Luxembourg 'second but smarter' than US on space mining law

Thanksgiving - American Chamber Of Commerce In Luxembourg / Foto: Alain PIRON

2017 Thanksgiving party by the American Chamber of Commerce in Luxembourg

Luxembourg's Deputy Prime Minister and Minister of Economy Étienne Schneider received the 2017 Amcham Economic Strength and Prosperity Award in the form of a swarovski crystal bull figurine.

Thanksgiving - American Chamber Of Commerce In Luxembourg / Foto: Alain PIRON

2017 Thanksgiving party by the American Chamber of Commerce in Luxembourg

In an atmosphere of "togetherness and friendship", Friday night marked this year's Thanksgiving celebrations organised by the American Chamber of Commerce in Luxembourg (Amcham).

In his address as the guest of honour, Luxembourg's Deputy Prime Minister and Minister of Economy Étienne Schneider talked about Luxembourg's space mining endeavour and the government's vision to diversify the economy.

"Yes, President Trump was right. The US is first, but Luxembourg is also right because we are second," joked Schneider before an audience of business leaders and members of the diplomatic corps.

"And we were smarter," he added, refering to Luxembourg's space mining law which entered into force on August 1.

Unlike the US, where companies active in space mining must have US capital, in Luxembourg there is no such requirement.

"We don't care where the money comes from," said Schneider, arguing that this aspect makes the Grand-Duchy particularly attractive.

"That's why so many companies want to come and have a foot in Luxembourg," he added.

Overwhelming success

Seven companies active in space exploration and space resources have settled in Luxembourg so far, including US companies Deep Space Industries and Planetary Resources.

"We are overwhelmed by the success of the space-mining initiative," said the deputy prime inister, explaining that more than 100 companies have already shown an interest in coming to Luxembourg.

Luxembourg generates almost 2% of its GDP from the space industry. Earlier this week, Schneider told US TV channel CNBC the industry's contribution could be 5% in 10 or 15 years.

"We are now in the situation when people complain about the growth rate of this country. [...] I have to excuse for my success," said Schneider at the Amcham event on Friday night.

Schneider also outlined that at the beginning there were very few who considered space mining to be a good idea, whereas today countries like Portugal, Russia and China want to collaborate with Luxembourg.

Amcham 2017 Award

"We have an extraordinary life in Luxembourg," said Amcham's Chairman and CEO Paul Schonenberg, praising Luxembourg's strong economy.

On behalf of Amcham, Schonenberg handed Schneider the 2017 Amcham Economic Strength and Prosperity Award in the form of a Swarovski crystal bull figurin.

"For this award, in the best of Wall Street tradition, we have picked a crystal bull, which is the symbol of strength, it's the symbol of [rising] markets," said Schonenberg.

"In giving this award to Étienne, we are honouring his leadership of the economy and contribution to the prosperity we all enjoy," he added.

190 participants attended the 2017 Thanksgiving party at the DoubleTree by Hilton in Dommeldange, where, as per the American tradition, a turkey dinner was served.

With a special tombola and live music on the menu, the party went on late into the night.

(Roxana Mironescu, roxana.mironescu@wort.lu, +352 4993 748)

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Luxembourg 'second but smarter' than US on space mining law

Overwhelming success

Amcham 2017 Award