Luxembourg 2009

THE FINANCIAL EXPRESS (ALL EDITIONS) AN EXPRESS INTERNATIONAL REPORT JUNE 23, 2009 AT A GLANCE Area 2,586 sq km Population 500,000 (40 % are foreigners) Broadening ties with India Languages Luxembourgish, German, French, English Currency Euro Political System Constitutional Monarchy Parliamentary Democracy Head of State HRH Grand Duke Henri GDP (PPP) 2008 estimate ✪ Total $40.025 billion (97th) ✪ Per capita $82,306 (2nd) GDP (nominal) The Heart of Europe 2008 estimate ✪ Total $54.973 billion (65th) ✪ Per capita $113,044 (1st) Pursuing a pro-active economic development policy, Luxembourg is taking concrete Main industries Banking and financial serv- steps to expand beyond European borders. Hitherto unknown in India, it is ices, iron and steel, infor- gradually increasing its presence and aims to attract sizeable Indian investment mation technology, telecommunications, cargo transportation, food pro- s you scan the map of Europe, Knebeler, elaborating on the concept of tions and agencies of the European A cessing, chemicals, metal you will come across a tiny dot commuter population. Knebeler, "Daily Union. Post World War II era has wit- products, engineering, nestled between Belgium, thousands of workers from neighboring nessed the nation making a rapid tires, glass, aluminum, France and Germany. Hardly Germany, France and Belgium come to progress in the economic sphere. The tourism noticeable, that tiny dot is Lux- work in Luxembourg and leave in the economy is largely dependent on the embourg - one of the most prosperous Eu- evening for their respective nations. Cur- banking, steel, and industrial sectors. ropean countries. rently, it is estimated that nearly Main export partners Luxembourg's economic prosperity 160,000 cross border workers commute Access to decision makers Germany 21%, France hinges on its geography. Positioned at an between Luxembourg and its neigh- Underlining the importance of Luxem- 16.3%, Belgium 9.2%, enviable location where it has several of bors". Due to this, Luxembourg's job bourg as a hub for business, Knebeler United Kingdom 8.3%, the most industrialized and prosperous na- market is exceptional in Europe. The sit- makes a vital point. "While every coun- Italy 7.5%, Spain 6.6%, tions of Europe as its neighbors, Luxem- uation began to change in the 90s when try in Europe can offer more or less the Netherlands 4.3% bourg has seen a significant flow of invest- the international commuters really same red carpet to the business and in- ment from these countries. Informs started to come in large numbers. This vestor community in terms of incentives, Jean-Claude Knebeler, Director of For- economic immigration was welcome amenities et al, one thing that sets Lux- Main import partners eign Trade, "Located between the two considering the lack of local workforce. embourg apart is the accessibility to de- Belgium 28.2%, Germany largest markets of Europe - France and A high wage level, a low unemployment cision makers. Whether you are a small 21.8%, the People's Repub- Germany, Luxembourg makes for an ideal rate, moderate tax rates and multicultur- or a mid sized or a large corporation, you lic of China 12.8%, France destination to conduct business. We have alism: all these factors lie behind the won't have to wait endlessly to get an au- 9.6%, Netherlands 5.1% an efficient air, road and rail network that decision of the international commuters dience with the relevant Minister to dis- connects to all the leading ports, cargo to come and work on the other side of cuss your case, which is the case with hubs and airports in Europe. We are indeed the border, points out Knebeler. other nations". a small nation but we are so strategically Notwithstanding its small size Luxem- Perhaps it is because of this speed and placed that within a one -hour flight you bourg has played a key role in the forma- efficiency that runs in its system which has can cover all the markets which constitute tion of numerous organizations that have enabled it to stave off the crisis. At a time 80% of Europe's GDP- in essence are any changed the face of Europe post World when the reputation of countries all over Indian company's target in the EU." War II. Luxembourg is a founding mem- the world had taken a beating due to the Size does matter. With a population ber of the European Union, NATO, OECD, economic slowdown, Luxembourg was of under half a million inhabitants of the United Nations, Benelux, and the one of the few nations less affected. Says which nearly 42% are foreigners, Lux- Western European Union, reflecting the Knebeler, "Our ability to stay afloat de- embourg holds the distinction of the sec- political consensus in favour of economic, spite the crisis can be partly attributed to ond highest GDP per capita in the world political, and military integration. The our small size, as the government could - a statistic flawed due to the presence of city of Luxembourg, the capital and react swiftly to the crisis, using ressources a large commuter workforce. Says largest city, is the seat of several institu- stockpiled during better times." MESSAGE ances, air cargo, information tunities in Luxembourg. IBCL to technology and consulting. On the other hand, I am very pleased that an ever growing The financial sector in general is one of the most promising fields. Being listed on the further ties number of Indian companies Luxembourg stock exchange IBCL’s launch has paved the way discover Luxembourg as an through global depository re- ideal location to establish a per- ceipts has become the preferred for furthering relationship manent base. Located in the solution for Indian companies between the two countries. heart of Europe, Luxembourg is who want to have access to the a gateway to the European mar- huge euro-zone capital mar- elations between India and Luxem- H.E. Marc Courte, ket with more than 500 million consumers. Due to its political and social stability, skilled and kets. On the other hand, Luxem- bourg is home to the second largest investment fund indus- R bourg have stepped into a new direc- tion. The recent launch of the In- dian Business Chamber of Luxembourg is Ambassador of multilingual workforce, state- try in the world. It holds a very testimony to the fact that the two countries Luxembourg to India of-the-art infrastructures, excel- significant market share in port- are taking bilateral relations very seriously. lent connectivity to markets, fa- folio investments in India. For This includes a much closer business rela- take great pleasure in ad- vorable legal environment and Indian banks, a presence in Lux- tion and opening up of opportunities where I bourg. dressing you in this special issue dedicated to Luxem- attractive tax climate, Luxem- bourg offers an