President Kagame hosts deputy prime minister of Luxembourg

By Esther Muhozi
On 19 June 2024 at 09:22

President Kagame received Deputy Prime Minister and Minister of Foreign Affairs, International Trade, and Cooperation of Luxembourg, Xavier Bettel, and his delegation in Rwanda, engaging in talks aimed at strengthening the relationship between the two countries.

The Office of the President announced that on June 18, 2024, President Kagame met with Deputy Prime Minister Xavier Bettel, who is on an official visit to Rwanda. Prior to meeting with the President, Bettel had meetings with other government officials to discuss the partnership between Rwanda and Luxembourg.

Rwanda and Luxembourg have a well-established and cooperative relationship. For instance, in October 2021, the Government of Rwanda and this Western European country signed a cooperation agreement aimed at developing the operations of the Kigali International Financial Center (KIFC).

The agreement focuses on enhancing the Kigali International Financial Center by building the capacity of its personnel and improving operational capabilities to elevate the center to an international level.

Additionally, Rwanda and Luxembourg have agreements in place to prevent smuggling and tax evasion.

Luxembourg is a very small country, covering an area of 2,586 km², with a population of about 645,000 people.

Economically, Luxembourg is often referred to as the "Paradise of Europe" due to its significant development since gaining independence in 1890.

The country’s GDP is $86 billion, with an average per capita income of $133,000 per year.

The financial sector is the backbone of Luxembourg’s economy, contributing over 30% to the country’s GDP and providing employment for over 50,000 people.

Despite its small size and population, Luxembourg hosts 128 banks, many of which are major international institutions.

The country is also a hub for financial oversight and asset management, ranking second globally in asset management, behind the United States.

Luxembourg’s financial institutions manage assets worth at least $5 trillion.

Life expectancy in Luxembourg is 82 years, with free healthcare and education for all residents, and free public transportation within the country.

President Kagame received the Deputy Prime Minister, Minister of Foreign Affairs, International Trade, and Cooperation of Luxembourg, Xavier Bettel.
Luxembourg and Rwanda have a well-established relationship and cooperation agreements in various sectors.