Economy

Luxembourg for Business and Innnovation

Étienne Schneider presents the terms and conditions of the reform of the promotion of the Luxembourg economy

01-lfb-195484_sAt a press conference on 31 May 2016, the Deputy Prime Minister, Minister of the Economy, Étienne Schneider presented the terms and conditions of the reform of the promotion of the Luxembourg economy, announced in October 2015, putting together the competences of Luxembourg for Business (LfB) and Luxinnovation.

All the efforts of economic promotion, realised in conformity with the strategy Digital Lëtzebuerg, will from now on be made under the designation 'Luxembourg for Business and Innovation'. The promotion activities of foreign trade and prospection will be modernised, while the synergies between the Ministry of the Economy, Luxinnovation and different actors of the national economy will be improved at the same time. This reform aims for shared specialised sectoral competences, in particular concerning the precise knowledge of economic sectors, pro-active targeting, as well as marketing and communication efforts.

The reform of the economic promotion translates into the implementation of a new coordination platform under the authority of the Ministry of the Economy. The decision-making bodies of this new structure will be the Trade and Investment Board and the Trade and Investment Steering Committee. Meeting twice a month, the Steering Committee is in charge of the elaboration of the promotion and prospection strategy, based on the priorities of the government. This strategy will be supervised and approved by the Trade and Investment Board, chaired by the Minister of the Economy and placed under the honorary chairmanship of HRH the Hereditary Grand Duke. It includes the presidents of the Chamber of Commerce, the Fedil, Luxinnovation and the Chamber of Trades, as well as representatives of the different Ministries.

On the occasion of the press conference, the Deputy Prime Minister, Minister of the Economy Étienne Schneider underlined: 'We all have the same goal: developing the economy in Luxembourg, keeping at the same time a competitive advantage compared to abroad. This objective is achieved by a more coherent and clear distribution of the roles of the different actors in the promotion of foreign trade and prospection. This reform is caracterised by the willingness and the common commitment of all the stakeholders and will benefit from financial means that are necessary to its success.'

The president of the Chamber of Commerce, Michel Wurth, declared: 'Since the beginning of the reform process, the Chamber of Commerce has recognised the need to reinforce the economic promotion in Luxembourg. The prospection and the promotion of foreign trade have always been an integral part of the missions of the Chamber of Commerce, which will play an active role in the new structure after the reform.'

Raymond Schadeck, president of Luxinnovation commented: 'Due to the enlarged missions given to Luxinnovation, we are conscious of our responsability and our important role in the new structure. By providing our targeted sectoral competences, we'll be able to dynamise the prospection and to better satisfy the needs of foreign investors.'

(Source: press release of the Ministry of the Economy)

  • Updated 01-10-2016