exceptional range of assets and opportuni- embourg can give easy access to the whole European single market, allows to tap the mu- corporates can look at setting up bases in each other's country. In the ongoing economic scenario Small size, outstanding effects. Over the last years, the Lux- ties for doing business. tual funds expertise and to gain where recession has played spoilsport and embourg government has Let me highlight a few exam- from the proximity to the head- thereby halted many a countries eco- taken several steps to further ples of the complementary quarters of the European In- nomic prosperity, Luxembourg and India broaden its relationship with In- character of our economies: vestment Bank, one of the are two nations which have by and large dia, especially with the aim to India's automotive industry biggest infrastructure lenders remained unaffected by this turmoil. The promote trade and investment is thriving. Luxembourg on the in the world. reason lies in the size of the two countries between our two countries. other hand has a very active au- I am convinced that new - India due to its large size and population Luxembourg has become better tomotive components industry. horizons in our economic rela- has a high domestic consumption while known in India especially since Most cars produced in Europe tions will be opened soon : A Luxembourg though small but with a fan- Lakshmi Mittal established today have parts "Made in Lux- bilateral agreement to avoid tastic location and a huge commuter pop- headquarters of ArcelorMittal, embourg" inside them. As India double taxation has been ulation has been witnessing progress in all the world's leading steel com- starts exporting cars to Europe, adopted and will enter into spheres of industry. pany, in our capital. If he did so, there is ample space for highly force very shortly. The agree- "The two countries can make the best it is because Luxembourg has a interesting synergies between ment will boost the bilateral of the situation by forging closer ties and lot to offer, especially in terms of the respective industries. trade and stimulate the flow of launch of IBCL is the first step in this dian attractive business and legal Many Indian companies capital, technology, and per- rection", stated Sudhir Kumar Kohli, framework. I am glad to see that need a solid logistical base to sonnel from India to Luxem- President, Indian Business Chamber of our bilateral trade has tripled distribute their products in Eu- bourg and vice-versa. Luxembourg. between 2002 to 2007, reach- rope. To those of you who have I would like to conclude by For India, Luxembourg is one destina- ing a peak of 52 million euros. a European customer base: encouraging you to visit Luxem- tion which will suit the needs of Indian Yet there is most certainly room have you thought about the nu- bourg and see for yourself the businessmen as it is regarded a hub of lo- Fall in love. In the heart of Europe the Grand Duchy of Luxembourg gleams with its multitude of facets. for improvement. The reason is merous geographical, legal and numerous advantages our gistics, finance and ICT. Innovation-driven companies, state-of-the-art technologies and cutting-edge R&D make Luxembourg a certainly not a lack of opportu- infrastructural advantages country and its businesses Both India & Luxembourg believe in diamond of timeless beauty. An irresistible, trustworthy and flawless partner for your international business. nity. Maybe we do not yet know which would make Luxem- have to offer. Whether you are globalization, free trade, flow of goods and each other well enough. bourg your ideal hub ? an entrepreneur looking for services, flexibility and investment in skills Luxembourg. Small country, safe values. India is of major interest to The IT sector has crucial po- business opportunities or a of people. They are open to business and our companies who are eager tential. Software applications traveler interested in Luxem- are welcoming companies and investments to find new business partners. play a key role in the banking, bourg's cultural highlights, I in different sectors. India's economy has www.luxembourgforbusiness.lu Several Luxembourg compa- financial services and insurance can assure you that our Em- been growing and forms a large part of the nies have already established a industry which is one of the bassy and our Trade Office are global market place. One can feel the im- foothold in India, operating in country's biggest strength. In- always at your full disposal and portance of India more in Luxembourg such diverse fields as steel indian firms are experts in this can be conveniently reached at now because of the successful presence of dustry, engineering, appli- field and will find ample oppor- newdelhi.amb@mae.etat.lu ArcelorMittal, added Kohli. For further information log on to www.ibcl.lu

2 Your prime business location The Financial Powerhouse Characterised by a strong investor protection culture and rigorous anti money-laundering policies, Luxembourg financial centre is Are you looking at reaching a prosperous 500 million consumer indeed the best bet for corporates around the world market? Look no further as your search ends at Luxembourg. he Luxembourg financial centre is one of the come a "gold standard" in the global investment fund Thanks to its strategic location, 80% of the EuropeanUnion's GDP can be serviced in a radius of 700 km T largest in the world and a key contributor to the economy. To cite a few examples, Luxembourg is the second largest investment fund centre in the market and Luxembourg UCITS are accepted for distribution in markets as far afield as Asia and Latin America, and are widely distributed in India. world, behind the United States, with over 1,500 bil- In the institutional sphere, specific regulatory lion euros under management at 31 March 2009; it frameworks have been created for alternative invest- is also the leading captive reinsurance centre in the ment funds, venture capital companies, international European Union and the largest private banking cen- pension funds, the Specialised Investment Fund for tre in the Eurozone. institutional and informed investors, covered bonds The success of the financial centre is grounded in and securitisation vehicles; and there is a dedicated the social and political stability of the Grand Duchy vehicle for managing family wealth, the société de ges- and on a modern legal and regulatory framework that tion de patrimoine familial or SPF. is continuously updated, inspired by regular consul- This legal framework, combined with Luxem- tation between the government, the legislator and the bourg's openness to the outside world and expertise private sector. The Luxembourg financial centre is char- in handling