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Luxembourg report
by Euro Reporter
2012-10-23 09:18:33 |
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Luxembourg invites Indian companies to raise funds
Faced with stable economic growth even in turbulent time in India, Luxembourg, the small European nation, has invited Indian companies to consider it as the gateway of Europe to access over 98% of the regions consumer in the very first day. Claimed to have the best investment destination in terms of raising money and listing on the country's stock exchange, Gaston Stronck, Luxembourg Ambassador to India, said, "We are proud to have ArcelorMittal, the world's largest steel producer headed by an Indian and headquartered in Luxembourg." Luxembourg offers Indian companies a favourable investment climate to tap the European Union’s markets effectively. Among European countries, Luxembourg has the lowest corporate tax rate of 29% and has halved the value added tax to 5.7% for corporates that register their intellectual property rights there.
Stronck further said that Luxembourg has the most efficient processes in place to set up a new company. In fact, he said, with all the required papers in place and a clear intention, one could get the clearance for setting up a company in just two days. The country also exempts Value Added Tax (VAT) on commodities at the entry point. Companies can set up warehouses in Luxembourg and pay VAT when goods are moved out of the country.
Global depository receipts (GDRs) of 150 Indian companies are already traded on the Luxembourg Stock Exchange including the biggest business houses in India. In the manufacturing sector, the country has much to offer as it is considered the pioneer in steel making technology and houses the largest steel manufacturing company, ArcelorMittal.
Stronck invited Indian companies to raise capital from Luxembourg being India's minuscule contribution of just €45 billion out of the total assets under management (AUM) of total €2,225 billion. Indian companies could consider setting up a global headquarter in Luxembourg, taking cue from ArcelorMittal, he added. Talking about the government's recent reform measures, Stronck said the government's measure to allow foreign direct investment in retail could improve the flow of investments into India. “We are lucky to have GDP in positive territory unlike many countries in the region. We have managed to beat the economic slowdown in other European nations as our country is more aligned to Germany which has been the bright spot amongst the European economy,” he said.
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Luxembourg and South Korea elected to U.N. Security Council
The U.N. General Assembly elected South Korea and Luxembourg -alongside Australia, Argentina and Rwanda - to the 15-nation U.N. Security Council on Thursday for 2013 and 2014 after two rounds of voting.
South Korea beat Cambodia and Bhutan to win the two-thirds majority of the 193-member General Assembly needed to secure the one Asia-Pacific seat. South Korea received 149 votes in the second round of voting.
Luxembourg won over Finland to take the second of two seats available for the "Western European and Others" group. Luxembourg picked up 131 votes. Australia won the first seat available to the group after the first round of voting.
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Luxembourg's heir ties the knot in royal wedding
Royalty from around the world flocked to one of Europe’s smallest countries on Saturday as Luxembourg’s heir-to-the-throne tied the knot. This was Luxembourg’s biggest royal event in years. Luxembourg's archbishop celebrated the Catholic wedding mass at the city's Notre Dame Cathedral, a day after Prince Guillaume and Stephanie de Lannoy, a countess from Belgium, had been legally married in a civil ceremony. Among the royals who attended were Britain's Prince Edward, Queen Beatrix of the Netherlands, Queen Margrethe II of Denmark, Belgian King Albert II, and Japan's Crown Prince Naruhito.
Thousands of ordinary well-wishers crammed into the centre of the city of Luxembourg on Saturday, hoping to catch a glimpse of the newlyweds. The ceremony was broadcast on a large screen in Luxembourg's main square. During the ceremony, the countess showed off her language skills, saying her vows in Luxembourgish.
Both the fact that the countess is to have her application to become a citizen of Luxembourg fast-tracked and the 500,000-euro ($651,000) cost of the wedding have been the source of discontent among some Luxembourg taxpayers. This point was not lost on Prime Minister Jean-Claude Juncker, who is perhaps better known internationally as the head of the Eurogroup of nations that use the euro currency. "The world is watching us. We aren't going to overdo it, but we mustn't make ourselves smaller than we are," Juncker said in a speech broadcast prior to the event. Luxembourg is one of Europe's smallest countries, with around half a million people inhabiting an area of just 2,586 square kilometres (998 square miles).
Euro Ovi+Europe euro-reporter Europe Ovi |
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