The Prime Minister of India, Narendra Modi, and the Prime Minister of the Grand Duchy of Luxembourg, Xavier Bettel, held the first-ever India-Luxembourg Virtual Summit on 19 November 2020. The Prime Ministers pointed out the excellent relations between India and Luxembourg based on shared principles and values of democracy, freedom, rule of law, and respect for human rights. The leaders are happy and expressed the satisfaction towards the development of cordial and friendly relations between the two countries over more than seven decades since the establishment of diplomatic relations in 1948.
The Leaders agreed that the bilateral relations have enlarged 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. To mark this, three MoU has been signed between the countries. MoU between India International Exchange (India INX) and Luxembourg Stock Exchange, MoU between State Bank of India and Luxembourg Stock Exchange to provide for cooperation in financial services industry and MoU between Invest India and Luxinnovation to support and develop mutual business cooperation.
The leaders looked forward to the 17th Joint Economic Commission between India and the Belgium-Luxembourg Economic Union to review the economic and trade relations. The two Prime Ministers agreed that the first Summit between India and Luxembourg marks a new phase in the bilateral relations.
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