A Luxembourg trade delegation led by Luxembourg’s Minister of the Economy and Foreign Trade, Mr. Etienne Schneider, will visit Lebanon from Monday 4 June to Thursday 7 June 2012.
The multi-sectoral visit will focus on Beirut, the capital of Lebanon. The visit of the “Project Lebanon” trade fair, specialised in the construction industry and environmental technology, will include a reception at the Luxembourg National Pavilion on Tuesday 6 June. This will be Luxembourg’s third annual presence at Project Lebanon which attracted 24,000 visitors last year, mainly from the surrounding middle eastern countries. As one of only 12 national pavilions, the Luxembourg pavilion can be viewed as an ideal gateway to access the Lebanese market.

For further information or registration on the Luxembourg Pavilion, please contact Mr André Hansen (andre.hansen@eco.etat.lu) from the Ministry of the Economy and Foreign Trade.

Lebanon today
Lebanon is now experiencing an extended period of peace; it is focused on returning its social and business infrastructure to that of a sophisticated Mediterranean country, based on a free market economy and a business-oriented environment. The Lebanese economy is service-oriented with main growth sectors including finance and tourism. There are no restrictions on foreign exchange or capital movement, bank secrecy is strictly enforced and the government does not restrict foreign investment.
The 1975-90 civil war seriously damaged Lebanon's economic infrastructure, cut national output by half, and derailed the country's position as a Middle Eastern distribution centre and banking hub. Following the civil war, Lebanon rebuilt much of its war-torn physical and financial infrastructure by borrowing heavily - mostly from domestic banks. While the unrest in neighbouring Syria slowed economic growth in 2011 to 1.5% after four years of 8% average growth, the Cabinet endorsed in September 2011 a bill that would provide $1.2 billion in funding to improve Lebanon's electricity sector.
The economy is primarily service-based that represents circa 60% of GDP. Major subsectors are commerce, tourism and financial services, with other components including health care and higher education. The Port of Beirut plays an important role in Lebanon’s commercial activities; following WWII, Beirut became the most important Arab port on the Eastern Mediterranean. Work has been completed on the reconstruction of the Duty Free Zone to restore its pre-war capacity and a project for the rehabilitation and expansion of the port is underway. Tourism also plays a strong role in Lebanon’s economy, contributing circa 20% of GDP prior to the outbreak of the conflict; this industry is now being rebuilt, focusing on its strategic geographic location, its mild climate and natural beauty, including as a winter sports destination. Significant private investment is currently being made in the modernisation and expansion of this sector and international hotel chains have returned to Lebanon.

Opportunities for Luxembourg companies
While many delegates are expected to represent the finance sector, other possibilities abound in the energy and construction sectors, as well as consultancy in many of the areas outlined above.

Registration
For any further information or registration, please email Daniel Sahr (daniel.sahr@cc.lu) at the Chambre de Commerce.
 

A Luxembourg trade delegation in the presence of HRH the Crown Prince of Luxembourg and led by the Minister of the Economy and Foreign Trade, Etienne Schneider, will be visiting Canada from 7-12 May. The itinerary will include Montreal and Toronto before finishing in Vancouver on the west coast. With a focus on the ICT and Life Sciences sectors, specific activities during the trade mission will include a Health Tech Workshop in Montreal, a workshop entitled “Luxembourg a hub for high-tech companies” in Toronto and a further ICT workshop in Vancouver.

Canada weathered the current economic downturn better than many of its peers, principally as a result of the better policies and regulations already in place. Canada’s report card ranking improved during the recession—from 13th place in 2006 and 2007 to 6th place in both 2008 and 2009 – as a result of other countries faring worse economically. ⁽¹⁾

The US is Canada’s largest export market, with the UK in second and China in third place. Gold and silver now account for half of Canada’s goods exports to the UK by value. In recent years, Canada’s export growth has kept pace with import growth. In the past ten years, Canada’s exports (raw materials or partially processed raw materials – primarily pulp and wood products, canola oil and coal, organic chemicals and resins) to China have tripled to $13 billion. ⁽²⁾

So, where is Canada’s economy at currently?
Canada boasts a mature and highly diversified economy supported by regional clusters of excellence, with its main financial centre located in Toronto, but with Montreal, Calgary and Vancouver also playing important roles in this sector. In the manufacturing sector, Canada is active in the automotive industry with Magna International and Linamar Corporation leading the way in supplying parts for US car brands. Canada ranks 5th in the world in the aerospace and defence industry ⁽³⁾, where Canada’s Bombardier sells to Luxair, for example.