the needs of an international clientele, has acterised by a strong culture of investor protection and attracted banks, insurance companies, investment rigorous anti money-laundering policies. fund promoters and service providers from around Luxembourg was the first EU Member State to im- the world. An illustration of this can be found in the plement the UCITS Directive, which created a single investment fund area, where the largest market shares Q uietly and steadily, Luxembourg has over time access to all European countries. As a result, European market for retail investment funds, in 1988. by country of origin are held by the United States, the years emerged as a hub for finance, lo- numerous international companies are shipping The Grand Duchy rapidly developed a niche market Switzerland and Germany. The first two are not EU gistics, ICT and automotive components. their products through Luxembourg to tap the Eu- in this area, thanks to its multilingual, multicultural Member States but have chosen Luxembourg as a Today, the country has a large number of ropean market. workforce. As a small state, Luxembourg has always bridge to the European Union and a hub for global international banks and a fairly strong turned to the export market and this experience en- distribution. Germany, on the other hand, is an ex- and prosperous steel sector. A quick look at some of The financial sector abled the financial centre to win - and hold on to - a ample of an EU Member State that has chosen Lux- the factors which positions it as the prime business Luxembourg is the No 8 financial centre worldwide 75% market share in the cross-border distribution of embourg because of its particular expertise in cross- location in Europe: and No 2 centre in the world for investment funds. investment funds. The UCITS product has since be- border distribution. The Luxembourg Financial sector has more than 150 Strategic location credit institutions from 26 different countries. Num- Located in the heart of Europe, Luxembourg is the ideal gateway to the European market with over 450 ber two in investment funds, Luxembourg today has a large and efficient banking network. Though the BIZ BRIEF million consumers. The nation has one of the best country's domestic market is relatively small, the locations in Europe. It has the continents' three top banking sector is predominantly international. At BOURSE DE mann. "We continue to accom- in Mumbai, we recently an- most industrialised countries as its neighbours, the end of March 2009, there were 152 banks in Lux- LUXEMBOURG pany our customers on potential nounced that we would start which include Germany, France and Belgium. The embourg, with over 27,000 employees. Germany ac- growth markets and reinforce our building a manufacturing plant in country is well-connected and has a highly ad- counts for the largest-single grouping of banks, with Founded in 1928 as a for-profit position at the crossroads of the Chennai to manufacture hot run- vanced airport and state-of-the-art highways. Scandinavian, Japanese, and major US banks also organisation, the Luxembourg major trade flows worldwide". ners both for local needs and ex- Luxembourg is a magnet for talent. Over 40% of heavily represented. Total assets exceeded Euro 929 Stock Exchange is Luxembourg's The airline also specialises in port markets. We aim to develop the resident population are foreigners and over 45% billion at the end of 2008. The European Investment major listing centre of interna- the transportation of outsize ship- the Chennai facility as a hub for of the workforce commutes into the country each Bank - the financial institution of the European tional bonds, equities and investments, perishable goods and live our Asia Pacific business". day. These foreigners are more likely to have a higher Union - is also located there. ment funds. It is an independent animals. education qualifications than the European average. Finance provides directly around a quarter of Exchange and was initially the Today, the airline has the best ENGINEERED The on-going project to grow the country's post-grad- GDP and so is one of the key drivers of the Lux- market for Luxembourg shares. flee in the world. It uses a fleet of PACKAGING CENTRE uate focused university and public research centres embourg economy. There is extensive expertise Today the Exchange has a net- 16 B747-400 freighter aircraft is boosting the skills of locals and attracting knowl- in a range of activities, with the two key pillars work of domestic and interna- and 20 trucking contractors to Established in 1991, Engi- edge-workers from around the world. country's rivers. Business travellers like the variety, being investment funds and private banking in tional banks and close links to move valuable and time-sensi- neered Packaging Centre (EPC) Due to the small domestic market businesses quantity and quality of hotels and the country boasts which Luxembourg is respectively the 2nd and 6th networks of main intermediaries. tive commodities on its world- has today emerged as the leader have to export to thrive, so road, rail, air and water numerous facilities for business meetings, seminars in the world. It has achieved this by adapting to In 2009, the Luxembourg wide network, covering over 90 in the packaging industry. Under- connections are state of the art. From the neighbour- and conferences. new regulations and understanding international Stock exchange migrated its secu- destinations. lining the philosophy of the coming regions with nearly 11 million consumers, the A vibrant and varied cultural life provides enter- markets, under the supervision of a sensitive but rities to the NYSE Euronext UTP In 2005, Boeing announced pany Claudy Antoine, Managing focus then moves to the rest of the eurozone, the EU tainment and enlightenment for every taste. Music strict regulator. platform. The Exchange also has the launch of a new aircraft, the Director says, "The Corporation, and then the world. For example, Luxembourg hosts lovers are well served: from classical music per- Promoters have found Luxembourg the ideal a cooperation agreement with Boeing B747-8, which features which believes in the philosophy the corporate headquarters of a wide variety of busi- formed at the world class Philharmonie to interna- place to base the administration of their funds be- Belgrade Stock Exchange. reduced fuel burn as well as lower of full customer satisfaction, has nesses: ArcelorMittal, the globe's biggest steel tional super groups and emerging stars of popular fore repackaging them for different markets. This for- The Exchange today has over noise and atmospheric emissions. always paid special attention to maker; RTL Group, a major European broadcaster; music at the Rockhal, to name