STRESSING THAT there was a huge potential to further ramp up economic engagement between India and Luxembourg, the third largest source of Foreign Portfolio Investments (FPI) for the country, Prime Minister Narendra Modi while addressing the first summit in two decades between the two countries on Thursday pitched for strengthening of cooperation in a range of areas such as financial and digital technologies.
Addressing the summit, held through videoconferencing, Modi also talked about the common values such as democracy, rule of law and freedom, which have strengthened the bilateral ties.
“There is a huge potential to expand economic engagement between the two countries. We have good cooperation in areas like steel, financial technology, digital domain, but there is a massive possibility of taking it forward,” the Prime Minister said at the meeting with his Luxembourg counterpart Xavier Bettel.
Luxembourg is one of the most important financial centres globally. Several Indian companies have raised capital by issuing Global Depositary Receipts at the Luxembourg Stock Exchange. Several Luxembourg-based investment funds hold substantial banking and asset management market share in portfolio investments in India.