(L-R): Franz Fayot, Minister for the Economy; Mario Grotz, Ministry of the Economy; Credit: MECO

During a press conference on Monday 21 June 2021, Luxembourg's Minister of the Economy, Franz Fayot presented “Ons Wirtschaft vu muer”, a roadmap to support the transformation of the Luxembourg economy by 2025. 

In response to the COVID-19 pandemic and the vulnerabilities it revealed, the roadmap proposes for the coming years a vision and a way forward, through the implementation of a series of concrete actions in the short and medium term.

Approved by the Government cabinet on 16 June 2021, the roadmap is based on the lessons to be learned from the pandemic, on the reflections initiated as part of the Rifkin process, on the global megatrends to which Luxembourg is exposed as well as than on the strategic government orientations that already exist, in particular in the fields of the circular economy, artificial intelligence and digitalisation. The document also incorporates measures contributing to the European Union's combined goals of climate neutrality by 2050 and global leadership of the digital revolution.

In light of these principles, "Ons Wirtschaft vu muer" is structured around six key pillars:

• Component 1: accelerate the digitisation of the economy for the benefit of society
• Component 2: lead the transition to the circular economy through digital technology
• Component 3: develop resilient strategic value chains
• Component 4: enable a secure and reliable transformation of the data economy
• Component 5: ensure a sustainable digital transition
• Component 6: provide a favourable investment environment and instruments to achieve sustainability while remaining competitive

During the press conference, the Minister of the Economy, Franz Fayot, said “The roadmap is our instrument to design the post-COVID recovery and to make our economic fabric more resilient by 2025. “Ons Wirtschaft vu muer" makes it possible to further accelerate the green transition and digital transformation, which play a central role in stimulating the development in Luxembourg of a competitive, resilient and sustainable economy, ready to respond to future challenges and opportunities."

A national approach to stimulate the use of data

The roadmap details 6 short-term pilot actions to provide rapid strategic support to Luxembourg's industrial fabric, including the creation of a national technological platform for the exchange, processing and governance of data to position Luxembourg among the pioneers of the data economy.

While respecting the principles of the protection of privacy and intellectual property, the platform is characterised by an inventory of data made available to actors, both private and public, with the respective conditions of access and use. The establishment of interoperability standards for data sets and a range of tools and services to players within the framework of this data platform thus facilitate access to the value chain of the data economy.