but the two biggest mula now dominates Europe and significant in- 3,500 issuers from 105 different Cargolux is one of the two innovation so that it can provide SES Global, the world's leading satellite firm; Car- venues. Award-winning museums showcase artis- roads are also being made in Asia and South countries, 55 sovereign issuers launch customers for this next its customers with top quality golux, the 10th largest cargo airline (5th largest Eu- tic and historical treasures, whilst a variety of the- America. Private banking allows wealthy clients and 13 supranational institu- generation aircraft, with a firm packaging services". ropean cargo airport) and the number one internet atres stage plays in a variety of languages. Added to from around the world to structure their invest- tions. About 90 percent of issues order for 13 aircraft and purchase EPC's management team is telephony firm Skype. The country is a major pro- this, numerous cultural and entertainment events ments efficiently. are in types of EMTN and listing rights for an additional 10 units composed of experienced manu- duction, research and development hub for other are staged throughout the year including open air Luxembourg is also a popular centre for corpo- is in over 30 different currencies. of the new B747-8F freighter. The facturing and packaging profes- world class businesses too including Goodyear, Del- concerts, parties and seasonal markets and rate finance, with many multinational groups estab- The Luxembourg Stock Ex- first 747-8F will join the Cargolux sionals. The company offers to its phi Automotive, chemicals firm Dupont and glass fairs.Whilst there are the more Michelin stared lishing their head offices in the country. Cross bor- change has been active in listing fleet in the second half of 2010. customers a full service approach makers Guardian. All these businesses are part of restaurants per capital than anywhere else, there is der life insurance is also a thriving sector and there depositary receipts since the In a renewed focus on the In- "just in time" in a variety of fields national and regional clusters. also a wide choice of more basic good-cooking. Con- are also international pension options as well. 1960s. First listing of GDR was dia market, Cargolux resumed its such as quality assurance, new Expatriate families can also find schooling for their noisseurs know of Luxembourg's specialisation in There are over 150 banks from 23 countries with done in December 1990 for Sam- India operations from Chennai in packaging concept development, children in their mother tongues with a range of first- high quality, restricted production Moselle wines. balance sheets approaching one trillion euros. sung Corp and by the end of De- May 2009. It may be recalled repackaging, warehousing, and class international schools, included two dedicated Added to this, the country's high living standards Nearly 3,500 funds are domiciled in the country, with cember 2008 it had 223 quota- Cargolux had a regular cargo delivery to final destination. to English. and low crime rates mean it frequently ranks towards net assets in excess of 1.5 trillion euros. Over 50 life tion lines for depositary receipts, flight service to India but tem- EPC is a company specialised to top of global quality of life studies. So whether insurance firms operated from Luxembourg along the majority being GDRs from porarily suspended it 2 years ago. in the B2B added value chains. An attractive business environment you are coming for a weekend, a week, a year or a with nearly 40 non-life companies, writing business companies in 20 countries The company's profile includes Luxembourg's economic policies are based on the lifetime you will find yourself in Luxembourg. in excess of 12 billion euros. One must add to this around the world. Market capi- HUSKY inspection, packing, storing and strengths of private initiative and innovative spirit. 250 reinsurance companies. Luxembourg's stock talisation from all countries was shipping. The company has state- A free market approach gives business broad free- Logistics exchange specialises in the listing of bonds, with around EUR 23 billion. Husky Injection Molding Sys- of-the-art storage facilities. The dom of action. Rigid bureaucracy and cumbersome With its excellent connectivity to markets Luxem- more than 3,500 issuers from over 100 countries India continues to be an impor- tems is today one of the most rec- company is providing packaging red tape are unknown. The Luxembourg Govern- bourg has today emerged as an ideal logistics hub present. Luxembourg is also the home of the lead- tant centre for the Luxembourg ognized brands in Luxembourg. services in the fields of pharma- ment actively encourages investment and innova- for added value logistics activities. Luxembourg air- ing international clearing and settlement house Stock Exchange. Says Antoine The company, which has more ceuticals, electronics, chemical, tion through a legal and regulatory framework de- port is the 5th largest air cargo hub in Europe and Clearstream. Wagner, "The majority of GDRs than 40 service and sales offices, food, cosmetics and non food signed to support business creation and economic home base of Cargolux, Europe's leading air freight listed in Luxembourg are from In- supporting customers in over 100 items and has well known names development. Luxembourg's fiscal climate is among carrier. With its modern air cargo centre, speedy ICT as a natural consequence dia, which include 129 companies countries is a leading supplier of as its customers such as Sun Mi- the most favorable in Europe with the lowest VAT ground handling and efficient processes, Luxem- Financial services expertise has also helped other sec- with market capitalisation of injection molding equipment and crosystems, L'Oreal, Editus to rate, moderate corporate income tax and an attrac- bourg is the logistical airfreight hub par excellence. tors, and not just in terms of the need to develop skills. around EUR 7 billion." The top In- services to the plastic industry. name a few. tive personal income tax. Moreover, efficient railway connections to the ports For example, the requirement for banks to keep their dian issuers include Reliance In- The company has today come The company's charter in- of the North Sea make Luxembourg a hinterland port data safe has seen the growth of many sophisticated dustries, L & T, ITC, Reliance to be known for its innovation, cludes a policy based on Quality, Social and political stability of Antwerp, Zeebrugge, Amsterdam, Rotterdam data centres and business continuity facilities. Communications, Hindalco In- sate-of-the-art manufacturing fa- Safety and Environment en- Social conflicts can usually be avoided thanks to and Hamburg. In