What were the key issues discussed during your meetings with Union ministers Jitendra Singh and Bhupathi Raju Srinivasa Varma?
We see many common interests between Luxembourg and India, with companies from both countries already working together. There are particularly interesting opportunities in sectors such as space, green steel, and financial services. We also discussed research and development (R&D), innovation, and how companies from India and Luxembourg can work more closely together.
As an open economy, Luxembourg wants to help its companies expand internationally. At the same time, we want Indian companies to use Luxembourg as a gateway to Europe. The objective is to build partnerships where companies on both sides complement each other.
Which sectors offer the biggest opportunities for Indian companies in Luxembourg?
It is not a one-way relationship. We want Indian companies to work through Luxembourg in the European market, but we also want Luxembourg companies to enter and expand in India.
Space is an important area. Luxembourg has companies such as SES, while India has a growing private space ecosystem. Indian companies are developing capabilities in satellite manufacturing and launch, while Luxembourg has expertise in satellite communications and related services. There is an opportunity to match these complementary capabilities.
Steel is another important area. Luxembourg has a strong steel industry, and companies such as ArcelorMittal are developing activities in India, including in green steel and R&D. Financial services and other business services are also important areas for cooperation.
Is there scope for cooperation between India and Luxembourg on clean energy and green technologies?
In Luxembourg, we currently produce around 25 per cent of our own energy. We have an integrated electricity market with Germany, so the two markets are closely connected. We know we can increase our own production, and our objective is to reach 37 per cent of our energy from green sources by 2030.
We have to recognise that Luxembourg does not have the same natural resources for renewable energy as some other parts of Europe. For example, we do not have the North Sea. So we need to look at how we can develop clean energy while working within these limitations.
Green steel is also an area where there is potential for cooperation between companies in Luxembourg and India.
How can Luxembourg’s position as a gateway to Europe benefit Indian companies, especially in the context of the India-EU free trade agreement (FTA)?
The India-EU FTA is very important in this context because it provides a framework with clear rules for businesses. Luxembourg is a small country, so it is relatively easy to get in touch with the right people and gain access to the ecosystem.
We also have a very international society. Around 5,000 Indians live in Luxembourg, and a large proportion of our population is foreign-born. English, French, German, and Luxembourgish are commonly used. This international environment makes it easier for companies to operate and connect with other European markets.
Luxembourg also offers political stability and continuity of economic policies. Companies know that when they invest in sectors identified as priorities, there is a long-term commitment to developing those ecosystems.
What other areas could see greater India-Luxembourg collaboration?
Innovation and artificial intelligence are increasingly important. Luxembourg is developing high-performance computing and quantum computing capabilities, not only for research but also to give companies access to advanced computing power.
Our startup ecosystem is developing, particularly in areas such as fintech. We have the House of Startups and the House of Fintech, where companies working in similar fields can collaborate. Luxembourg also has strong digital infrastructure and is investing heavily in fibre connectivity.
We should focus on sectors where capabilities are complementary and where there is scope for cooperation. For example, in health technology, we have companies that develop technologies that can be used in space and that could be interesting for Indian companies.
What is your assessment of the India-EU FTA?
For Luxembourg, as one of Europe’s most open economies, having clear and predictable rules for trade around the world is very important. The India-EU trade agreement will provide greater certainty for companies and help develop activities on both sides.
India is an important market for Luxembourg, which is why you see so many ministers from Luxembourg visiting India. Luxembourg Finance Minister Gilles Roth visited India in February. We see huge potential to deepen this relationship in trade, investment, finance, space, and innovation.