India- Luxembourg Bilateral Trade: Opportunities for Start-ups to Explore

The Prime Minister Narendra Modi held a first-ever India-Luxembourg bilateral virtual summit with the Prime Minister of the Grand Duchy of Luxembourg and H.E. Mr. Xavier Bettel on 19 November to enhance bilateral trade relation with Luxembourg. The two Prime Ministers 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.

They agreed that the bilateral relations have expanded significantly during this period but emphasised the need to tap into the potential of the relationship through enhanced cooperation in areas of trade, finance, steel, space, ICT, innovation, manufacturing, automotive, sustainable development, including through renewable energy, and the fight against climate change.

They signed three agreements which are:

• Luxembourg Stock Exchange with State Bank of India (SBI)
• Luxembourg Stock Exchange with the India International Stock Exchange (INX)
• LuxInnovation and Invest India

To explore further opportunities for expanding the economic relationship, they 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. They also noted that Luxembourg companies have a growing interest in India’s various initiatives related to the environment, clean energy and sustainable technologies.

The agreements with the Luxembourg Stock Exchange impart for cooperation in the financial services industry. It will enable the maintenance of security markets in both counties with an emphasis on ESG (environmental, social and governance) and green finance in the local market.  The agreement signed between national agencies Luxinnovation and Invest India was to increase inbound investment activities in both countries, as well as to support and develop cooperation between Indian and Luxembourg companies.

Prime Minister Bettel invited Prime Minister India to visit Luxembourg.