Prime Minister Narendra Modi and his counterpart from Luxembourg Xavier Bettel will discuss bilateral issues, including strengthening relationship in a post-Covid-19 world, at the India-Luxembourg Summit on Thursday to be held virtually.
“India-Luxembourg Summit, the first in last two decades, will be an opportunity to lay the platform for cooperation between the two countries in a post-COVID-19 world,” according to an official.
Luxembourg’s importance stems from it being one of the founding members of the European Union (EU) as well as one of the three official headquarters to the EU’s institutions along with Brussels and Strasbourg, the official added..
Luxembourg is also the fifth largest investor from the EU after the Netherlands, Germany, France and Cyprus, and the fifteenth largest investor in India. Since July 2014, Luxembourg’s cumulative investment in India has more than doubled – from $ 1.088 billion to $ 3.082 billion (March 2020). Luxembourg is the third largest source of Foreign Portfolio Investments (FPI) investments in India after US and Mauritius accounting for approximately 8.5 per cent of these investments.
The two leaders will also exchange views on international and global issues of mutual interest, according to an official release.
India and Luxembourg have continued to maintain high level exchanges in the recent past. The two Prime Ministers have met previously on three occasions.