luxembourg counterpart Xavier Bettel

New Delhi [India], November 19 (ANI): Prime Minister Narendra Modi and Luxembourg partner Xavier Bettel will examine the "solid" India and Luxembourg relations and global issues of normal interest during the principal independent culmination on Thursday.

"Glad to declare that a virtual respective culmination will be hung on 19 November between the Prime Minister of #India@narendramodi and the Prime Minister of #Luxembourg@Xavier_Bettel to examine the solid relations and global subjects of basic interest," tweeted Luxembourg diplomat to India, Jean Claude Kugener.

India and Luxembourg, which share discretionary relations that go back to 1929, will hold their first independent highest point on Thursday.

The India-Luxembourg Summit will be an occasion to lay the stage for participation between the two nations in a post-Covid world, as per sources.

Leader Narendra Modi and his Luxembourg partner Xavier Bettel will examine the whole range of reciprocal relationship, the Ministry of External Affairs (MEA) said on Tuesday.

India and Luxembourg have kept on keeping up elevated level trades in the ongoing past.

Jean Claude Kugener, Ambassador of Luxembourg, in an ongoing connection with Fortune India Exchange said that according to the current year's Indian authority insights, "Luxembourg is the fifteenth Foreign Direct Investor in the nation contrasted with its sixteenth positioning in 2018".

"Our [India and Luxembourg] notable respective ties return to 1929, when our administration opened its first bad habit department in Bombay. This was trailed by the foundation of strategic relations between the Republic and the Grand Duchy on July 1 1948. Throughout the long term, these relations created from the broad participation in the steel area, as Luxembourg was among the top steel makers worldwide in the nineteenth century, into a solid association intelligent of the two nations' political needs and business interests," he said.

Since July 2014, Luxembourg's aggregate interest in India has dramatically increased - from USD 1.088 billion to USD 3.082 billion (March 2020), as per sources.

Luxembourg is the third-biggest wellspring of Foreign Portfolio Investments (FPI) in India after US and Mauritius representing around 8.5 percent of these ventures. Luxembourg Stock Exchange was the primary stock trade internationally to list Masala Bonds in 2008. (ANI)

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