snapshots
Krecké Q&A
STRAIGHT TALK Photos: David Laurent/Wide
Introduced as “the PR man for Luxembourg as an economy,” Jeannot Krecké was grilled by a packed house at a recent question & answer session hosted by the British Chamber of Commerce. The Grand Duchy’s minister of economy and foreign trade since 2004, Krecké displayed his usual forthrightness--and sense of humour--while discussing the pressing need for economic diversification, more entrepreneurship, and the rise in minimum wage. The minister acknowledged Luxembourg’s economy is overly dependent on the financial sector and its ties with neighbouring countries. However, focused initiatives in biotech, logistics and regional corporate headquarters are gaining traction, he said. Krecké bemoaned the lack of risk capital available in Luxembourg, and outlined a pair of government-run risk capital funds being set-up that he reckons put the overly cautious private sector to shame. While acknowledging high minimum salaries look bad on statistical tables, the minister argued Luxembourg’s total labour costs are “ far lower than neighbouring countries.” He also noted: “Life is expensive” for low wage workers and those jobs are sensitive to crossAG border competition.
Robert Deed (British Chamber of Commerce)
Jeannot Krecké demonstrated his directness and sense of humour at the British Chamber event More than 120 attended the Q&A luncheon
Axel Kastura (DKV Luxembourg)
Freddy Bracke (CLdN Cobelfret Group), left, and Eric Dessambre (Contraste Europe)
Carole Miltgen (Prisma) Pedro Castilho (JCI)
42 - delano - March 2011