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Relaunching the Luxembourg Economy
AMCHAM

Relaunching the Luxembourg Economy

After a very difficult period, Luxembourg is entering what appears to be a new post-Covid world. We have not yet settled into a “new normal “, but there are encouraging first steps in this direction.
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Looking back, we thank our Luxembourg government for their response to the medical emergency and how they have ensured smart government policy decisions along with targeted aid to sustain both companies and people. Minister Lenert and her team have done a great job with inspired leadership, smart decisions and tireless work. Our thanks as well to our Prime Minister and his government for showing steady hands managing the ship of state and, as always, demonstrated brilliant communication skills to ensure the inhabitants of Luxembourg feel safe and know why and where we are going.

As we review and assess what has happened, where we are and what we need to do, it is absolutely clear that business, government and public society have all paid a heavy price and there is much to do to regain our footing and our prosperity.  The government has spent a lot of money on the medical aspects of the crisis and also the provision of financial subsidies to support impacted enterprises and employees.  Enterprises have also sustained heavy financial costs and done so during a period of reduced income.  Moving forward, it is essential that we relaunch the economy in a smart way which allows companies to again make sufficient profits so they can pay their bills, take care of their employees and pay the taxes which the government needs to fulfill its programs. But to be clear, now is not the time to raise taxes on companies. History has shown that this approach always reduces government income and often leads to recession and a depressed economy.  

There have been positive trends which have emerged during this crisis. Companies and individuals have more fully appreciated the importance of work life balance and soft skill collaborative leadership has demonstrated itself to be more effective than authoritarian business models. Upskilling to ensure employees can take on tasks and roles at higher levels have gained the attention and appreciation of both companies and employees. Digital transformation is being more embraced and appreciated. And most importantly, there is a broad appreciation that people are the most important resource we have. Put all together, enhanced actions in these directions will ensure our companies (and our government) are more efficient, more globally competitive and by so doing ensure the success of the nation for the benefit of all stakeholders in both the near and long term.  

 As an asbl, AMCHAM has experienced all of the same difficulties as any other non- profit organizations in Luxembourg or elsewhere. We have adapted to function at a reduced income level. We have digitally transformed to allow our employees to work more flexibly from home and embraced the use of enhanced digital means to communicate with and serve our customers. What we have done has not been easy but has prepared us to be leaner and more efficient as we move forward. We are especially proud of our:

  1. Strengthened partnership with our sister organization the Luxembourg American Chamber of Commerce in New York City (LACCNYC), with whom we now undertake joint digital events at 6PM Luxemburg time which happens to be lunch time in New York City.
  2. Weekly digital Newsletter, published without any subscriptions costs as a public service, which informs companies and their employees in English on all the Luxembourg news they need to know (contact us at Jane@amcham.lu to get a free subscription);
  3. 17 committees working hard to ensure the health and vitality of their sectors of the economy (including our recently launched Insurance committee, Space and Digital committees!)
  4. Our Member Benefits Club (MBC) to promote and support good retail establishments who, in turn, offer discounts to the AMCHAM MBC members (new retail establishments wishing to partner with us and individuals wanting to get MBC discount cards, should contact Jorge@amcham.lu).

 Feeling that the worse is past, we have taken a deep breath and are staring again to put on the physical Networking events for which we have always been greatly appreciated. We will start this with a fabulous black tie Thanksgiving Networking Party at the Ball Room of the Hilton Doubletree on Friday evening, 26 November. This is a sold out event after only one week of sales promotion!

If you are looking for a great group of  international companies and people to hang out with, find out more about joining us on our website: www.amcham.lu. We are a great group of companies and people (our members are 30% American origin, 20% Luxembourgish origin and 50% from other countries around the world).    Join us and all together we will prosper and make sure Luxembourg is strong for a successful future.