The Minister for Foreign Affairs and International Cooperation, Ratu Inoke Kubuabola met with the Honorary Consul for Fiji to Luxembourg in Brussels, Carl Philipp Thomas to discuss strategies to enhance cooperation with Luxembourg.
Talks were held on possible financing from the European Investment Bank (EIB) for Sugar, Energy, Agriculture, Microfinance, Disaster risk insurance and inter-island marine transport sectors. Possible collaboration in the banking and insurance sectors was discussed at length given Luxembourg’s strategic advantage in that arena. Luxembourg is the world’s second largest investment fund center (after the United States), the most important private banking center in the Eurozone and Europe’s leading center for reinsurance companies.
The Honorary Consul also offered to assist in the promotion of Tourism in Europe at the Tourism Fair to be held in Luxembourg in January 2015. Other methods to improve investment flows into Fiji such as a Double Taxation Agreement, a possible dedicated investment fund for Fiji in Luxembourg and other investment protection initiatives are also being considered by the Minister.
Luxembourg is the second richest country in the world with an advanced economy and the world’s second largest GDP per Capita. Its central location has made it a strategically important country and several institutions and agencies of the European Union are based in Luxembourg.