Launching a direct flight connecting Luxembourg to India was among the proposals made at a seminar on cross-border investments on Wednesday.
The idea was put forward by international tax expert Stéphane Pellet, a partner at “Etude Felten & Associés” at a seminar organised by the Indian Business Chamber Luxembourg (IBCL).
“We should be able to establish a flight route between Luxembourg and India, probably through Dubai,” he told the audience at the Luxembourg Chamber of Commerce in Kirchberg, adding: “When considering all the concerns and all the targets of the Indian investors, that could be on the agenda for the next government and for the chambers of commerce supporting.”
Mr Pellet outlined the import and export trends between the two countries, explaining that while there has been a steady increase since 2005, figures remain lower than those between China and Luxembourg.
He highlighted a number of opportunities, which Luxembourg could exploit, namely to position the country as a European hub for currency exchange to be held in rupees.
He said: “There's probably an opportunity here for Luxembourg to establish itself as a place where we can have this kind of swap exactly as you see with China.”
The country's next goal, he said, should be to compete effectively with countries like Mauritius, through which 43 percent of investment to India is done.
Mr Pellet's speech was preceded by a talk from Sainton Basu, Partner & Co-Head of India Group at Penningtons Solicitors LLP.
Mr Basu gave a detailed presentation on how companies should go about establishing cross-border investments in India.
“When you go out of this room, the message we want you to take with you is that India is open to Luxembourg for business and here is how to tackle the issues,” he said. A copy of his explanatory notes will be published on the IBCL website.
The next trade mission from Luxembourg to India is expected to be held in Spring 2014.
To find out more about IBCL, please visit www.ibcl.lu