Seeks cooperation in pandemic battle.
Asserting that there was an enormous potential to additional ramp up financial engagement between India and Luxembourg, the third largest supply of International Portfolio Investments (FPI), Prime Minister Narendra Modi on Thursday pitched for strengthening ties in areas akin to monetary and digital applied sciences.
“There is a huge potential to expand economic engagement,” Mr. Modi mentioned, addressing the primary bilateral summit in 20 years by way of videoconferencing along with his Luxembourg counterpart Xavier Bette.
Luxembourg is likely one of the most vital monetary centres globally. A number of Indian firms have raised capital by issuing International Depositary Receipts on the Luxembourg Stock Alternate. Luxembourg-based funding funds maintain substantial banking and asset administration market share in portfolio investments in India.
Mr. Modi spoke about doable cooperation in coping with the financial and well being challenges posed by the pandemic, and invited Luxembourg to hitch the Coalition for Catastrophe Resilient Infrastructure (CDRI).
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