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Luxembourg Invites Indian Investments

Monday, March 24, 2014
By Dominic Rebello

Bright prospects for Indian business players, says Ambassador Stronck

“Luxembourg, the world’s second largest nation in terms of GDP Per Capita welcomes Indian companies to invest in its booming economy. The economy exhibits ease of doing business with strong geo-political situation, stable macroeconomic framework, optimal tax rates, access to financial capital and thriving R & D activities”, said Gaston Stronck, Ambassador of the Grand Duchy of Luxembourg during an interactive meeting organised by MVIRDC World Trade Centre and All India Association of Industries with the Ambassador.

Speaking to ADC Stronc said, Luxembourg which is in Western Europe is a leading destination for investment funds, technology, IT and textiles. Investment funds worth Euros 2,615 bn have been raised world over in multiple sectors such as infrastructure, industrial development, renewable energy to name a few. Arcelor Mittal the world's leading integrated steel and mining company is head quartered in Luxembourg apart from leading IT, ecommerce, social gaming and other major leading global companies. The strategic location of the country can be the entry point for India to get access to the large consumption markets of the European Union. The Schengen Visa, which is named after a small village in Luxembourg, helps tourists to get accesses to the European Union. Luxembourg, which has a population of around 5 lakhs, including over 2 lakhs foreigners, speaks German, English and French. It also has a large population of Indians. The Indian Restaurants in Luxembourg loves the delicious Indian curry, tandoori, Nan etc... Of recent years Luxembourg also celebrates Diwali with great love.

Stronck encouraged Indian companies to trade on the Luxembourg Stock Exchange, which is the second largest in the world. He applauded the presence to nearly 170 Indian companies on the Exchange. Prominent Indian companies such as Ranbaxy, Tata, Larsen & Toubro, and Reliance are registered with the exchange and have raised capital from time to time. Elaborating on prospective sectors for Indian companies Stronck said, that the competent IT and ICT sectors of Luxembourg present bright business opportunities for the services driven Indian economy. The steel sector, satellite industry, cargo transportation were identified as other sectors for gainful investment.

Kamal Morarka, Chairman, MVIRDC World Trade Centre felicitated Stronck and Ashok M. Kadakia, the new Honorary Consul of Luxembourg.

Earlier, in his welcome remarks Vijay Kalantri, President, All India Association of Industries said the annual trade between India and Luxembourg stands at US$ 56.29 million with India’s imports from Luxembourg worth US$ 48.09 million while its exports worth US$ 8.20 million. The major items of India’s exports to Luxembourg include textiles and garments, engineering products and chemicals. The major items of India’s imports from Luxembourg are engineering goods, metals, plastics, textiles and garments, etc. Also, India is a leading foreign investment destination of Luxembourg with investments worth Euros 26. 4 bn.

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