addition, train links to Southern According to Tom Kettels, senior advisor, Min- dustries, Grasim Industries and cilities and impressive product meshed in all aspects of health regular consultation between the social partners Europe are facilitated by an public - private part- istry of State, media & telecommunications depart- Teledata Informatics. line up. Husky designs, manufac- and consumer safety. and the Government, known as the "Luxembourg nership which offers a road/railway piggy-back ment, Luxembourg has successfully embraced the tures and integrates the indus- Model". This is just one of the reasons why there service between Luxembourg and the French/Span- IT revolution while strengthening its position in the CARGOLUX try's most comprehensive range LCF ROTHSCHILD has hardly been a strike over the last century! Coal- ish border. media sector linked to the presence of two European of injection molding equipment, lition Governments have traditionally con- Importing goods into the EU generally triggers giants in the field, namely RTL Group in media and Established 40 years ago, Car- including machines, molds, hot Known as the hub of finance, tributed to political stability and continuity of eco- import declaration, prefinancing of value added SES in satellite transmissions for multiple applica- golux today is one of the world's runner and robots. The com- Luxembourg today has the high- nomic policies. tax (VAT) and other duties in the European coun- tions. Other multimedia and telecommunications leading airlines operating sched- pany's main manufacturing facil- est number of banks in the world. try of importation. Thanks to an easy access to gov- companies have followed suit, leading to the growth uled and charter services on a ities are located in Canada, US, Amongst these is Banque Privée ernment and custom authorities, these procedures of a closely-knit ICT network. network covering all continents. Luxembourg and China. Edmond de Rothschild Europe A good place for living can be made straightforwardly in Luxembourg with- "With its first-class infrastructures and telecom- The company measured in tonne- Husky has been growing (BPERE), which is one of the most Although rooted in northern European culture, Lux- out any red-tape. While, most European countries munication networks, as well as a culture of trust kilometers flown, today ranks in stronger with each passing year prestigious banks of Luxembourg. embourg's diverse, multinational population brings ask for immediate payment of the import VAT, in Lux- and security reflected by an appropriate legal 9th position worldwide. In Eu- and in 2007 the sales figures BPERE is part of the Geneva the sights, sounds and tastes from every corner of embourg such payment is shifted to the VAT return framework, Luxembourg is the ideal place to serve rope, Cargolux is the largest all- stood at a staggering $1077 mil- based LCF Rothschild Group every continent. Set on a dramatic horseshoe shaped automatically and unconditionally. Therefore no as a global hub for the distribution of digital au- cargo airline. lion. The turnover in 2008 stood with has operations in 17 coun- valley, Luxembourg City has a uniquely attractive cost is linked to the prefinancing of import VAT in diovisual content, such as music downloads, video- The airline's network links at $1.2 billion dollars. Recently tries with more than 30 offices feel steeped in history, setting it apart from other Luxembourg. on-demand, pay TV and digital radio and televi- many of the world's most impor- as a part of its global expansion worldwide and staff strength of medium-sized towns. The so called "Gibraltar of In combination with these factors, an important sion transmissions," informs Kettels. As a result, tant production centers of indus- plan, the company announced a 2500, The LCF Rothschild the North" is a Unesco World Heritage Site. Out in number of qualified players (i.e. handling agents, Luxembourg has become home to the 'stars' of the trial, automotive and consumer series of investments that would Group has been wining acco- the countryside, nature lovers will appreciate the op- forwarding agents and logistics technology ICT sector:, Amazon, iTunes, eBay, PayPal, Voda- goods through its hub in Luxem- help to retain its leading position lades for the quality of their pri- portunities offered by the Ardennes forests and the providers) provide quality service allowing just-in- fone, REAL, Rakuten and Skype are household bourg. The company has paid in hot runners. These include ex- vate banking services ever since names who elected Luxembourg as platform for the special attention to its R&D net- panding its technical centre in its establishment in 1953. The European market. work and is constantly adapting Shanghai, China, increasing its Group manages over 100 billion its network to changing market hot runner manufacturing capac- Euro in assets for private and in- Communication is in Luxembourg´s DNA demand and trade flows. ity at its technical centre in Sao stitutional clients and provides Having a listening, responsive government has "At Cargolux, we continue to Paolo Brazil. services in advisory and wealth played an important role too. For example, seeing adapt our structures to grow in India too stands high on the management services. that private sector supply may not keep pace with line with the global air freight company's expansion It is on a major expansion demand, the state is backing the Luxconnect fibre market", says Cargolux scheme. Says spree not only in Europe but also optics project which will guarantee that local play- President and CEO, Volker Neuber, worldwide in two major sectors: ers have all the bandwidth they need to serve their Ulrich Ogier- VP Service and Private banking and assets man- clients. So equipped with fully redundant backbone Sales, "While agement. With India high on its connections to Paris, Frankfurt, Brussels, London..., we already had agenda, it has partnered with a first rate supply of data centres and a range of busi- a presence in Axis Bank to provide wealth ness incubators, the infrastructure is in place to al- India through management solutions to over- low businesses to thrive. The state has also played our sales office seas Indians. As part of the agree- a major role in the development of the electronic cer- ment, Banque Privée Edmond de tificates company LuxTrust, which ensures secure Rothschild Europe will provide on-line communication. They also were behind the its expertise in wealth manage- LU-CIX (Luxembourg Commercial Internet ex- ment solutions while Axis Bank change Point) project which helps internet service will be the custodian of the rela- providers exchange traffic between their networks. tionship with the customer.

