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Luxembourg offers Russia to train experts for new joint business projects - minister

April 29, 2013, 16:29 UTC+3

Russian investment in the economy of the Grand Duchy reaches a mere 4.4 billion euros

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LUXEMBOURG, April 29 (Itar-Tass) - Luxembourg is ready to become a “springboard for Russian businesses into Europe,” Minister of the Economy and Foreign Trade of Luxembourg Etienne Schneider told Itar-Tass on Monday.

“To effectively develop the existing business contacts to day and create new joint projects we need to look into the future and train specialists familiar with the realities of both our economies,” Schneider pointed out. According to him, “that’s why Luxembourg proposes to Russian universities to send their students for practical training to universities of the Grand Duchy.” “The development of direct personal contacts between our youth is the best way to create the basis for future partnership,” he stressed. “We have active business relations, however their potential is fact from being fully used,” Schneider believes.

“Luxembourg is traditionally characterised by developed financial infrastructure and has all the prerequisites for the development of new eco-and biotechnologies,” the minister indicated. He also stressed the logistical advantages of Luxembourg, which is located “in the heart of Western Europe, between France, Germany and Belgium.”

Schneider said that Luxembourg, “despite its modest size,” already holds the third place among the main countries investing in the Russian economy with 28 billion euros. Russian investment in the economy of the Grand Duchy reaches a mere 4.4 billion euros.

Luxembourg investments are aimed in the first place at the production sector of the Russian economy. Companies registered in Luxembourg most willingly invest in the metallurgy, machine building industries, in the production of glass and construction materials, as well as in the production of telecommunications equipment and high-technology materials.

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