This article sets out trade and investment between India and Luxembourg, the financial sector links between the two countries, the Joint Commission with Belgium and Luxembourg, and the companies operating in each country. It is based on the MEA bilateral brief of June 2026, and the figures describe the position at that time.

Trade and investment figures

According to the MEA brief of June 2026, total trade with Luxembourg in 2024-25 was approximately USD 145.9 million. India's exports were worth USD 49.9 million and India's imports totalled USD 96 million.

FDI flows from Luxembourg to India from April 2000 to March 2025 stood at USD 5.18 billion. The brief states that this makes Luxembourg the 14th largest investor in India.

The brief states that trade and investment comprise an important element of India-Luxembourg relations.

Agreements

India and Luxembourg have a Double Taxation Avoidance Treaty (DTAA). The brief describes it, together with the Social Security Agreement and Civil Aviation Agreement covered in the practical article, as laying the fundamental basis for enhanced bilateral economic and trade cooperation.

During the virtual bilateral summit of 19 November 2020, an MoU between India International Exchange and Luxembourg Stock Exchange and an MoU between State Bank of India and Luxembourg Stock Exchange were signed. A third MoU signed that day, between the two countries' investment promotion bodies, is described in the practical article.

Stock exchange and bond listings

The "Lux GDRs India" Index was launched on the Luxembourg Stock Exchange on 01 January 2009. According to the brief, there are over 250 Indian issuers at the Luxembourg Stock Exchange, and Luxembourg based investment funds hold substantial banking and asset management market share in portfolio investments in India.

Since 2008, when the first Masala bond was listed at the Luxembourg Stock Exchange, the number of INR denominated debt securities listed there has been increasing steadily. The MoU signed between India INX and the Luxembourg Stock Exchange in November 2020 gives issuers and investors an opportunity to list and trade green bonds on the India INX platform "GSM Green", with an opportunity to dual list on the Luxembourg Stock Exchange.

GIFT City

The cooperation between Luxembourg's financial regulator and the International Financial Services Centres Authority (IFSCA) is described in the practical article of this guide. A 5-member delegation of IFSCA, GIFT City, including its Chairperson Shri. K. Rajaraman, visited Luxembourg on 26 and 27 February 2024 and held meetings with various financial services agencies, regulators and fund managers.

India-BLEU Joint Commission

The India-Belgium-Luxembourg-Economic Union Joint Commission (India-BLEU JCM), established in 1997, is the main forum for economic and commercial issues with Luxembourg and Belgium. The 18th India-BLEU JCM was held in New Delhi in April 2024, with comprehensive discussions on bilateral trade, investment and economic cooperation.

Ministerial and business visits

The brief states that Luxembourg's Foreign Ministers and Ministers for Foreign Trade and Investment regularly visit India with business delegations. It records the following:

  • H.R.H. Grand Duke Henri led an economic delegation to India in May 1995, when he was the Crown Prince
  • Mr. Georges Wohlfart, Secretary of State for Foreign Affairs and Foreign Trade, visited India in October 1995, May 1996 and April 1997
  • Mr. Luc Frieden, described in the brief as Luxembourg's former Minister of Budget and Treasury, visited India in January 2007
  • Mr. Jeannot Krecke, former Minister of Economy and Foreign Trade, led economic delegations to India in April 2007 and from 09-14 January 2010
  • Mr. Etienne Schneider, then Deputy Prime Minister and Minister of Economy, led an economic delegation to New Delhi and Mumbai from 29 February to 04 March 2016
  • Mr. Pierre Gramegna, then Finance Minister, visited Mumbai on 25-26 June 2018 for the 3rd Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB), and met the then Minister of Finance Shri Piyush Goyal

Finance Minister Shri Arun Jaitley held bilateral meetings with Mr. Gramegna in Ankara in 2015 and on 16 April 2016 in Washington D.C., on the sidelines of the annual meetings of G-20 Finance Ministers and Central Bank Governors.

Technology and the India-EU FTA

The June 2026 meeting between India's Commerce and Industry Minister and Luxembourg's Deputy Prime Minister, which covered fintech and financial services among other subjects and took place in the context of the recently concluded India-EU Free Trade Agreement, is described in the article on culture, science and exchanges.

Companies

Luxembourg based companies with business in India named in the brief include Arcelor Mittal, B Medical Systems, John Zink Hamworthy Combustion, Ceratizit, Amer- Sil Ketex, IEE, Traxys, Tractel Secalt, Rotarex, Hitech, Bernard-Massard, Bejimac, Boson Energy, which is involved in the Clean Ganga Mission, and Solar Cleano.

Prominent Indian companies in Luxembourg named in the brief include TCS, Wipro, Infosys, Tech Mahindra, Syncordis, Damco Solutions and Quantum Business Advisory.