Frieden wants positive image for Luxembourg
(CS) Finance Minister Luc Frieden wants to promote Luxembourg abroad as a country that offers “stability, trust, professionalism and high quality,” he said Wednesday.
Skyping in from Stockholm to the presentation of the Luxembourg Business Compass at the Philharmonie, Frieden addressed some of the challenges Luxembourg is facing and the need to position the country in Europe and the growth markets.
The minister is currently on a tour of Scandinavia to promote Luxembourg as a business location. Speaking on the latest developments, Frieden said that the Grand Duchy's move to implement tax information exchange policies was seen as positive in Scandinavia, as it solves an image problem for national banks operating in Luxembourg.
While the banking secrecy reform might be painful in the short-term, Frieden said that Luxembourg would have run into problems in the long-run without such a reform. He also pointed out that this was an opportunity to attract new clients and foreign investors, offering new perspectives.
The Grand Duchy still has to fight prejudice about its financial centre, both within and outside of the EU, the minister commented. It therefore needs to show the quality of services it offers, as well as the quality of people working here.
To achieve this, Frieden said different ministries need to develop common messages to put Luxembourg on the map and give the country an identity to stand out among the competition.
Additionally, private and public actors need to work together, the minister said, to “strive for excellence” and to use change and reform as an opportunity to tackle tougher competition in a globalised world for the long-term.