3 As Indian Inc. increases its global footprint, Luxembourg, A one stop solution rolls out red carpet for Innovation and superior customer care are the two Indian pharmaceutical principles that define CTI Systems, which has today and IT industry emerged as a leading player in Luxembourg TI Systems, one of the leading corporate Pretreatment (Shot blasting - degreasing - pickling Inviting India Inc. C G houses in Luxembourg, is today rated as the - iron or zinc phosphatizing - nano surface treatment) best when it comes to innovation, technology G Coating (cataphoretic coating - powder coating - au- and providing after sales support. tophoretic coating - wet paint coating) "CTI Systems was founded in 1962 as a customized G Curing (air dryers - infrared dryers) uxembourg offers a drugs or medical disposal could perhaps the reason why Indian equipment manufacturer for the handling and storage Waste water treatment L G wide range of assets be shipped in bulk to Luxem- IT companies like TCS and of goods and materials. Today, the company is provid- G Air cleaning systems and opportunities for bourg where they could be con- Wipro have already established ing systems for efficient and cost effective solutions" doing business in Eu- verted into capsules or packed offices in Luxembourg. While says Rene Jost, Chief Executive Officer, CTI Systems. MRO (maintenance, repair and overhaul) and rope especially for Indian com- according to EU standards be- those large companies have al- The company is today providing a wide range of serv- painting solutions of aircraft: panies active in the pharmaceu- fore distributing them inside ready reaped some benefits ices in the fields of: G Teleplatforms and crane systems tical industry or the IT business. Europe. Another promising av- from their presence in Luxem- G Docking systems enue of opportunity is to make bourg, plenty of room is still Turn-key intralogistic solutions for: G Engine handling in test cells Indian pharmaceutical busi- use of Luxembourg as a hub to available for ingenious SME's G High bay warehouses and ComStore warehouses for G Omnidirectional carriers and lifting platforms nesses to profit from Luxem- serve the African market as Car- looking to get a foothold in the heavy-duty loads bourg's logistics advantages golux, the home base airfreight lucrative European market. G Surface treatment lines Commenting on the company's prime focus on the India has a large and fast grow- carrier, operates direct flights G Production and assembly lines aviation industry Jost says, "The company is providing pharmaceutical industry to major capitals in Africa. Conclusion G Complete installations for manufacturing processes ing superior services in the field of aviation technol- producing a wide range of med- Looking at the present state of ogy such as Line maintenance tasks, which include Major projects ical products ranging from Luxembourg IT and Financial affairs between India and Lux- Turn-key surface coating solutions for surface inspections, minor repairs, aircraft paint tasks, wash- Some of the prestigious projects that the company has generic drugs to medical dis- sectors rely on Indian IT solutions embourg, those two business treatment, production and assembly lines: ing & cleaning to name a few". come up with in 2008 include: posals. Numerous Indian phar- Luxembourg is one of the proposals offer huge opportuni- CTI Systems has a strong global presence with of- Aircraft & Aerospace Industry: maceutical producers, such as world's most dynamic financial ties to be seized by ingenious fices in Germany, Dubai, Malaysia and USA and has G A380 crane and teleplatform system for FAL (final Ranbaxy or Dr. Reddy's, have centres, featuring expertise in companies and entrepreneurs. 1,000 installations world-wide. assembly), B777 docking system for overhaul and already decided to tap in the the areas of investment, inter- If larger Indian companies Manufacturer of custom, computer controlled maintenance hangar and a state-of-the-art A320 European market by either in- national finance and e-com- have already found their ways equipment for automated material handling, heavy- docking system for maintenance hangar in France. creasing their exports or by es- merce. It hosts numerous inter- to Europe, the Luxembourg duty storage and surface treatment systems as well G A380 crane and teleplatform system for MRO (main- tablishing facilities. With its 500 national banks, insurance Board of Economic Develop- as production and access equipment. CTI Systems is tenance, repair and overhaul) in China. million inhabitants and its companies as well as various ment (BED) can provide assis- strategically located to provide cost-effective inte- health consciousness, the Eu- other institutions from the fi- tance to interested investors in grated solutions. Turnkey intralogistic installations: ropean market offers huge nancial sectors. To serve the re- order to help them assess in- In addition to custom products and equipment, CTI G Fully automated high bay warehouse for transport- growth opportunities for Indian quirements of these players, the vestment opportunities in Lux- Systems offers a planning service for clients: prob- ing and storage of mineral wool stacks and sandwich pharmaceutical companies. ICT sector has rapidly evolved. embourg. The BED will also lem analysis, material flow concepts, control concepts, panels in Finland. With its open and export- Luxembourg has invested heav- guide them through each step backup-strategy, material flow management, simu- G Fully automated high bay warehouse for transport- driven economy, Luxembourg is ily and created one of the most of the investment process with lations, specifications, turnkey project management. ing and storage of 24 m long medium section bun- fully integrated into the EU advanced ICT infrastructures to customized help fitting the The company which has always paid special atten- dles in United Kingdom. common market, thus offering the filling availability of IT spe- company's precise require- tion to R&D has also always kept the interest of the the ideal gateway for foreign cialists. The country has also ments. customer as one of its top priority. At the same time Turnkey surface coating installations: investors to the European single welcomed numerous IT special- For more information, please CTI Systems, an ISO 