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India-Luxembourg Virtual Summit

India-Luxembourg Virtual Summit

Context:

Prime Minister of India and the Prime Minister of the Grand Duchy of Luxembourg addressed the first-ever India-Luxembourg Virtual Summit.

  • Luxembourg is a landlocked country in northwestern Europe.
  • It is bordered by Belgium on the west and north, France on the south, and Germany on the northeast and east.
  • Its capital, Luxembourg City, is one of the four official capitals of the European Union.

Key Highlights:

Economic Relationship:

  • MoU between India International Exchange (India INX) and Luxembourg Stock Exchange: It provides for cooperation in the financial services industry, maintenance of orderly markets in securities respective country, ESG (environmental, social and governance) and green finance in the local market.
    • The two leaders welcomed the signing of cooperation agreements by the Luxembourg Stock Exchange with State Bank of India and the India International Stock Exchange.
  • MoU between Invest India and Luxinnovation: It is aimed at supporting and developing mutual business cooperation between Indian and Luxembourg companies, including promotion and facilitation of inbound FDI.
    • It is aimed at the importance of green financing to promote green growth and sustainable development.
  • The leaders looked forward to the 17th Joint Economic Commission between India and the Belgium-Luxembourg Economic Union to review the economic and trade relations.
  • 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.

Space:

  • The summit noted with satisfaction that the Luxembourg based space companies had begun utilizing the services of India for launching their satellites into space.
  • The leader of Luxembourg welcomed the successful launch of the PSLV-C49 mission by ISRO which included 4 satellites from Luxembourg.

Health and Education:

  • The leaders noted with satisfaction the ongoing collaboration in the field of neurodegenerative diseases between the National Brain Research Centre and the Luxembourg Institute of Health and the Luxembourg Centre for Systems Biomedicine.

EU-India relations:

  • The two leaders acknowledged the importance of the India-EU Strategic Partnership rooted in shared principles and values of democracy, freedom, rule of law, and respect for human rights, for contributing to a safer, greener and more stable world.
  • The leaders acknowledged that developing the India-EU economic relations will be important in the context of post-COVID-19 economic recovery.

Source: PIB