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Prime Minister Modi, Luxembourg’s counterpart, to discuss international ties and issues during today’s first independent summit | India News


NEW DELHI: Prime Minister Narendra Modi and his Luxembourgian counterpart Xavier Bettel will discuss “strong” relations between India and Luxembourg and international issues of common concern during the first independent summit on Thursday.
“Happy to announce that a virtual bilateral summit will be held on November 19 between the Prime Minister of # India @ narendramodi and the Prime Minister of # Luxembourg @ Xavier_Bettel to discuss strong relations and international issues of common concern,” the ambassador tweeted from Luxembourg in India, Jean Claude Kugener.
India and Luxembourg, which share diplomatic relations dating back to 1929, will hold their first independent summit on Thursday.
The India-Luxembourg Summit will be an opportunity to lay the foundation for cooperation between the two countries in a post-Covid world, according to sources.
Prime Minister Narendra Modi and his Luxembourgish counterpart Xavier Bettel will discuss the full spectrum of the bilateral relationship, the Foreign Ministry (MEA) said on Tuesday.
India and Luxembourg have continued to maintain high-level exchanges in the recent past.
Jean Claude Kugener, Ambassador of Luxembourg, in a recent interaction with the Fortune India Exchange said that according to official Indian statistics this year, “Luxembourg is the 15th direct foreign investor in the country compared to its 16th ranking in 2018.”
“Our [India and Luxembourg] Historic bilateral ties date back to 1929, when our government opened its first vice consulate in Bombay. This was followed by the establishment of diplomatic relations between the Republic and the Grand Duchy on July 1, 1948. Over the decades, these relations developed out of extensive cooperation in the steel sector, as Luxembourg was located among the world’s leading steel producers in the 19th century. , in a strong partnership that reflects the political priorities and commercial interests of both countries, “he said.
Since July 2014, Luxembourg’s cumulative investment in India has more than doubled, from USD 1.088 billion to USD 3.082 billion (March 2020), according to sources.
Luxembourg is the third largest source of foreign portfolio investment (FPI) in India after the United States and Mauritius, which account for approximately 8.5 percent of these investments. The Luxembourg Stock Exchange was the first stock exchange in the world to list Masala bonds in 2008.

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