Deputy PM Declares Successful Economic Mission in India as Business Relations Made

On Friday 4 March 2016, Deputy Prime Minister and Minister of the Economy, Étienne Schneider, met with the heads of several Indian companies in Mumbai to conclude Luxembourg's economic mission in India.

The main objectives of the mission were to look for new business opportunities in the country, as well as strengthen existing economic relations between Indian and Luxembourg companies. The mission involved the signing of two Memorandums of Understanding (MoU) between Paul Wurth and Heavy Engineering Corporation Ltd and between the two countries' Chambers of Commerce, as well as a meeting between Étienne Schneider and senior officials of Indian IT company Tech Mahindra. On the third day of the mission, the Luxembourg Deputy PM met with the leaders of Indian companies Essar Limited, Reliance Group and Aditya Birla Group.

The economic mission ended with an economic seminar entitled 'Luxembourg: Your Prime Business Hub in Europe', organised in Mumbai by the Chamber of Commerce alongside the Luxembourg Embassy and local partners. During the seminar, the economic and financual environment of the Grand Duchy was presented to the Indian business community.

"We achieved our main goals: to strengthen trade relations between our two countries and present the attractiveness of the Grand Duchy in terms of investments to international Indian groups wishing to develop their presence in Europe," commented Étienne Schneider following the economic mission. "Growth in India now exceeds that of China. Consequently, the Indian economy is seeking foreign investment, which represents opportunities for Luxembourg companies, especially in the steel sector."

The MoU signed between Paul Wurth and Heavy Engineering Corporation Ltd. could see investments made exceeding €20 million, depending on the evolution of the steel market. Additionally, Luxembourg steel and mining company ArcelorMittal recently launched a cooperation with the public company Steel Authority of India (SAIL) to create a joint venture which will involve an estimated investment of €800 million.

Photo by Luxembourg Government (L-R: Nikhil Meswani, Head of Reliance Industries Limited; Étienne Schneider, Deputy Prime Minister, Minister of the Economy of Luxembourg)