For the first time in 20 years India and Luxembourg have held a virtual summit. Both the countries share friendly relations for over seven decades that dates back to the establishment of diplomatic relations in 1948.
The main aim was to strengthen India-Luxembourg relationship in the post Covid-19 world, majorly in the areas of financial technology, green financing, space applications, digital innovations and start-ups. This would result in effective multilateralism with cooperation in combating global challenges like the Covid-19 pandemic, terrorism and climate change.
Three agreements were signed at the virtual summit-
- Luxembourg Stock Exchange with State Bank of India (SBI)
- Luxembourg Stock Exchange with the India International Stock Exchange (INX)
- LuxInnovation and Invest India.
A Memorandum of Understanding (MoU) between India International Exchange (India INX) and Luxembourg Stock Exchange was signed, along with a MoU between State Bank of India (SBI) and Luxembourg Stock Exchange. Both of these provide for cooperation in financial services, industry maintenance of orderly markets in securities, ESG (environmental, social and governance) and green finance in the local market. Another MoU was signed between Invest India and Luxinnovation. It provides for support and development of mutual business cooperation, including promotion and facilitation of inbound FDI, coming from or proposed by Indian and Luxembourgish investors. India also welcomed Luxembourg’s announcement to join the International Solar Alliance (ISA), and invited it to join the Coalition for Disaster Resilient Infrastructure (CDRI).
Apart from the agreements signed at the summit India and Luxembourg hold friendly relations. Both countries have an on-going space cooperation, in the domain of satellite broadcasting and communications. Luxembourg based space companies have started utilising the services of India for launching their satellites into space. Indian Space Research Organisation ISRO has launched the PSLV-C49 mission, which included 4 satellites from Luxembourg.
Due to the pandemic, both India and Luxembourg are promoting digitalisation through the “Digital India” programme and the “Digital Luxembourg” initiative respectively and agree to explore convergences between the two initiatives.
In the sector of higher Education and Research, Indian National Brain Research Centre and the Luxembourg Institute of Health and the Luxembourg Centre for Systems Biomedicine have had an on-going collaboration in the field of neurodegenerative diseases. IITs in Bombay, Kanpur and Madras and the National Law School of India have links with the University of Luxembourg which will be further expanded for higher education and research in both countries.
This Bilateral summit between the true countries marks a new phase new and improved international relations. Both the countries have a large scope of cooperation and economic growth with each other’s support.
