The two Prime Ministers at the Summit exchanged views on strengthening India-Luxembourg relationship in the post-COVID world, especially in the areas of financial technology, green financing, space applications, digital innovations and start-ups.
The three agreements signed at the Summit are MoU between India International Exchange (India INX) and Luxembourg Stock Exchange (Provides for cooperation in financial services industry, maintenance of orderly markets in securities respective country, ESG (environmental, social and governance) and green finance in the local market.); MoU between State Bank of India and Luxembourg Stock Exchange (Provides for cooperation in financial services, industry maintenance of orderly markets in securities respective country, ESG (environmental, social and governance) and green finance in the local market); and MoU between Invest India and Luxinnovation (This will support and develop mutual business cooperation between Indian and Luxembourg companies, including promotion and facilitation of inbound FDI, coming from or proposed by Indian and Luxembourgish investors).
The two sides have proposed agreement between the regulatory authorities “Commission de Surveillance du Secteur Financier” (CSSF) and the Securities and Exchange Board of India (SEBI) would deepen bilateral cooperation in the financial sector.
Speaking at the India-Luxembourg summit held virtually Modi said, “India-Luxembourg`s partnership amid the COVID-19 pandemic can be beneficial for the recovery of both the countries. Our bilateral belief in democracy, rule of law and freedom strengthens our relation and partnership.”
Luxembourg Prime Minister Xavier Bettel greeted Modi as “Hello my friend” after welcoming him with folded hands. “On the behalf of 130 crore Indians, I send my condolences to the people who died of COVID-19 in Luxembourg. I also congratulate the Prime Minister for his efficient dealing with the coronavirus,” he said, adding, “This year`s summit is very important. We have been meeting on various platforms but this is the first stand-alone summit since the past two decades.”
He also welcomed Luxembourg`s decision to join the International Solar Alliance and urged Luxembourg counterpart Xavier Bettel to join the Coalition for Disaster Resilient Infrastructure.
The Prime Minister suggested that India and Luxembourg have immense potential to increase trade partnerships. “We have a good partnership in the field of steel, financial technology, digital domain but there is a chance of taking it further. I am happy that our space agency recently launched Luxembourg`s four satellites. We welcome Luxembourg`s decision to join the International Solar Alliance. We welcome you to join the Coalition for Disaster Resilient Infrastructure.”
The two Prime Ministers also took note of the long-standing cooperation between India and Luxembourg in the steel sector and the leaders called upon businesses, including SMEs and startups, to explore further opportunities for expanding the economic relationship. They also noted that Luxembourg companies were taking a growing interest in India’s various initiatives related to the environment, clean energy and sustainable technologies, including the Clean Ganga Mission.
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 two leaders agreed that the challenge of future-proofing global supply chains will be to ensure a smooth interplay between interdependence and greater resilience, requiring notably an increased coordination among all stakeholders involved in the value chain.
The two leaders expressed their determination to promote effective and reformed multilateralism and a rules-based multilateral order with the United Nations (UN) and the World Trade Organisation (WTO) at its core.