On November 19, 2020, Prime Minister (PM) Narendra Modi holds a virtual India-Luxembourg Bilateral Summit with Xavier Bettel, Prime Minister of Grand Duchy of Luxembourg for strengthening the relation between both nations in the post-COVID times. The key focus areas of the association include financial technology, green financing, space applications, digital innovations and start-ups, among others.
- Both sides agreed to strengthen cooperation on realizing effective multilateralism and combating global challenges like the Covid-19 pandemic, terrorism and climate change.
- Indian side welcomed Luxembourg’s decision to join the International Solar Alliance (ISA), and also invited it to join the Coalition for Disaster Resilient Infrastructure (CDRI).
During the summit, both sides inked 3 agreements which are detailed as below:
MoU between India International Exchange and Luxembourg Stock Exchange
The Bombay Stock Exchange’s international arm, India International Exchange (India INX), signed a memorandum of understanding (MoU) with Luxembourg Stock Exchange (LuxSe) for development and promotion of ESG (environmental, social and governance) and green finance in the local market.
- It also provides for cooperation in the financial services industry, maintenance of orderly markets in securities.
About India International Exchange:
Managing Director (MD) and Chief Executive Officer (CEO)– V. Balasubramaniam
Headquarter– Gandhinagar, Gujarat
About Luxembourg Stock Exchange:
Chief Executive Officer (CEO)– Robert Scharfe
MoU between SBI and Luxembourg Stock Exchange
Another MoU inked between State Bank of India (SBI) and LuxSe set up a long-term cooperation mechanism, and promote ESG (Environmental, Social, and Corporate Governance) and green finance.
- Through this MoU, LuxSe would work towards creating a sustainable environment for issuers, asset managers, and investors in terms of ESG focused funds and bonds.
- Notably, SBI was the first Public Sector Bank (PSB) in India to publish its Sustainability Report as per Global Reporting Initiative (GRI) framework.
- Till date, the bank has raised USD 800 Mio in the Green Bond Market.
About State Bank of India (SBI):
Chairman– Dinesh Khara
Headquarter– Mumbai, Maharashtra
Tagline– The Nation banks on us; Pure Banking Nothing Else; With you all the way; A bank of the common man; The banker to every Indian
MoU between Invest India and Luxinnovation
In order to increase inbound investment in India and Luxembourg, Luxinnovation signed a MoU with Invest India, India’s national investment promotion and facilitation agency. This MoU also supports and develops mutual business cooperation between Indian and Luxembourg companies by exchanging all information on the best possible conditions (including legal and regulatory).
- According to official Indian statistics, Luxembourg is the 15th largest foreign direct investor in India.
- Between 2000 and 2019, the flow of foreign direct investment from Luxembourg to India reached some $2.84 billion (€2.58 billion).
Two countries had discussed about the following sectors during the summit, India and Luxembourg relations and international issues of common interest during the first stand-alone summit. They are
Economic Relationship-The countries co-operated in the steel sector, & looking forward for the 17th Joint Economic Commission between India and the Belgium-Luxembourg Economic Union to review the economic and trade relations.
Space and Digital Cooperation-The two countries co-operated in Space and Digital Cooperation. ISRO launched 4 satellites of Luxembourg during its launch on November 7, 2020.
Higher education and research-Collaboration in the field of neurodegenerative diseases between Indian partner institutions such as the National Brain Research Centre and the Luxembourg Institute of Health and the Luxembourg Centre for Systems Biomedicine. They also noted the existing linkages of IITs in Bombay, Kanpur and Madras and the National Law School of India with the University of Luxembourg and agreed to further expand the cooperation between institutes of higher education and research in both countries.
Culture and people-to-people ties-To further strengthen mobility, they shared the intent for a swift conclusion of a Migration and Mobility agreement, as well as an agreement on an exemption of visas for holders of diplomatic and official/service passports, between India and the Benelux.
EU-India relations-To further deepening and intensification of India-EU relations and noted that both India and the EU have a common interest in each other’s security, prosperity and sustainable development.
Multilateral cooperation-They also affirmed their commitment to cooperate in the implementation of the Sustainable Development Goals and the protection of the environment and combating climate change.
Recent Related News:
i.On September 30, 2020 Union Minister for Chemicals and Fertilizers, Sadananda Gowda addressed the “CII Life Science Conclave 2020” through virtual mode. The Conclave was organized by Confederation of Indian Industry (CII) on the theme “Energizing Make in India through Life Sciences Sector”.
ii.Union Minister for Petroleum and Natural Gas, Dharmendra Pradhan addressed the ‘GCTC Energy Security Conference 2020’ organized by Global Counter Terrorism Council (GCTC) on the theme ‘GCTC Energy Security Conference 2020’ is – “Energy Security Architecture in Post Covid-19 World”.
Capital -Luxembourg City