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24 August 2012 - Luxembourg exploring business opportunities in Chandigarh Region
CHANDIGARH, AUG 24
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. This was stated by Gaston Stronck, ambassador of Luxembourg to India, in the city to explore business opportunities existing in the Region at a meet fielded by the PHD Chamber of Commerce and Industry.
Dwelling on the aspect of GDRs, he said almost 150 Indian companies are listed in the stock exchange of Luxembourg. Luxembourg, in spite of its 'tiny size' and a very small population of less than five million, had become an economic powerhouse of Europe with one of the highest GDP rates and financial growths. Claiming that his country, situated between Germany and Belgium in central Europe, is one of the largest financial hubs of the world, the Luxembourg ambassador said that his country apart from being a leading centre of private banking and wealth management institutions, had become the single largest hub for 'Investment Fund' with a total corpus of over 2200 billion Euros.
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.
Earlier while welcoming the guests, R S Sachdeva, Co Chairman, Punjab Committee, PHD Chamber said that “India has emerged as an important investment destination for domestic as well as international investors and it is the key element which has taken the country on a robust growth trajectory. India is considered as an ideal destination for investments on the back of vibrant democratic setup, presence of a vast network of bank branches, financial institutions, and a well-organised capital market”.
Dalip Sharma, Regional Director, PHD Chamber said “Over the past decade the Indian Economy has witnessed a paradigm shift and is on a robust growth trajectory. The Indian economy today boasts of a burgeoning annual growth rate, deep capital markets and liberalised foreign direct investment (FDI) regime. Indian markets have significant potential and offer prospects of high profitability and a favourable regulatory regime for investors”, added Sharma
The trade between India and EU is two way. While India’s major exports to Luxembourg are metals, machinery, manmade yarn and handicrafts. Luxembourg, on the other hand, exports machinery, artificial resins/plastics, iron and steel.