Luxembourg asks northern industry to invest in the European country

CHANDIGARH: Luxembourg Ambassador to India Gaston Stronck today invited the industry of northern region to invest in the European country to cement the bialteral trade between the two nations.

The Ambassador was here to explore business opportunities between India and Luxermbourg at an interactive session organised by PHD Chamber.

He said in his address that 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," he said.

Stronck said almost 150 Indian companies are listed on the stock exchange of Luxembourg.

Luxembourg, in spite of its "tiny size" and a very small population of less than five million, has become an economic powerhouse of Europe with one of the highest GDP rates and financial growth, he added.

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 had become the single largest hub for 'Investment Fund' with a total corpus of over euros 2200 billion.

He said logistics and Information and Communication Technology (ICT) are other potential sectors for investment as Luxembourg has the biggest ICT industry in EU, said Stronck.

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, he said.