Luxembourg's Minister of the Economy, Etienne Schneider, has informed the parliamentary committee on the economy on the integration project concerning Luxembourg for Business and Luxinnovation; the pooling of expertise of the two entities has as its main objective to stimulate and improve the economic advancement of Luxembourg.
Before MPs, Minister Schneider said that selection criteria for potential foreign investors have changed in recent years. For him, a political, social and stable tax environment certainly remains a very important factor, but it has become less important for the investor who wishes to settle in Luxembourg. "Whether ICT equipment or cars, what matters more for an investor is the importance of the activity sector to which it belongs, the potential development of this sector, the importance that the authorities will agree and especially the specific characteristics of the host countries offers these companies. Through its innovation clusters and networks representing different economic sectors, Luxinnovation has the industry expertise necessary to enable a personalised welcome of concrete investment projects."
With about 50 employees, the National Agency for the promotion of Innovation and Research has expertise and fulfills the tasks complementary to those of "Luxembourg for Business" which currently employs 3 people. Pooling allows an efficiency gain to promote Luxembourg as a destination for foreign investment, while respecting and especially keeping the role of all the other actors involved in economic promotion.
