Networking: The Indian Business Chamber of Luxembourg marked its third anniversary Monday evening with a conference highlighting the importance of Luxembourg-Indian business cooperation.

“IBCL is a bilateral chamber and acts as a gateway between India and Luxembourg,” Sudhir K. Kohli, the IBCL’s president, said during the event. “In addition to promoting Indian interests, it is also promoting the interests of Luxembourg.”

He noted that “total yearly income of urban households in India is expected to reach $30 trillion by 2030,” with plenty of opportunities for firms in the Grand Duchy.

For example, Kohli was optimistic that Luxembourg can be successfully marketed as the prime European hub for India’s fast-growing generic drugs makers. At the same time “the Indian financial sector can learn lessons from Luxembourg” in private banking and investment funds, while India’s conservative banking culture could be attractive for the Grand Duchy’s financial institutions that are looking abroad.

Kohli was also keen to point out that in September Luxembourg’s embassy in New Delhi is expected to begin issuing visas to Indian visitors--a job currently handled by the Belgium embassy--and so “IBCL is keen in promoting Luxembourg not only as a tourist destination but as a tourist hub.”

At the same time, Kohli told special guest Etienne Schnieder, the Grand Duchy’s economy and trade minister, that “it will be beneficial for Luxembourg if it could make it easier for qualified workers from India or other such countries to come and work in Luxembourg with a special condition that they rent or buy their houses in Luxembourg” as opposed to relying too heavily on cross-border commuters.

He said “this will strongly help in increasing Luxembourg’s working population living in Luxembourg at a faster pace, thereby not only assist in meeting the additional pension fund requirements but will also add value in growth of its economy through sales and in creating employment.”