9001 accredited has always G Fully automated ComStore warehouse for coating market. As Luxembourg has ists from around the globe. With contact: Alok Bhardwaj, Execu- maintained very high standards. processes of assorted girders and profiles in The continuously strengthened its the belief that companies tive Director, Trade and Invest- Commenting on CTI System's relationship with its Netherlands. position as an intercontinental should focus on their core busi- ment Office of Luxembourg customers Jost says, "Beyond commissioning of a G The company has also delivered several fully auto- hub in Europe, Indian compa- ness, process outsourcing of Board for Economic Develop- system, we support our customers. CTI offers a full mated production systems including assembly sys- nies could reap the benefits of some IT solutions and services ment at New Delhi range of service support to guarantee a trouble-free tem and surface treatment system with cataphoretic, Luxembourg logistics' advan- to highly qualified specialists is Tel : +91 11 2680 1966 and reliable system operation. The CTI Hotline of- autophoretic, dip and powder coating installations tages to penetrate the European well accepted in Luxembourg Fax : +91 11 2680 1971 fers rapid response in analyzing, identifying and cor- for trailers, trailer parts, busses and cooling compo- market. For example, generic and Europe in general. This is E-mail: alok.bhardwaj@mae.etat.lu recting issues". nents in Germany and Austria. Hard material matters this is the core belief of CERATIZIT. Through profound knowledge and highly flexible production facilities we strive to provide our business partners with direct competitive advantages in the field of hard materials for tooling solutions and wear parts. Our dedication to hard material matters creates intelligent solutions for tomorrow and time to come. We maintain a close dialogue with our customers and strive for long-term business partnerships. The CERATIZIT corporate value the views and focus of our business partners matter is a guiding principle for all CERATIZIT employees worldwide. With around 4000 employees the company achieved a turnover of more than 600 million EUR in the last fiscal year. wear parts / cutting tools / wood machining / stone working CERATIZIT S.A. CERATIZIT India Pvt. Ltd. Route de Holzem 101 58, Motilal Gupta Road - Barisha 8232 Mamer - Luxembourg 700 008 Kolkata - India Tel: +352 312 085-1 Fax: +352 311 911 Tel: +91 33 2494 5435 Fax: +91 33 2494 1472 info@ceratizit.com info.india@ceratizit.com www.ceratizit.com Luxembourg, the prime business location. www.bed.public.lu

4 Pioneers in technology Surging ahead at full throttle CERATIZIT is making its presence felt at the global level and is taking Paul Wurth has a long tradition in the Luxembourg industry. aggressive steps to increase its scope of activities World leaders in iron making technologies, the company considers India amongst its most important market he economic surge that T the world was experi- encing at the beginning of 2008 was abruptly halted with the economic recession which hit the globe in the later half of the previous year. Paul Wurth too was hit but with its solid portfolio of technologies art of the Austrian major Thierry Wolter, Member of the Ex- strengthen its position in North America. and extensive international P Plansee Group, CERATIZIT is one of the world's top five producers of hard materials. Headquartered at Luxembourg, it is sup- ported by a sales network spanning over ecutive Board says, "Our dedication to hard material matters and creates intelligent solutions for tomorrow and time to come". One of CERATIZIT's strengths is the Based in Latrobe, the Company has now become CERATIZIT's head office and logistics centre for its US operations. To further expand the global sales network, new offices have been opened and hobs KEY PRODUCTS Wear parts: carbide specialties, discs, PCB blanks, tool and dyes, knives, nozzle Wear part industries: Metal forming presence the company was able to withstand the turmoil. Commenting on the cur- rent scenario Steffen Koehler, Senior Manager Corporate 50 countries worldwide. A leader in the possibility to manufacture blanks and in Mexico and China. The company has Cutting tools: Drilling, turning, milling, Marketing says, "The two fac- material science technology, the com- finished, round and flat carbide wear a strong presence in India and is taking parting & grooving, threading and multi- tors that give us the confi- function tools pany's annual turnover stands at a stag- parts for different applications accord- the India market very seriously. "We have dence to face these chal- gering 600 million Euro and it currently ing to customer's requests. our office in India at Kolkata. Our staff Cutting tools industries: Automotive, lenges are the quality of our aerospace, railway industry, distribution employs over 4000 people. Says Thierry Wolter, "There is a con- strength in India stands at 150 employ- products and the skills of our partners, tool makers, roll machining, bar CERATIZIT is committed to tech- stantly growing demand and we try to ees", adds Mr. Wolter. At the CERATIZIT peeling, bearings, turbines and petro employees". nological leadership & employ state follow up by consequent investments. production site in Kolkata, 150 col- industry. The global leader in iron engineering consultancy serv- SAIL, Tata Steel, Bhushan of the art manufacturing techniques Multispindle machines are common for leagues design, produce and sell carbide Wood machining: Tips for circular saws, making technologies, Paul ices and software for planning Steel, Rashtriya Ispat Nigam like robotic presses, extrusion presses, our production. The CERATIZIT car- products. Ashwani Sareen, Managing indexable knives, blanks for profiling, rods, Wurth has a rich 140 years ex- and design, simulating and Ltd are among our prized cus- injection moulding, sinter hip, in bide grades are supporting short deliv- Director, says "Industry is booming in strips, drill tips, blanks for routers. perience behind it. With a operating complete plants. tomers whom we are supply- house cvd & pvd coating & many more. ery time and reproducible quality with India at the moment. Not only Indian Stone machine tools: Hammer tips and portfolio of about 650 While its main target is the ing with blast furnaces and The company