In ICT, Canada’s Research in Motion makes the Blackberry range of mobile devices and the IMAX Corporation is based in Toronto. Leading multinational telecom companies such as Alcatel-Lucent, Nokia, and Huawei have invested in R&D in Canada, with Swedish manufacturer Ericsson selecting Canada as the site of its largest R&D and services centre outside of Sweden. Canada has attracted Norway’s Funcom, a multimedia gaming firm to operate its North American operation out of Montreal. Over 50k people are employed in the digital media industry, including at Warner Bros. Interactive Entertainment, Capcom Interactive Canada, Pixar Animation Studios and Digital Domain. The online gaming industry employs around 14k people in companies such as Matt Rix, Hemisphere Games, Relic and Chaotic Box. ⁽⁴⁾

In BioTech / Life Sciences, Canada’s Sandoz, Cangene and Bioniche operate alongside world leaders including GlaxoSmithKline, Merck, Charles River Laboratories and others. The world’s top pharmaceutical multinationals have established R&D and manufacturing facilities, distribution centres or offices in Canada, including Pfizer, Schering-Plough, Johnson & Johnson, Novopharm, Novartis and Roche.

The country’s rich natural resources support the economy with logging, oil and mineral exploration and extraction.
Canada is currently present in the Grand Duchy courtesy of RBC (finance) and Husky (manufacturing), to name but the largest players.

(1) source: The Conference Board of Canada
(2) source: Invest in Canada
(3) source: Invest in Canada
(4) source: Invest in Canada
 

Luxembourg’s new embassy in Abu Dhabi, United Arab Emirates, the first Luxembourg bilateral embassy in an Arab country, opened 20th November was inaugurated in a ceremony led by Foreign Affairs Minister Jean Asselborn and Sheikh Abdulla bin Zayed al Nahyan, Asselborn’s opposite number in the United Arab Emirates. Crown Prince Guillaume, and Economy Minister Jeannot Krecké were present for the opening, having been on an trade mission to the Gulf Region along with 20 Luxembourgish firms from a range of industries. The delegation visited the Big 5 Show in Dubai before travelling to Qatar for talks with government officials and a visit to Qatar Airways.

The trade mission also visited the new 14 billion US dollar international airport in Doha, which will be officially opened net year and be called the New Doha International Airport. A cargo centre is planned and will cover an area of  292,000 m2 with an annual capacity of 1.4 million tonnes, with a possibility of expansion to 2.8 million tonnes. Findel’s Cargo Centre currently has a capacity of 800,000 tonnes. Up to 11 Boeing 747-8 freighters can be parked at once at the Qatar facility.

In as well as Qatari involvement in Luxembourg, firms from the Grand Duchy have been working in the emirate for some time including shipping firm Jan de Nul, which has worked since 2006 to dredge the new port in Ras Laffan. The Paul Wurth steel technology group is acting as project manager for a 17 billion euro, 400 km metro and tram network to provide transportation for the football World Cup in 2022, as well as other rail projects. During the  trade mission, the Luxembourg Central Bank also signed a memorandum of understanding with the Qatari central bank, the BCL’s first bilateral agreement in the Gulf region.

While in the UAE, the delegation visited Ras Al-Kaimah, the northern-most emirate of the UAE to sign a cooperation agreement. The RAK emirate owns RAK Ceramics, the world’s largest manufacturer of ceramic and sanitary tiles, which has had an operation in Windhof since 2010 servicing the Russian market. The emirate is seeking to emerge from out of Dubai’s shadow and diversify its economy and is looking for Luxembourg’s help in building a more sustainable future.

Lebanon is a country undergoing reconstruction, with a fast-growing economy rapidly transforming the country post civil-war. A trade mission will be organised to visit this country next October.
The IMF has been bullish about the country, predicting 7% growth for 2011, following 9% growth in 2009 and 8.5% in 2008. The economy is based heavily on the service sector, accounting for 60% of GDP, with commerce, tourism and financial services the major sub-sectors, as well as health care and higher education.
The country boasts a sound banking system, benefiting from strict regulations that left the banks virtually unscathed by the 2008 financial crisis. The banks also have a reputation for security, with banking secrecy strictly enforced. The financial sector offers commercial banking, investment banking and insurance. The reconstruction is nearly complete, with 80% of basic infrastructure rebuilt using modern techniques. The country’s resilient manufacturing sector accounts for 10% of GDP and turns out cement, furniture, paper, detergents, cosmetics, pharmaceuticals and a range of other products. The Port of Beirut has become the most important Arab port in the Eastern Mediterranean, and is a gateway to the Arab world. The port boasts a Duty Free Zone, and a project to renew and expand the port is under way.

A trade mission has been planned for Canada next year, from 9-16 May. As a mature, large economy, Canada offers many opportunities to ambitious companies.
Luxembourg enjoys a long-term political and economic relationship with the country, most notably with RBC in finance and Husky in manufacturing and this mission will look to build on these foundations. There is a financial centre Toronto, with smaller hubs in Montreal and in Vancouver, which is especially focussed on the Pacific Rim. There is a substantial car manufacturing industry, with local automotive components firms such as Magna International and Linamar Corporation supplying the Canadian subsidiaries of mostly US car brands. Luxair is a frequent client of Bombardier too. The country has an active ICT, ecommerce and high tech sector, with Research in Motion, maker of the ubiquitous Blackberry perhaps the best-known representative.
Canada’s has a substantial primary sector with logging, oil and mineral extraction interests. It’s a net exporter of energy from oil
and gas resources.

