Lux, Indian PMs Discuss Bilateral Relations, Luxembourg Joins International Solar Alliance

On Thursday 19 November 2020, Luxembourg's Prime Minister Xavier Bettel participated in a virtual summit with his Indian counterpart, Prime Minister Narendra Modi.

This first virtual summit allowed the two Prime Ministers to discuss bilateral relations on the one hand and EU-India relations as well as multilateral cooperation on the other.

In terms of bilateral relations, the parties noted that links between India and Luxembourg have enjoyed "remarkable momentum" over the past two decades. The growing presence and diversity of Luxembourg companies represented in India and vice versa has borne witness to these good relations. In addition, nearly 3,000 Indian nationals live in Luxembourg at present.

In order to deepen and broaden existing links, a series of memorandums of understanding (MoUs) have been, or will soon be, signed within the framework of this summit. These include collaborations in the fields of commerce, finance, space, information and communication technologies, innovation and sustainable development.

The Prime Ministers notably welcomed the recent signing of a cooperation agreement between Luxinnovation and Invest India, with the objective of supporting and developing commercial collaboration between Luxembourgish and Indian companies. They also called for strengthened cooperation in the steel sector, where the links between the two countries are already very strong.

Regarding the financial sector, the Prime Ministers concretised their shared conviction of the importance of green finance by presenting the signing of two cooperation agreements between the Luxembourg Stock Exchange (LuxSE)and the State Bank of India, as well as with India International Exchange. A collaboration between the CSSF and the Securities and Exchange Board of India (SEBI) is currently being studied, as well.

In the space sector, cooperation in the exploration and use of outer space for peaceful purposes is in preparation and will be signed shortly. Concerning digitalisation, convergences between the two initiatives “Digital Luxembourg” and “Digital India” will be explored. The cooperation between higher education and research institutes will also be renewed and extended. With a view to strengthening bilateral relations, an agreement for regular consultations between the two foreign ministries has been adopted.

The two leaders then announced their desire to further deepen relations between India and the European Union relations, inter alia in the field of sustainable connectivity. Particular focus will be given to the development of India-EU ties in the context of the post-pandemic economic recovery.

The discussions concluded on the topic of multilateral cooperation. The Prime Ministers shared their commitment to the fight against climate change, in particular by reiterating their desire to rapidly implement the Paris agreement. Luxembourg also announced its membership of the International Solar Alliance initiated by India in 2015. The leaders expressed their reciprocal support for seats at the United Nations, including the Security Council, where Luxembourg has supported the Indian candidacy for a non-permanent seat (2021-22) and will also support the candidacy for a permanent seat. India confirmed its support for Luxembourg's candidacy for the UN Human Rights Council for the period 2022-24. Close international collaboration for the fight against terrorism in all its forms was also discussed.

Prime Minister Xavier Bettel commented: “Relations between India and Luxembourg are excellent. They are spread over more than seven decades already and continue to diversify unceasingly. I welcome the many agreements that were signed on the sidelines of this virtual summit in the fields of trade, finance and even sustainable development. These agreements constitute a solid foundation from which we can further explore common opportunities. Renewable energies and green finance will play a fundamental role in this regard, which is why Luxembourg has decided to join the International Solar Alliance, launched by India in 2015. We share similar views in many areas and our two countries are strong promoters of multilateralism at the global level”.