Étienne Schneider presents new strategy for economic development in Luxembourg

Date: 01/03/2017

Chaired by the Minister of the Economy and placed under the honorary presidency of HRH the hereditary Grand Duke, the Council for Foreign Trade and Investment met for the first time on 28 February, 2017. At this meeting, composed of the presidents of the Chamber of Commerce, FEDIL, Luxinnovation and the Chamber of Crafts, as well as representatives of various ministries, the Council of Foreign Trade and Investment approved the new national strategy for economic promotion and prospection.

This strategy is based on a common vision which encompasses five major objectives:

  • Facilitate access to international markets for Luxembourg companies, including in the Benelux area; 
  • Attract foreign direct investment in a targeted and service-oriented manner; 
  • Strengthen the international network for economic development; 
  • Build a strong brand image of Luxembourg as a "smart location" for high-performance companies and industries; 
  • Ensure the consistency and relevance of economic promotion actions.

At the press conference, Deputy Prime Minister and Minister of the Economy Étienne Schneider stressed: "The strategy for economic promotion is based on a vision that puts forward our innovative and diversified economy and is based on our traditions and our culture. With this in mind, the strategy seeks to help Luxembourg companies to conquer new markets abroad. In addition, the strategy targets foreign companies and investors who will bring real added value to the national economy by consolidating the qualitative development of the country." 

The president of the Chamber of Commerce, Michel Wurth, commented: “The Chamber of Commerce welcomes the economic promotion reform as presented today as it focuses on Luxembourg companies. The internationalisation of companies has in fact always been a key mission of the Chamber of Commerce. As a preferred partner of the governmental authorities in charge of economic promotion, the Chamber of Commerce has also set up the House of Entrepreneurship, which offers a consolidated range of services to entrepreneurial projects and foreign companies wishing to set up business in Luxembourg. Moreover, the strategy is in line with the orientation towards more sustainable growth in the country for which the Chamber of Commerce has already committed itself within the framework of the Rifkin strategic study."

Raymond Schadeck, President of Luxinnovation said: “Conscious of our new role as a player in economic promotion, Luxinnovation has anticipated the reform by strengthening our workforce to assume the broader tasks to which we have been entrusted. Thanks to the management of the different clusters, Luxinnovation already has a profound knowledge of the different economic sectors in Luxembourg which enables us to meet the expectations of foreign investors interested in developing activities in Luxembourg.” 

Nicolas Buck, President of FEDIL, said: "We also welcome this initiative, which aims to improve Luxembourg's promotion and prospection strategy and which constitutes one of the major fields to address in order to foster economic development in our country. We will actively support these efforts that are indispensable to the prosperous development of the industry.

Tom Wirion, Director of the Chamber of Crafts said, “Over the last 10 years, Luxembourg’s craft sector has developed more and more beyond our borders. The economic promotion strategy particularly supports small and medium-sized enterprises, by identifying, through a targeted analysis of foreign markets, the opportunities that exist for them."

Press release by the Ministry of the Economy 

Photo: © MECO

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