Foreign Minister Jean Asselborn was in Russia on 26th October, with the highlight a meeting with his counterpart Sergei Lavrov. He was also there to put the finishing touches on a new double taxation treaty, to check up on the renovation work on-going at the embassy and to discuss global events. Luxembourg is one of the top ten investors in Russia, with nearly 20 billion US dollars transiting through Luxembourg in 2010.
ArcelorMittal, Cargolux, Paul Wurth and Luxlait are all active in the country too.

On 20th November 2011, the new Embassy of the Grand Duchy of Luxembourg and the Luxembourg Trade & Investment Office in Abu Dhabi were officially inaugurated by H.E. Mr Jean Asselborn, Vice Prime Minister and Minister of Foreign Affairs of Luxembourg and H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs of the United Arab Emirates, in the presence of H.R.H. the Crown Prince of Luxembourg, H.E. Mr. Jeannot Krecké, Minister of the Economy and Foreign Trade of Luxembourg and H.E. Sheikha Lubna bint Khalid Al Qasimi, Minister of Foreign Trade of the United Arab Emirates
“This is Luxembourg’s only Embassy in the Gulf region and its first Embassy in any Arab country. I expect it to be instrumental in fostering the ties between the people of Luxembourg and the people of the United Arab Emirates in a spirit of partnership and friendship. The United Arab Emirates definitely has the potential to become Luxembourg’s bridge to the Gulf Region, whereas Luxembourg could very well serve as the United Arab Emirates’ gateway to the European Union in many areas. As a founding member, Luxembourg has indeed an excellent knowledge of the European Union’s policies and has always been known for its openness and its cultural diversity.” stated H.E. Mr Jean-Asselborn, Vice Prime Minister and Minister of Foreign Affairs.
"The United Arab Emirates and the entire Gulf region are of utmost interest to the Grand Duchy of Luxembourg. Since taking office in 2004, I have visited the region at least once a year and led numerous business delegations in order to foster partnerships between companies from both sides. The integration of a Luxembourg Trade & Investment Office into our new Embassy will provide a permanent port of call to local companies interested in doing business or investing in Luxembourg. Luxembourg is the ideal choice for the United Arab Emirates business community who only want the best opportunities in order to penetrate the European market." added H.E. Mr Jeannot Krecké.
“The bilateral relations between Luxembourg and the United Arab Emirates are excellent and there have been an impressive number of visits by official delegations from both sides in the last couple of years. A diplomatic and consular presence in Abu Dhabi was long overdue.” remarked H.E. Mr. Georges Faber, Ambassador of Luxembourg to the United Arab Emirates indicating that “the opening of an Embassy in Abu Dhabi comes on the top of more than 30 years of diplomatic relations between the two countries. It is without any doubt an important milestone and a true commitment by the Luxembourg Government to strengthening the existing relationship in every field: political, economic, social and cultural”.
Following the inauguration, an important Luxembourg business and trade delegation chaired by H.R.H. the Crown Prince of Luxembourg and H.E. Minister Krecké, will be visiting Abu Dhabi, Dubai and Ras al Khaimah from 20-23rd November. The delegation will furthermore be attending the Big5 International Building and Construction Show in Dubai and visit the Luxembourg pavilion.

©2011 SIP / Luc Deflorenne

(from left to right) Jeannot Krecké, Minister of the Economie and Foreign Trade of Luxembourg; H.R.H. the Crown Prince of Luxembourg; Cheikh Abdallah Bin Zayed Al Nahyan, Minister of Foreign Affairs of the United Arab Emirates; Jean Asselborn, Vice Prime Minister, Minister of Foreign Affairs of Luxembourg

Russia and Ukraine will be the destinations for a trade mission in June 2012, enabling Luxembourg businesses to see close up the opportunities offered by these countries. Russia is not the easiest country in which to conduct business but Luxembourg has good, high-level relations with the country, helping business to unlock the potential.
Much like its bigger neighbour, Ukraine is rich in mineral deposits, has a major steel industry and is a global agricultural producer.
It is also a challenging place for investors, but with a domestic market of over 45 million it had enormous potential.

For further information, please contact international@cc.lu.

Fast-growing India is now the ninth largest economy in the world. A trade mission to the country next March will allow Luxembourg businesses to discover the opportunities on offer. Growth has averaged 7% per year since 1997 with the economy working at the cutting edge in a wide variety of sectors, not leas telecommunications, informationtechnology-enabled services,
pharmaceuticals, textiles, chemicals, food-processing, steel, transportation equipment…

For further information, please contact international@cc.lu.