Luxembourg offers the best logistics for exporting to EU: Jeannot Krecke
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On the dais, from right, are Mr. Patrick Nickles, Managing Director, Luxembourg Board of Economic Development; Mr. Subhash Mittal, Convenor, FIEO Committee on IT & EP; Mr. Ganesh Kumar Gupta, President, FIEO; Mr. Jeannot Erpelding, Head of Regulatory Affairs, Alliances & Strategy Development, Cargolux Airlines International SA; and Mr. Ajay Sahai, Director General, FIEO. |
Luxembourg’s Minister of Economy and Foreign Trade, Mr Jeannot Krecke has exuded confidence that his country would soon conclude Double Taxation Avoidance Treaty with India. Addressing a seminar organised by FIEO in collaboration with Luxembourg Board of Economic Development on 23rd April at New Delhi, he informed that he was scheduled to meet the Indian Finance Minister and Commerce Minister in this regard.
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Talking about the trade between India and Luxembourg, the Minister said the trade volume between the two sides continues to remain low despite an increase of 40% last year. He urged the two sides to focus supply chain management and logistics services to boost the trade volume. He drew the attention of the participants towards the proximity enjoyed by Luxembourg with the ports of Antwerp, Rotterdam and Hamburg and said his country provided efficient export driven logistics facilities for all the countries exporting to EU. The Minister claims that Luxembourg is best suited for distributing goods to various parts of Europe. Luxembourg is considered to be the financial heart of Europe and the Minister feels that India could join hands with his country for its capital requirements. FIEO President Mr. Ganesh Kumar Gupta also felt on this occasion that as India was looking towards massive inflow of foreign capital for the development of its infrastructure like roads, ports, airports and power, Luxembourg could be an ideal source of such fund as asset management companies having more than Euro 1900 Billion were stationed in Luxembourg. Indian infrastructural investments for the next five years are estimated at US $320 billion. During the seminar, Mr Patrick Nickels, Managing Director, Luxembourg Board of Economic Development made a presentation on Luxembourg as a logistic hub. He said Luxembourg is the 7th largest financial centre in the world and has the second largest investment fund industry in the |
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H.E. Mr. Jeannot Krecke addressing the gathering. |
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Mr. Patrick Nickles making a presentation |
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A view of the participants. |
world. "Luxembourg has transformed itself from industry based economy in 1970 to services based economy in 2006 and currently services accounts or around 80% of its GDP. Government of Luxembourg is giving major thrust to logistics sector and is trying to position Luxembourg as European platform for intercontinental logistics and wants to establish Luxembourg as a logistics hub at the junction of major North-South and East-West railway corridors. Luxembourg has the 5th largest European freight airport with 1,000,000 tonne annual freight handling capacity. It has more than 120 companies specialised in handling, warehousing and supply chain management. Having 550 transport companies and favourable tax regime on fuel, Luxembourg has excellent connectivity with major European highways. To further strengthen the logistics sector, the Government of Luxembourg is developing a Logistics Park in 50 hectares in the vicinity of airport, which will have rail/road interface, highway connection and piggyback opportunity." Said Mr. Nickels.
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Mr. Ganesh Kumar Gupta (left) exchanging Visiting Cards with H.E. Mr. Jeannot Krecke Minister of the Economy and Foreign Trade, Government of Grand Duchy of Luxembourg. |
Mr Jeannot Erpelding, Head of Regulatory Affairs, Alliance & Strategy Development, Cargolux Airlines International S.A. made a presentation on the operations of Cargolux, which is Europe’s leading airfreight carrier. "Cargolux operates a dense network of regular, direct flights to all continents. With its modern air cargo centre, speedy ground handling and excellent air/road/rail/water connections to markets, Luxembourg is the logistical airfreight hub par excellence." He said. Speaking further, Mr Erpelding informed that Cargolux had Indian operations based in Chennai and was about to expand its operations to other cities very shortly.
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Mr. Subhash Mittal (right) presenting a bouquet to H.E. Mr. Jeannot Krecke. |
Earlier, while welcoming the Minister and accompanying delegates, Mr Subhash Mittal, Convenor, FIEO Committee on IT & EP pointed out how Indian exports were growing at a high speed with a compounded annual growth rate of over 25% during the last three years. "India offers tremendous investment opportunities in the field of special economic zones, infrastructure like ports, roads, airports, power and social infrastructure like health," he said. Mr. Mittal sought investments from Luxembourg in these sectors.
FIEO Director General Mr. Ajay Sahai while concluding the proceedings of seminar observed that Indian economy was on upswing and its GDP was about to touch one trillion US dollar shortly and as per a forecast it would reach two trillion by 2015. Well, India’s GDP touched one trillion mark the very next day.
