Luxembourg Eyes Trade Opportunity in India

MUMBAI, INDIA - H.E. Mr. Etienne Schneider, Deputy Prime Minister and Minister of Economy, Grand Duchy of Luxembourg paid an exploratory visit to India with a 35-member high level delegation from Luxembourg.

Senior officials of the World Trade Centre Mumbai and All India Association of Industries (AIAI) held an interactive meeting with H.E. Mr. Schneider and his delegation members on March 4, 2016 at World Trade Centre Mumbai.

During the meeting, H.E. Mr. Schneider informed that his delegation visited India to explore the trends and opportunities for investments in this country on the backdrop of the progressive policy measures taken by the Indian government. The delegation members are looking for partnership with India in the sectors like steel, logistics, automotive, Information Technology, communication, financial services.

Mr. Schneider mentioned that the bilateral trade between Indian & Luxembourg is hardly US$ 51 million today and he expects it to double in the next 3 years, as Luxembourg is growing at 5.2% and has a control on inflation and attracts second largest investments in Europe.

Mr. Vijay Kalantri, Vice Chairman, Word Trade Centre Mumbai, speaking on this occasion, pointed out that this is the most opportune time for foreign companies to invest in India as the domestic economy is growing at a strong pace, the government is improving the ease of doing business in the country and welcoming foreign investment in the manufacturing sector through ‘Make in India’ programme. Mr. Kalantri suggested companies from Luxembourg should invest in India now by taking advantage of the stabilized commercial real estate prices in the country and the governments Make in India projects.

The MoU signed by All India Association of Industries (AIAI) and World Trade Center Mumbai with the Chamber of Commerce of the Grand Duchy of Luxembourg and Indian Business Chamber of Luxembourg, on this occasion in the presence of H.E. Mr. Etienne Schneider, Deputy Prime Minister and Minister of Economy, Grand Duchy of Luxembourg aims to further bilateral trade between the two regions.

The meeting was attended by Mr. Sumit Mullick, Chief of Protocol & Addl. Chief Secretary, Government of Maharashtra, H.E. Mr. Sam Schreiner, Ambassador of Luxembourg in India and Mr. Ashok Kadakia, Honorary Consul General of Luxembourg in Mumbai, Ms. Rupa Naik, Executive Director, AIAI, Capt. Somesh Batra, Vice Chairman WTC Mumbai and Mr. Sharad Upasani, Vice Chairman WTC Mumbai and members delegation, industrialists, Government officials and others.

PHOTO: H.E. Mr. Etienne Schneider, Deputy Prime Minister and Minister of Economy, Grand Duchy of Luxembourg being felicitated by Mr. Vijay Kalantri, Vice Chairman, World Trade Centre Mumbai during a meeting at WTC Mumbai. Also seen in the photo is H.E. Mr. Sam Schreiner, Ambassador, Embassy of Grand Duchy of Luxembourg in India

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