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UL!iEè]ldLiJUJL!JL!JLÜLLJIUülil[Â]ILlJL3LiJLiJLSL3 FINANCIAL CENTRE
ECONOMY
GOVERNMENT
TOURISM
B anque Européenne d 'investissem ent
Boulevard Royal
M inistère d'Etat
Casino Luxembourg - Forum d ’art contemporain
B A N K IN G HOTSPOT AND IN V E S T M E N T FUND IN D U S T R Y Luxembourg is one of the main European financial centres of truly international scope. Largely advantaged by its favourable legal and tax regime and its central loca tion, the Grand Duchy is currently home to 153 banks from all around the world. Bank ing confidentiality, the flexible system in terms of banking provisions, and measures to combat money laundering are the major characteristics of the banking sector. The legislation on holding-type companies (Holding 1929, the new SPF vehicle on pri vate asset management, and SOPARFI) makes Luxembourg a leader in the private finance sector. Luxembourg's investment fund industry is, however, another major player on the international financial scene, as the country became the first Ell Member State to integrate the EU Directive concerning Under takings for Collective Investment in Transfer able Securities (UCITS) and currently lists 8,626 funds and sub-funds. The importance of the financial sector is reflected by the fact that it contributes to more than 30 % of GDP and is one of the main employers in Luxembourg.
IN THE HEART OF EURO PE
A H U B OF CULTURE As this year's European Capital of Culture,
The origin of Luxembourg's economic devel
An independent country since 1839, the Grand Duchy of Luxembourg is a constitu
opment goes back to the discovery of iron
tional monarchy with a parliamentary
ore in the south-western part of the coun
democracy. The official head of state is HRH
newly opened Museum of Modern Art (MUDAM), designed by Sino-American archi
try at around 1850. The steel industry constitutes since then the backbone of the Luxembourgish economy. In the 1970s and 1980s, steel production however suffered
Grand Duke Henri, who succeeded his father, Grand Duke Jean, to the throne
A STEEL G IA N T AND SATELLITE P R O V ID E R
biggest steel company in the world with
Social People's Party (CSV) and the Luxem bourg Socialist Workers' Party (LSAP). Other important government portfolios are held
10 % of world steel output and an annual
by Jean Asselborn (LSAP), Deputy Prime
walk along the fortress on the Wenzel path.
turnover of 88.6 billion dollars, is still the biggest private employer in the country with 5,870 employees. Since the 1980s, the banking sector has come to play a predomi nant role in the economy, but other sectors have also expanded, such as the telecom
Minister and Minister of Foreign Affairs and Immigration, Luc Frieden (CSV), Minister
However, Luxembourg as a country has more to offer. The hilly Ardennes region in the
of Justice and Minister for the Treasury and the Budget, and Jeannot Krecké (LSAP),
north is home to a number of beautiful cas tles like Vianden or Clervaux, which houses
Minister of the Economy and Foreign Trade
Edward Steichen's "The Family of Man"
and Minister of Sport. Located in the heart
photo exhibition. The Moselle valley, which borders Germany, invites you to taste some good Luxembourgish white wines, while
munications sector with the RTL Group and the recent installation of the European headquarters of Amazon and eBay in Luxembourg. Satellite operator SES, whose global satellite fleet reaches 9 9% of the world population, is yet another star on
border commuters travel to work every day
Banks: 157 Em ploym ent in the fin a n cia l sector:
in the Grand Duchy.
USEFUL W E B SITE S M inistry of Finance: w w w .m f.p u b lic.lu General inform ation:
Association of accountants and tax experts (ALCOMFI): w w w .alc o m fi.lu
0 F l YDOSCOPEl
of Europe, Luxembourg is one of the six founding members of the European Coal and Steel Community in 1951, the precursor to the EU. The Luxembourgish capital is home to a number of European institutions: the European Court of Justice, the European Court of Auditors, Eurostat, the Office for Official Publications of the European Commu nities, the European Investment Bank, and buildings for the European Commission and the European Parliament.
that, Luxembourg City can look back at a rich history of more than a thousand years that can be explored when visiting the under ground tunnels "Casemates" or going for a
the south of the country, also known as "Minett", gives you the opportunity to dig into Luxembourg's industrial past at the site of Esch-Belval. Moreover, Luxembourgish cuisine offers a vast array of culinary expe riences from French to Italian, or whatever your stomach desires.
IN N U M B E R S (source: Statec)
IN N U M B E R S
IN N U M B ERS
(source: Statec)
(Source: Statec) Population: 976,200 (2006)
Visitors per years: 970,300 (2006) Hotels a n d cam p in g sites: 389 (2006) A ccom m odation for: 55,591
Foreign p o pu lation : 9 1 .6 %
(hotels + ca m p in g sites)
Size: 2,586.9 km 2 Official languages: Germ an, French, a n d Luxem bourgish
U S EFU L W E B S IT E S
Currency: euro GDP grow th in 200 6 : 6 .1 % U n em ploym ent rate: 9 .3 % (October 07) Em ploym ent: 312,283 (June 07) Cross-border Com m uterscom m uters:
133,389 (June 07) Com panies: 27,802 (2009)
USEFUL W E B SITE S
USEFUL W E B S IT E S
The Grand Ducal Fam ily: w w w .m o n a rch ie .lu Luxem bourg and Europe: w w w .e n a .lu European Court of Justice: w w w .curia.eu ro pa.eu
w w w . I uxem bou rgforfi n a n ce. Iu B anking Association (A BBl): w w w .a b b l.lu Investm ent Fund Industry Association (ALFI): w w w .a lfi.lu
cultural hotspots of the region. Apart from
sector that put a lot of pressure on prices. Today, ArcelorMittal (formerly ARBED), the
IN N U M B ERS
Growth in fund industry: 1 8 % (October 06 - October 07)
Luxembourgish capital into one of the main
tion government between the Christian
(sources Sources: CSSF, Statec, Alfi)
2,123 b illio n euros (October 07)
tect I.M. Pei, the new Philharmonie concert hall and the refurbished Grand Théâtre de la Ville de Luxembourg have turned the
gravely because of the two oil crises and the worldwide overproduction in the steel
the Luxembourgish business heaven. The Luxembourg economy is a major employer in the Greater Region as over 127,000 cross-
39,780 (September 07) Net assets in Luxem bourg fun ds:
in 2000. The current Prime Minister and Finance Minister Jean-Claude Juncker has been in office since 1995 and heads a coali
Luxembourg City has a lot to offer. The
Luxembourg Government: w w w .gouvernem ent.lu M inistry of Econom y: w w w .e co .p u b lic.lu Luxem bourg Cham ber of Com m erce: w w w .cc.lu Statistics office: w w w .sta tistiq u e s.p u b lic.lu Business G uid e Luxem bourg: w w w .in d e x .lu
European Capital o f Culture agend a: w w w .luxem bo urg 20 0 7.o rg Luxem bourg N ational Tourist Office: w w w .o n t.lu R estaurant g u id e: w w w .e xp lo rato r.lu In ge ne ral: w w w .lu x e m b o u rg .co .u k