GIFT City featured as background screen by PM Modi in India – Luxembourg virtual summit

Gandhinagar: The Prime Minister of India, Narendra Modi, and the Prime Minister of the Grand Duchy of Luxembourg, Xavier Bettel, today held the first-ever India-Luxembourg Virtual Summit. In Gujarat perspective, the background picture behind Prime Minister Modi was interesting and eye catching, as it was featuring Gandhinagar based GIFT (Gujarat International Finance Tec) City.

GIFT City was chosen to be featured in the background in connection with one of three Memorandums of Understanding (MoUs) signed today on the occasion of India-Luxembourg Virtual Summit.

MoU between GIFT City Gandhinagar based India International Exchange (India INX) and Luxembourg Stock Exchange was signed on the sidelines of the summit.
This MoU according to Ministry of External Affairs, Government of India, provides for cooperation in financial services industry, maintenance of orderly markets in securities respective country, ESG (environmental, social and governance) and green finance in the local market.

The joint statement reads: Underscoring the importance of green financing to promote green growth and sustainable development, the two leaders welcomed the signing of cooperation agreements by the Luxembourg Stock Exchange with State Bank of India and the India International Stock Exchange. They also shared the view that the proposed agreement between the regulatory authorities “Commission de Surveillance du Secteur Financier” (CSSF) and the Securities and Exchange Board of India (SEBI) would deepen bilateral cooperation in the financial sector. In this context, they expressed their commitment for further strengthening cooperation in the area of financial services. Prime Minister Bettel highlighted that Luxembourg, as a leading international financial centre in Europe, can act as an important bridge to help connect India’s financial services industry with international markets and reach European and global investors.

During the summit, Luxembourg Prime Minister in his opening remarks also mentioned a yesterday’s truck accident in Vadodara in Gujarat in which 11 persons were dead and condoled the deaths. Prime Minister Modi had tweeted about this accident yesterday.