Luxembourg is willing to share its knowledge as a world leader in green finance Photo: © SIP / Jean-Christophe Verhaegen

Luxembourg is willing to share its knowledge as a world leader in green finance Photo: © SIP / Jean-Christophe Verhaegen

On 9 February, Colombian president Iván Duque Márquez and his delegation arrived in Luxembourg on a diplomatic mission to strengthen bilateral relations and sign a double taxation agreement.

The Colombian president was accompanied during his Luxembourg visit by a delegation of finance minister José Manuel Restrepo Abondano, environment minister Carlos Eduardo Correa Escaf and transport minister Ángela María Orozco Gómez. They were greeted by prime minister Xavier Bettel (DP) at Luxembourg's airport. Deputy prime minister François Bausch (déi Gréng) joined Bettel and the Colombian delegation for talks in Senningen Castle.

"I am pleased that president Duque has accepted my invitation for a working visit to Luxembourg. Our countries share many priorities, among which the fight against climate change and the preservation of biodiversity are certainly of the highest order. I am very pleased with the close relations that our countries have built and will continue to strengthen, including the signing of a double taxation agreement between our Finance Ministers,” said Bettel.

Luxembourg-based satellite operator SES has cooperated with Colombian company Integra Multisolutions (IMS) in the field of internet services for business, government projects and residential use. President Duque and his delegation will visit the SES company headquarters in Betzdorf.

Capping off discussions Bettel congratulated Colombia on its hard fought and  “historic peace process, which has put an end to decades of conflict and violence.”

Despite the Colombian government signing a peace agreement in 2016 with the revolutionary armed forces of Colombia (FARC), ending a 52-year armed conflict, violence resurfaced at the beginning of 2022 on the border between Colombia and Venezuela.

On 10 February finance minister Yuriko Backes (DP) and her Colombian counterpart, José Manuel Restrepo Abondano, signed an agreement aimed at avoiding double taxation and preventing tax evasion related to wealth and income taxes. Colombia is seen by the grand duchy as a promising market for the distribution of Luxembourg investment funds in Latin America.

“This new tax treaty, which is fully in line with the latest and highest international standards of transparency and the fight against tax evasion, allows for the further development of economic relations by facilitating investments between our two countries,” said Backes.