NEW DELHI: India and Luxembourg on Thursday held their first bilateral summit in two decades and signed three agreements even as discussions on the India-EU trade agreement were initiated by New Delhi.
“The meeting focused constructive engagement on our bilateral relationship, especially given the strength of Luxembourg economy and our needs. It focused on the financial sector, fin-tech, green financing and space applications,” MEA Joint Secretary (Europe West), Sandeep Chakravorty, said.
The three agreements signed included pacts between the Luxembourg Stock Exchange and the State Bank of India and the India International Stock Exchange and, between LuxInnovation and Invest India. “Luxembourg Stock Exchange and funds based out of Luxembourg are the third largest investors in India. Foreign portfolio investments from Luxembourg total more than Rs 3 lakh crore. It is the largest after the US and Mauritius,” Chakravorty said.
Both countries are looking to ramp up cooperation in the space sector, he said. Discussions are on for an agreement between the ISRO and the space agency of Luxembourg.
Earlier, PM Narendra Modi invited Luxembourg to join the International Solar Alliance. According to the MEA, the two leaders discussed a range of bilateral issues, apart from terrorism and climate change. Luxembourg PM Xavier Bettel urged Modi to encourage Indian firms to raise capital for eco-friendly projects.