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India and Luxembourg can increase cooperation in the area of financial technology, steel, space, solar energy and the digital domain as there exists a lot of potential for growth, Prime Minister Narendra Modi said at the India-Luxembourg virtual summit on Thursday. The meeting was also attended by Luxembourg’s Prime Minister Xavier Bettel.
“At a time when the world is trying to deal with the economic and health challenges of the Covid-19 pandemic, the partnership between India and Luxembourg can not only help in the recovery of the two countries but also of the two regions,” said Modi.
The two leaders welcomed the signing of a cooperation agreement between Invest India and Luxinnovation to support and develop mutual business cooperation between Indian and Luxembourg companies, as per a joint statement issued after the meeting. The summit was especially significant as it was the first one in two decades between the two countries.
Bettel highlighted that Luxembourg, as a leading international financial centre in Europe, can act as an important bridge to help connect India’s financial services industry with international markets and reach European and global investors, the statement said.
“Luxembourg’s PM encouraged Indian companies to raise capital for green projects in Luxembourg,” said Sandeep Chakravorty, Joint Secretary, Ministry of External Affairs, at a press briefing after the summit, and he pointed out that a lot of fintech cooperation already exists between the two countries.
“We will soon have an agreement between CSSF and SEBI, the financial regulators of the two countries,” he said. The two countries also signed three agreements in the financial space.
“Moreover, the two Prime Ministers underlined the importance of innovation and digitization in the financial sector and noted the potential to connect the financial technology and start-up communities of both countries,” as per the statement.
The PM recounted that recently India’s space agency had helped Luxembourg launch four satellites and the two countries could increase exchanges in the area.
He also welcomed Luxembourg’s entry into the International Solar Alliance and urged the country to join the Coalition for Disaster Resilient Infrastructure.
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