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Business and Economy
Geographically in the heart of Europe, politically and socially stable and proud of its highly qualified population, Luxembourg has for a long time been able to promote itself as an attractive location for business. Not only has the country been able to adapt to the changes that occurred in Europe over the past forty years, but it has also managed to use them as challenges, stimulating a development that has strengthened its position in the European heartland.
The whole of the service sector has managed to match the sustained growth of the financial centre in recent years. IT and telecommunications have been identified as two of the main areas of focus for the future development of the Luxembourg economy whilst our strength in the audio-visual sector is at the same time being actively fostered. The decision in 2003 of Amazon.com and AOL to base their European Operations in Luxembourg shows that the government’s strategy in this field pays off. Since, Microsoft has begun to offer part of its services to European customers from a Luxembourg base.
Besides services and finance, the industrial sector offers the economy a third stable pillar: float glass by Guardian, rubber product from Goodyear and synthetic fabrics by Dupont de Nemours are amongst the most important export goods. The international role of the steel industry, the jewel in Luxembourg's crown, has been strengthened by the creation of Arcelor - uniting France's Usinor, Spain's Aceralia and Luxembourg's own ARBED - now the world's largest steel producer and headquartered in Luxembourg.
Based on Luxembourg International Airport, air cargo services have evolved to become a driving force for the economy and a vital tool for our export industry. Cargolux, one of the leading all-cargo airlines in the world, offers truly global operations with numerous flights to the Middle East: Beirut, Tehran, Damascus, Dubai, Abu Dhabi, Sharjah, Kuwait and Doha are all links in the company's international logistics chain.
The vitality of the Luxembourg market is for a large part due to the competence and the hard working mentality of the human capital. Cross-border thinking, mobility and the cosmopolitan nature of its workforce, of whom one third commute each day from the tree neighbouring countries in addition to the 43.2% of foreign residents living in Luxembourg, ensure the competitiveness of the Grand-Duchy. The language skills of the workforce enable our companies to proudly claim: We speak the language of our customers.
In the economic life of a market as open as Luxembourg, foreign trade plays a crucial role. More than 80% of the goods produced in the Grand-Duchy are exported, almost entirely (up to 85%) to our fellow European Union member states. Nevertheless, the Grand-Duchy wants to persevere in its efforts to extend its presence on markets outside the EU in order to reduce its vulnerability to external shocks but also to contribute to development through trade. The Luxembourg government thinks that development cannot limit itself to traditional aid, but that each economic actor needs to be involved.
Luxembourg also offers investors a whole range of instruments to facilitate their establishment on the Luxembourg market or to expand their presence in the Grand-Duchy. Because of its proximity to the main industrial and commercial centers, the logistical platform is the ideal place to enter the European single market area. Because of its excellent transport network, by air, rail or road, the country offers an easy and fast access to 450 million consumers within the EU.
Luxembourg also offers investors a whole range of instruments to facilitate their establishment on the Luxembourg market or to expand their presence in the Grand-Duchy. Because of its proximity to the main industrial and commercial centres, the logistical platform is the ideal place to enter the European single market area. Because of its excellent transport network, by air, rail or road, the country offers an easy and fast access to 450 million consumers within the EU.