The Grand Duchy of Luxembourg as one of the founding members of the ASEM and the ASEF has since the outset, been very supportive of the informal process of dialogue and cooperation aiming at strengthening ASIA-EUROPE relations. Luxembourg hosted the second ASEF Board of Governors meeting on 24th October 1997 and has contributed over 3.5 million EUR (over 5.9 SGD) to the budget of the ASEF over the last16 years. Luxembourg is currently the 6th most important donor to the ASEF. In 2015 Luxembourg will host the 12th ASEM Meeting of Ministers of Foreign Affairs and will closely work with all its partners in order to further deepen and strengthen current political, economic and cultural networks and partnerships among all the ASEM members.