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Pierre Gramegna Reaching Out in Singapore

Published Friday March 10 2017

Pierre Gramegna, Luxembourg’s minister of finance, visited Singapore from 9 to 10 March as part of a mission to promote the financial sector, in particular the investment fund industry, and build relationships between the two countries.

At a bilateral meeting with Lawrence Wong, Singapore's second finance minister, to discuss current political developments as well as issues of common interest related to developments in international taxation, the two ministers agreed to strengthen cooperation between the two countries, particularly at the economic and financial levels. At the end of their interview, the two counterparts signed the agreement of the competent authorities for the automatic exchange of information, starting in 2018. This agreement underlines Luxembourg's commitment to the concrete implementation of the level playing field principle at the international level.

Minister Gramegna also held working meetings with the Singapore regulator as well as with senior representatives of banks and sovereign wealth funds as part of his mission to promote Luxembourg's financial centre as a European hub for their international activities.

The Minister of Finance was also the keynote speaker at the seminar organised by ALFI attended by more than 200 professionals from the local and Luxembourg financial sectors. In his speech, Minister Gramegna presented his view on current economic and political issues in Europe and at the global level. He drew attention to the economic recovery in Europe by highlighting the growth of the European economy. He also underlined the role of the Luxembourg financial centre as a financial platform at the heart of the Union. Concerning the subject of the Brexit, Pierre Gramegna said, "I am not pessimistic. We have to de-dramataise things. In the field of financial services, Luxembourg is a long-standing partner of Great Britain and is seeking to find pragmatic solutions for financial players based in London."

The Minister of Finance also welcomed the creation of the new working group of ALFI in Singapore, which aims to strengthen cooperation and close relations between the fund industry of both countries.

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Image: Pierre Gramegna and Lawrence Wang in Singapore. © MAEE