On Tuesday 6 October, at the end of the half-yearly meeting of the Trade and Investment Board, the Minister of the Economy, Franz Fayot, and the President of the Chamber of Commerce, Luc Frieden, presented the recent initiatives that have been taken, particularly in the context of the pandemic, to support Luxembourg companies in their efforts to internationalise with the opening of a Luxembourg Trade & Investment Office (LTIO) in Casablanca and the launch of the Digital marketing guide.
Created following the economic promotion reform of February 2017, the Trade and Investment Board (TIB) is responsible for drawing up the strategy for promoting the Luxembourg economy and federating the players involved. Placed under the Honorary Presidency of H.R.H. the Hereditary Grand Duke and chaired by the Minister of Economy, the TIB is composed of thirteen members, representing the 9 ministries and organisations (Chamber of Commerce, FEDIL, Luxinnovation, Chamber of Crafts) that play a role in economic promotion. The TIB is called upon to supervise the work of the Trade and Investment Steering Committee (TISC) which brings together the key players implementing the promotion and prospecting activities mainly: the Ministry of the Economy, the Chamber of Commerce and Luxinnovation.
Over the last 6 months and following the pandemic, the work of the TISC has focused mainly on the access of Luxembourg companies to international markets and the development of the economic promotion network.
The strengthening of the international economic promotion network materialised with the official opening of a ninth Luxembourg Trade & Investment Office (LTIO) in Casablanca, the first one in Africa. The mission of the LTIO offices is twofold: on the one hand, they aim to support Luxembourg companies in the establishment and development of their activities in the market and region where the office is located. On the other hand, they accompany foreign companies from the local market who are interested in developing their activities in Luxembourg. The creation of an additional LTIO in Morocco was announced at the end of the last economic mission in September 2019, as a result of the existing strong potential for development and cooperation, particularly in the field of the digital economy. Morocco also acts as a regional hub for developing activities in Maghreb and more largely in Africa. The office is headed by Atman Haloui, who combines this new position with that of Honorary Consul of Luxembourg in Casablanca. He is assisted by Kenza Jouahri, Trade Officer, who joined him on June 1st. On 10 November, a webinar entitled"Luxembourg-Morocco: a new avenue for partnerships" will be organised jointly by the Ministry of Economy and the Chamber of Commerce in order to raise awareness and inform interested Luxembourg and Moroccan companies as well as a number of personalities from the political and economic world of the services of this new office.
In order to facilitate the access to international markets for Luxembourg companies, a digital marketing guide to help companies in their internationalisation efforts has been launched. Faced with the economic impact of the Covid-19 epidemic and the resulting uncertainty, a major challenge for companies is to orient their internationalisation strategies towards digital. Aimed at Luxembourg companies of all sizes that wish to take advantage of digital opportunities and benefit from the tools, training and financial assistance available, the online guide highlights the latest trends in digital marketing to help companies strengthen their online presence and adjust their international strategy, particularly in this critical period of Covid-19, but also beyond.
Ranging from the creation of a website, through online advertising, online marketplaces, video conferencing, marketing automation and social networks, the guide explains how to implement these practices within any company, regardless of the status of its digital development, while ensuring that a sufficient level of cyber security is respected. The guide also includes the contact details of the international business advisers of the Chamber of Commerce and the Ministry of the Economy as well as Luxembourg's economic and commercial attachés around the world, including the LTIOs, to support Luxembourg companies wishing to obtain personalised advice on how to develop their business abroad. The guide is available in two languages (French and English) under the following URL: https://www.digitalguide.tradeandinvest.lu.
Luc Frieden, President of the Chamber of Commerce said: "I would like to stress that in these economically difficult times, when the reflex to pull back tends to dominate the international scene, opening up companies to the outside world remains essential for their development. Internationalisation is indeed an important element of the recovery. International development is more than ever a key factor in the success of companies and will continue to offer them multiple opportunities. To this end, the Chamber of Commerce and its partners at Trade & Invest offer a full range of services to support and motivate companies to continue their efforts in this area. Thus, I would like to thank the partners for the excellent cooperation within the framework of the TIB. Indeed, it is a perfect example of what inter-institutional efficiency working for the benefit of businesses and the economy can be.".
In conclusion, Minister Franz Fayot stated: "I am pleased to note the good cooperation that prevails among the TIB players, which has made it possible to react quickly and respond to the needs of Luxembourg companies in the wake of the crisis. In the current context, where travel abroad is limited and digital transformation is accelerating, while international trade remains an important source of income for Luxembourg companies, the strengthening of our international network is welcome. Also, the implementation of a digital marketing guide for the internationalisation of companies also responds perfectly to two essential axes for the development of the Luxembourg economy, which are internationalisation and digitalisation."
Press release by the Ministry of the Economy