deals in a wide range highest precision". companies are growing and expanding. masonry tips patented inventions, running iron & steel industry and the other technologies. We re- of products, which include inserts & CERATIZIT has benefited from fa- Also more and more multinational hold- Working Industry: Tips for Masonry drill, 25 business subsidiaries and non-ferrous metals sector, cently won major new orders tool holders for turning & milling, mss vorable economic conditions in Asia and ings are starting up production plants in Hammer drill, Glass drills. being represented in more Paul Wurth is also active in the for the construction of blast system for parting, grooving, thread- Eastern Europe, as well as from strong India. It is becoming increasingly impor- than 40 countries, the Paul other industry branches and in furnaces and coking plants in ing, ecocut - special design for drilling, demand in the NAFTA region. The com- tant to stress the fact that we have not tries. Moreover, the Indian team is not Wurth Group is today one of the public sector. the country." turning, boring with one tool. pany's most important customers are in only CERATIZIT India within the group, only in the cutting tool business. For the world leaders in the design With 1400 highly skilled With a team of some 80 ex- CERATIZIT is the world market the engineering, aerospace, energy and but also CERATIZIT in India." The most more than two years they have produced and supply of complete plants, staff and 25 subsidiaries, the perts, Paul Wurth India pur- leader in selected industry sectors for transportation industries. important industry sectors for CERA- and sold wear part items, mainly cold systems and processes as well Paul Wurth Group has a solid sues a policy of close contact unique and consistently innovative The integration of US company New- TIZIT India are the automotive, aero- heading pellets for the Indian market. as specialized mechanical global presence in all the ma- with the most eminent Indian hard material products. CERATIZIT comer Products enabled CERATIZIT to space, bar peeling and oil & gas indus- The company is active in the steel equipment for the iron making jor steelmaking markets, and Steel producers. Relying on provide their business partners industry and deals in Carbide sector, including blast fur- India continues to be one of its own engineering capabilities with direct compet- Rolls for hot naces and auxiliary plants, major markets. Commenting and local supplies, Paul Wurth itive advantages, rolling, TC coke making plants and direct on the India operations, India operates in a very dy- and in this manner Rings, Guide reduction plants. Koehler says, "In India the namic market and is presently remain on the path- Rollers. Paul Wurth's range of prod- company started its activities involved, with other Group way of continuous ucts stretches from specialized in the early 80s and we forged entities, in a number of ambi- growth. equipment items to complex some close relations with tious blast furnace construc- integrated systems through to leading Indian companies. tion projects. An Express International initiative For feedback / comments / advertising queries : international@expressindia.com A special thanks to the Embassy of Grand Duchy of Luxembourg, New Delhi. The wonderland of Europe design, engineering, installation & Want to escape the city's maddening heat commissioning of complete systems and also refresh your eyes with some scenic beauty then we suggest you take a trip to Luxembourg - the wonderland of Europe maintenance, repair, overhaul and painting solutions of aircraft turnkey intralogistic solutions for high bay warehouses, production and f you are planning on a trip to Eu- Ministry of Public Works and the I rope then this is the right time to go. The European continent’s cool summer is a splendid way to beat the British Embassy residence. The Ancient Jesuit College, which was founded in 1603 attracts many assembly lines Indian summer heat. So as you pack tourists. The college is now home to your bags and leave for your Euro- the National Library. pean break, do not forget to visit tiny Luxembourg's Bock cliff is known Luxembourg. The little country is the for the beautiful views it provides to turnkey surface Green heart of Europe and once you visitors. There are beautiful views of land at the Luxembourg airport, you the suburb of Grund and of the Rham coating solutions will be left awestruck by the marvels Plateau, also of the barracks built by for surface the country has to offer. Rest assured Vauban (1865), the big towers and re- you will feel like coming back again mains of the Wenceslas wall (1390). treatment lines, & again. Chemin de la Corniche is com- production and The city is a perfect blend of the monly known as "Europe's most ancient and the modern. The people beautiful balcony." At the southern assembly lines are hospitable and the country base of the Chemin de la Corniche, boasts of some very good scenery. the Citadelle du St. Espirit provides There is much more in Luxembourg spectacular panoramic views of both than you can imagine. The city the river valleys and the lower town WWW.CTISYSTEMS.COM boasts of numerous forts and majes- rich with quaint cobblestone streets tic modern buildings. Luxembourg and serving the area's late-night was one of the world's most power- crowd. ful fortresses for many centuries and The Ardennes region is a scenic many of these relics have been pre- served. The fortifications are now wonderland for bikers. Bikers who prefer riding with a group can take PLEASE CALL FOR home to many parks and gardens. The city also has many bridges and part in various sporting events, including guided tours. However, cy- PERSONAL CONSULTATION: interesting architecture in addition to many banks and other attractions. The City of Luxembourg and its an- clists are also welcome in other parts of Luxembourg, including the Minette region with its canyon +352/2685-2000 cient quarters and fortifications were scenery, Gutland brimming with designated a World Heritage Site by meadows and forests, Moselle offer- UNESCO in 1994. ing views of refreshing vineyards, Worth visiting is the Ancient Bas- and Mullerthal known for its grand tion Louis, which is situated near the rock formations.

Luxembourg 2009

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