Bright Prospects for Indian Business Players in Luxembourg says Ambassador Mr. Stronck

“Luxembourg, the world’s second largest nation in terms of GDP Per Capita welcomes Indian companies to invest in its booming economy. The economy exhibits ease of doing business with strong geo-political situation, stable macroeconomic framework, optimal tax rates, access to financial capital and thriving R & D activities”, said H.E Mr. Gaston Stronck, Ambassador of the Grand Duchy of Luxembourg during an interactive meeting organised by MVIRDC World Trade Centre and All India Association of Industries with the Ambassador.

Enumerating on the bright prospects for Indian business players in Luxembourg Mr. Stronck said that the strategic location of the country gives access to the large consumption markets of the European Union. The country boosts of state of art logistics distribution system to aid the same.

Mr. Stronck noted that the Luxembourg Stock Exchange is the world’ leading financial centre. Investment funds worth Euros 2,615 billion have been raised world over in multiple sectors such as infrastructure, industrial development, renewable energy to name a few.  Mr. Stronck encouraged Indian companies to trade on the exchange. Mr. Stronck applauded the presence to nearly 170 Indian companies on the Exchange. Prominent Indian companies such as Ranbaxy, Tata, Larsen & Toubro, and Reliance are registered with the exchange and have raised capital from time to time.

Elaborating on prospective sectors for Indian companies Mr. Stronck said that the competent IT and ICT sectors of Luxembourg present bright business opportunities for the services driven Indian economy. The steel sector, satellite industry, cargo transportation were identified as other sectors for gainful investment.

Mr. Kamal Morarka, Chairman, MVIRDC World Trade Centre felicitated Mr. Stronck and Mr. Ashok M. Kadakia, the new Honorary Consul of Luxembourg.

Earlier, in his welcome remarks Mr. Vijay Kalantri, President, All India Association of Industries said the annual trade between India and Luxembourg stands at US$ 56.29 million with India’s imports from Luxembourg worth US$ 48.09 million while its exports worth US$ 8.20 million. The major items of India’s exports to Luxembourg include textiles and garments, engineering products and chemicals. The major items of India’s imports from Luxembourg are engineering goods, metals, plastics, textiles and garments, etc. Also, India is a leading foreign investment destination of Luxembourg with investments worth Euros 26. 4 billion.

Mr. Y. R. Warerkar, Executive Director, MVIRDC World Trade Centre proposed the vote of thanks.

The meeting was well attended by government officials, Consular Corps, industrialists and the business community.

March 20, 2014                                                                                       

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From L-R: Mr. Vijay Kalantri, President, All India Association of Industries, Mr. Sharad Upasani, Vice Chairman, World Trade Centre Mumbai, Mr. Kamal Morarka, Chairman, World Trade Centre Mumbai and H.E Mr. Gaston Stronck, Ambassador of the Grand Duchy of Luxembourg during an interactive meeting organised by All India Association of Industries and MVIRDC World Trade Centre Mumbai in honour of the Ambassador of the Grand Duchy of Luxembourg.