NEW DELHI: Luxembourg today said it is looking for investment avenues in India for its companies and invited domestic firms active in automobile, pharma and IT sectors to set up ventures in the European country.
“We are here to learn more about opportunities for Luxembourg companies to invest in India, which has shown strong economic growth and even overtook China last year in economic growth,” Deputy Prime Minister of Luxembourg Etienne Schneider said.
He was speaking at the seminar on ‘Luxembourg: A prime Business Hub in Europe’, organised by CII here. A small country with less than 5 lakh people and strong GDP, Luxembourg is strategically placed at the heart of Europe, making it a convenient logistic centre for companies.
He congratulated the Modi Government for carrying out reforms which have boosted investment in infrastructure projects and created job opportunities. Schneider invited Indian companies for setting up joint ventures in sectors like automobile, pharma and IT in his country.
Luxembourg offers the investors friendly economy and lowest corporate tax. Global depository receipts of nearly 150 Indian companies are already traded on the Luxembourg Stock Exchange, he said.
During his visit to India, Schneider called on Union Steel and Mines Minister Narendra Singh Tomar and discussed the proposed JV between state-run SAIL and ArcelorMittal, a multinational steel manufacturing firm headquartered in Luxembourg.
Schneider said Luxembourg steel industry had played a key role in his country’s formative years and that some companies are leading players in the modern steel and green technology space. In last one decade, the country has diversified into sectors like financial, information communication technology, space, satellite and logistics, he added.
“If I had to draw a first conclusion from this week’s visit, I can say with great confidence that I see a lot of potential for increased cooperation between Luxembourg and India,” Schneider said. “We tend to see ourselves as bridge builders and I am keen to start building additional bridges between our countries and our people.”
“The strong macro-economic environment and stable, predictable and transparent policy regime makes India an attractive destination for investors from Luxembourg,” said Ashank Desai, CII Member (Western Region) at the meet.
