JUNE 2017

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You are welcome to send your comments to our e-mail at ankara.amb@mae.etat.lu and to visit the following websites for more information on Luxembourg

LUXEMBOURG: WE CONNECT

Luxembourg´s financial centre connects investors and markets in Europe and across the globe.

Please click on the image or here to watch our new promotional video.

You can also download Luxembourg for Finance's new brochure to find out why large numbers of international companies and financial institutions have chosen Luxembourg as a base for their European operations and why the Luxembourg consistently ranks as one of the leading financial centres in Europe.

THE CONTRIBUTION OF LUXEMBOURG'S FINANCIAL CENTRE TO THE EUROPEAN ECONOMY

Luxembourg is home to one of Europe’s leading international financial centres. Thanks to its unique expertise in providing cross-border financial services and products, Luxembourg plays an essential role in connecting European and global markets and bringing investments to Europe.

A recently published report by Oxford Economics sets out to explain the connection between the activities of the Luxembourg financial centre and the European economy. It explores how the financial centre supports the functioning of the European economy and financial system, whether in helping governments to finance public infrastructure or making it easier for businesses and households to access capital, invest and grow.

The report identifies the benefits the Luxembourg financial centre brings across the entire range of services - investment funds, banking, capital markets and insurance - illustrating each using data analysis and case studies.

To donwload he report please click on the image or visit Luxembourg for Finance

INVEST IN LUXEMBOURG

Luxembourg is an excellent alternative for digital businesses that are looking for the ideal location to launch or scale up their activities in Europe. The guide “Luxembourg: The smart choice for your digital business”, which has just been published by Luxinnovation and its partners, outlines the country’s main advantages.

Luxembourg is at the forefront of the digital revolution and integrates the latest technology in every aspect of society. The country combines open minds for business with one of the best digital infrastructures in the world. It is thus an excellent platform for acquiring and serving clients in Europe and all over the world.

To download the brochure please click on the image or visit Luxinnovation

NEWS

RECENT INVESTMENT DECISIONS RELATED TO BREXIT

RSA and CNA Hardy have announced that they will establish their new European subsidiary in Luxembourg following the UK’s decision to leave the European Union.

Insurer RSA has confirmed that it will open an office in Luxembourg that will act as the headquarters for the provider’s existing European Union branches in Belgium, France, Germany, Spain and the Netherlands.

CNA Hardy, a leading specialist commercial insurance provider for clients within the Lloyd’s and company markets, has announced its intention to establish a new European subsidiary in Luxembourg.

For more information: Luxembourg for Finance

SPACE

Luxembourg has signed a joint statement with the European Space Agency (ESA) on future missions to asteroids, related technologies and space resources.

Deputy Prime Minister and Minister of the Economy Etienne Schneider signed the statement with ESA Director General Jan Wörner during the 2017 Paris Air Show in Le Bourget on 20 June 2017.

Luxembourg and the ESA agreed to further develop the study of technical and scientific aspects of space resources for exploration and utilisation purposes.

Luxembourg's SpaceResources.lu initiative will be in close contact with the ESA, aiming to offer an overall framework for the exploration and exploitation of space resources.

For more information: Ministry of the Economy

On June 5, 2017, the conference “The Promise of Space Resources: a Luxembourg Public-Private Initiative” was held in New York. Around 180 people from the business community took part in this conference organized by the Luxembourg Trade & Investment Office in New York on behalf of the Ministry of the Economy and with the support of the American Industrial Acquisition Corporation. The Deputy Prime Minister, Minister of the Economy, Etienne Schneider elaborated on the Luxembourg SpaceResources.lu initiative and its goals, and corporate experts from the space industry and from private equity investment provided insights in to investment opportunities and financing of space exploration.

For more information: SpaceResources.lu

FINANCE

On 1 June, international leaders from government and industry gathered in Luxembourg for the fourth edition of the Renminbi Forum to discuss the internationalisation of the Chinese currency and look into the economic relations that connect Europe and China. It was attended by over 30 speakers and more than 400 experts and practitioners.

Later in June, Prime Minister Xavier Bettel paid an official visit to China and had meetings with President Xi Jinping and with Prime Minister Li Keqiang to discuss issues of global interest as well as the future development of bilateral relations, including in financial services.

For more information: Luxembourg for Finance

Photo credit: Ministry of Foreign Affairs of the People's Republic of China

TECHNOLOGY AND INNOVATION

In line with its mission of innovation transfer and the acceleration of economic impact for the finance industry, the Luxembourg Institute of Science and Technology (LIST) is pleased to announce the creation of the Finance Innovation Technology and Systems Centre (FITS). The purpose of Luxembourg’s new FITS Centre is to fill a significant gap in applied research and innovation for the Financial Services industry in Luxembourg and related ecosystems, including the ICT sector.

For more information: Luxinnovation

BENCHMARKS

The Digital Economy and Society Index (DESI) is a composite index that summarises relevant indicators on Europe’s digital performance and tracks the evolution of EU member states in digital competitiveness. The five components of the index are : 1. connectivity, 2. human capital, 3. use of internet, 4. integration of digital technology, 5. digital public services.

Luxembourg ranks 5th in DESI 2017 (7th in 2016) and belongs to the cluster of high performing countries after Denmark, Finland, Sweden and Netherlands.

For more information: European Commission

Luxembourg climbed up 3 ranks to the 8th place worldwide (4th within the EU) in this year’s IMD World Competitiveness Yearbook.

The ranking takes 4 sub categories into account:

- macro-economic performance
- infrastructures
- business environment
- efficiency of public authorities

For more information: Luxinnovation

Luxembourg economic growth heading towards 5% for this year and 2018 Luxembourg GDP growth went above the 4% mark in 2016 and momentum for previous years has been revised upward. Economic expansion continued at the end of the year, with a better balance between external and domestic demand. The financial sector should benefit from a more favourable climate underpinned, in particular, by the recovery in stock markets and the continuation of an encouraging trend of loans granted to households and businesses. With regard to other sectors, trends in output indicators (industry and construction) and turnover (non-financial services) were a little disappointing in the first months of 2017. However, corporate and household confidence is at historically high levels and, coupled with the strengthening of European economic momentum, should stimulate activity. In various quarters, there is a groundswell of support for strengthening private consumption and investment, two factors that have only had a modest impact on growth in recent years.

For the current year as a whole, STATEC forecasts a rise of close to 5% in GDP in volume, a pace that should be easily maintained in 2018. The economy is thus heading towards a peak with a distinctly positive output gap and a rapidly expanding labour market. This is being played out against the backdrop of a lack of significant tensions with regard to prices and wages.

For more information: STATEC

UPCOMING EVENTS

29 June 2017, Luxembourg - Bloomberg in partnership with Luxembourg for Finance will hold the Annual Bloomberg Family Offices Symposium on 29 June 2017.

This year the annual Bloomberg Family Offices Symposium will focus on asset allocation between liquid and illiquid markets.

For the detailed programme of this event and registration: Bloomberg

13 May-26 November 2017, Venice - The artist Mike Bourscheid will be representing Luxembourg at the 57th International Art Exhibition. The artist's work entitled Thank you so much for the flowers will be open to the public from 13 May to 26 November 2017.

The Luxembourg Pavilion will be exhibiting reappropriated costumes and domestic objects – made by Mike Bourscheid – and adding to the scene with music and performances that attempt to question social conventions and societal norms.

For more information about the artist and the Biennale : The official portal of the Grand Duchy of Luxembourg