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Luxembourg Is Looking to Revamp Economic Promotion Strategies on FDI

Written by: Bridgewest

The Luxembourg Government is focused on reforming the Grand Duchy’s economic promotion strategy by merging several agencies in order to provide for better programs when it comes to attracting foreign investment. In order to do so, the Ministry for the Economy enabled the Digital Lëtzebuerg scheme. Our lawyers in Luxembourg can offer detailed information the legislation favoring foreign investments.

The new Luxembourg for Business and Innovation scheme

After announcing a new strategy for economic promotion at the end of 2015, the Ministry of Finance in Luxembourg has found the solution to do so. The first step was transforming Luxembourg for Business into Luxinnovation and its addition to the Digital Lëtzebuerg, in order to gather the efforts of several governmental bodies under one umbrella which would offer full solutions to companies in Luxembourg. This is how the new Luxembourg for Business and Innovation initiative was born.

The Ministry for Economy, Luxinnovation and several key players in the economic sector will join forces in order to promote foreign investment and also to prospect new markets for the expansion of local companies. The largest actors of the economy will participate by sharing their knowledge and assisting Luxembourg small and medium-sized enterprises with targeting and communication strategies.

What is the goal of Luxinnovation?

The main purpose of the Ministry of Economy is to help with the development of Luxembourg’s economy by providing significant advantages to foreign investors. In order to achieve that, the Minister also announced a set of financial resource to be available soon.

The Ministry will also cooperate with the Trade and Investment Board in order to create and promote new strategies in order to attract foreign direct investment which is known to be of great importance to economies worldwide. These strategies are also highly to include reforms among the promotion initiatives used so far. This is where the largest companies in the country will participate: to share their expertise in order to “better meet the requirements of foreign investors.”

If you want to open a company in the Grand Duchy and need assistance, you can rely on our law firm in Luxembourg.