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12-14 June 2012 - Luxembourg plans policy to facilitate easy business visas
Huge business opportunities exist between Luxembourg and India: Gaston Stronck, Luxembourg ambassador to India
KOLKATA: A slew of business opportunities exist between India and Luxembourg in the financial and infrastructural sectors.Luxembourg being one of the world's leading nations in terms of accumulation of capital and globally ranked second in financial investments, is a prospective investment destination for Indian stakeholders belonging to the financial sector.
This was stated by Gaston Stronck, ambassador of Luxembourg to India, in the city on Wednesday at a meet fielded by the Indian Chamber of Commerce.
The total amount of capital investment in Luxembourg's financial sector is worth 2200 billion euros, of which Indian investment is around 40 billion euros, said Mr Stronck.
Renowned finance and mutual fund companies like JP Morgan, Fidelity and Franklin Templeton, which operate in India, are either headquartered or have the major operating units at Luxembourg, which increases the possibility to access capital in the country. Luxembourg can be treated as a wealth management centre in the European Union, said Mr Stronck.
Dwelling on the aspect of GDRs, he said almost 150 Indian companies are listed in the stock exchange of Luxembourg, among which 8-10 companies operate in West Bengal, including organizations like ITC and Usha Martin. Being a market for blast furnaces finds ArcelorMittal, the world's largest steel producing company, headquartered at Luxembourg.
Logistics & Information and Communication Technology (ICT) are other potential sectors for investment. Luxembourg has the biggest ICT industry in EU, said Stronck.
Its geographical advantage - with the proximity to the vast Western European market - a stable government, the presence of a sound technology and infrastructural base and a strong financial regulatory body are some factors which have spurred the country to be a frontrunner in the finance and industrial sectors. According to Mr Stronck, Luxembourg enjoys a highly competitive tax structure among EU nations and a low VAT slab of 15%, which are reasons for attracting investors’ interest.
"The country also sports a highly qualified labour force of international standard. At the same time, Luxembourg offers common IPR norms for all 27 EU nations, which should strengthen investor interest in the country," Stronck concluded.