Ambassador of Grand-Duchy of Luxembourg, H.E. Peggy Frantzen stresses trade with West Bengal
Kolkata, 16 May 2022: Ambassador of the Grand-Duchy of Luxembourg, H.E. Peggy Frantzen during an interactive session hosted by Indian Chamber of Commerce (ICC) said on Monday, “Both India and Luxembourg are looking at initiatives to improve the supply chain network. Our priorities currently should be the trade between the financial sector and the innovative sector. Luxembourg intends to host thousands of tourists every year from India but due to covid and other reasons have taken a hit. But we hope to workout on the issue at the earliest. Together with West Bengal, we are also hopeful of exploring various opportunities in the healthcare sector of the state. Luxembourg also has an intention of initiating a health and life insurance campus in 2024 in Bengal.”
The bilateral trade between India and Luxembourg stood at € 46.22 million (USD 52.69 million) and India’s exports to Luxembourg mainly constituted of engineering products, textiles and garments, and chemicals while India mainly imported engineering goods, base metals, plastics and articles. FDI flows from Luxembourg to India from April 2000 to December 2020 stood at $ 3.339 billion making it the 16th largest investor in India. Luxembourg invests in computer software/hardware, chemicals, steel and the automobile sectors. Presently about 17 Luxembourg companies are operating in India. Luxembourg is one of the world’s most important financial centers. 79 Indian companies have raised capital by issuing Global Depositary Receipts (GDRs) at the Luxembourg Stock Exchange. It includes top Indian companies, such as Reliance Industries, Tata companies, Larsen & Toubro and Hindalco etc.