On Thursday 18 February 2016, Deputy Prime Minister Étienne Schneider headed a Luxembourg delegation at the 10th session of the Joint Commission on Economic Cooperation between the Belgo-Luxembourg Economic Union (BLEU) and the Russian Federation.
Acting as a coordinating institution, the Commission is composed of reprensentatives of Russian, Belgian and Luxembourg authorities in charge of economic and trade relations in their respective countries. The Commission's mission is to improve the investment climate of and trade relations between these three countries.
Étienne Schneider, who is also the Grand Duchy's Minister for the Economy, was accompanied to Moscow by a business delegation of representatives of the Chamber of Commerce. Discussions at the meeting centered around the four main components for Luxembourg companies, namey logistics, transport, industry and innovation.
"Russia has great potential and important advantages for foreign investors," Étienne Schneider commented after the meeting. "This is illustrated by the fact that a Luxembourg company recently launched a battery production plant for the automotive industry in the Samara region. The strong Luxembourg presence here in Moscow shows that many companies are willing to implement new projects in Russia."
The Grand Duchy is listed as the third largest investor in Russia. Several industry flagships are active on the Russian market in the industrial production sector, such as Guardian, Paul Wurth, Astron-Lindab and Accumalux; as well as the logistics sector, namley Cargolux and CFL Multimodal.
Photo by Luxembourg Presidency (Étienne Schneider)
