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Luxembourg plans to boost technology investment

24 February 2021

Diversification is “crucial, especially for a smaller economy like ours that is open to the world”, Mr. Gramegna, the Minister of Finance, says. But innovation within existing sectors is as important as branching out into new ones, he adds. “We have tried to diversify by building on our existing strengths. Our steel industry has not disappeared. We are still a major producer of specialised steel.”

When one quarter of your economy depends on financial services you want to diversify. But because the financial sector has adjusted so well, modernised, reinvented itself, it has kept pace with the endeavours and investments in other sectors.” The minister says as soon as he took over the finance portfolio seven and half years ago he identified the potential of financial technology for Luxembourg. “And when I started talking about that people in the country looked at me in surprise. What is he talking about? Why is he not talking about banks and investment funds? Today I think everybody has integrated the importance of fintech in transforming financial services.”

The government set up a public-private fintech accelerator, the Luxembourg House of Financial Technology, with some 80 companies and a similar number of affiliated ones. New technology ventures are seeking to build on niche sectors where Luxembourg is already a strong player, such as fund management, regulatory compliance and insurance. 

Lead the story in Financial Times published in February 2021.

A Luxembourg mobile operator has developed technology that can identify scams

23 February 2021

The Luxembourg’s telecoms sector has produced a tool to fight cyber attacks over telecoms networks, including suspicious text messages sent to defraud consumers.

The software, which monitors telecoms networks for signs of intrusion, was developed by Cyberforce, a division of Post Luxembourg, the country’s integrated telecoms, financial services and post office company. Though it was initially created to protect Post Luxembourg’s own banking and telecoms customers — including EU institutions such as the European Court of Justice and the European Investment Bank — Cyberforce is now selling the tool to external customers, including larger peers in the telecoms sector. Cyberforce, which was launched in 2018, is a product of the tiny market that Post Luxembourg serves. For small telecoms companies like Post Luxembourg, the only way to grow is to develop innovative new services that they can sell to larger peers. The need to find new sources of revenue became more pressing after Reding’s clampdown, which hit operators in small countries dependent on tourism and business travellers hard.

Lead the story in Financial Times published in February 2021.

Luxembourg wants to turn hydrogen green

22 February 2021

Hydrogen is often seen as a source of clean energy. But most of the world’s supply of this potentially plentiful gas, which can be used to power everything from cars to heating systems, is produced with energy from fossil fuels. Now, with backing from the EU, Luxembourg has joined the hunt for fossil-free technologies for hydrogen production. 

Lead the story in Financial Times published in February 2021.

Luxembourg space programme to work with Nasa on moon mining

19 February 2021

Luxembourg first emerged as a potential space power five years ago. In February 2016, the Grand Duchy launched its Space Resources programme, a project to prepare for the future use of extraterrestrial minerals, water and gases to provide energy and materials for human activities beyond Earth.

Lead the story in Financial Times published in February 2021.

Luxembourg's grand plan for an advanced digital society

18 February 2021

Luxembourg is setting itself the task of becoming one of the world’s most advanced digital societies. Policymakers are putting together what they hope will be a winning formula that combines government-led research and private sector initiative.

Lead the story in Financial Times published in February 2021.

LUXEMBOURG BETS ON SUPERCOMPUTERS 

17 February 2021

MeluXina is funded jointly by the EU, and the Luxembourg government. Once completed, 35 per cent of MeluXina's capacity will support other HPC projects in 33 different European countries (including the UK), and be used free of charge. 

Lead story in Financial Times in February 2021.

Technology Made in Luxembourg making self-disinfecting face masks to fight against Covid-19

27 January 2021

Molecular Plasma Group (MPG) has developed a unique technology based on the use of plasma to optimise the protection of "made in Luxembourg" surgical face masks against COVID-19. MPG has perfected a surface treatment technology and made it compatible with industrial production of "made in Luxembourg" surgical masks, in collaboration with Santé Services SA and a German company. The co-financing of the project is based on the aid scheme of the Ministry of Economy which supports industrial research and experimental development projects allowing the production and development of products contributing to combat the health crisis linked to COVID-19.

Read the full article published by the Ministry of the Economy (Dec. 2020)

European Space Resources Innovation Center to be established in Luxembourg

21 January 2021

Luxembourg just entered a strategic partnership with the European Space Agency (ESA) to create a "European Space Resources Innovation Centre", called ESRIC in abbreviated form. Unique of its kind, ESRIC aims to become an internationally recognised centre of expertise for scientific, technical, business and economic aspects related to the use of space resources for human and robotic exploration, as well as for a future in-space economy.

Based in Luxembourg, ESRIC will partner with public and private international players in this field to create a hub of excellence for space resources in Europe. The creation of ESRIC was part of the Luxembourg government initiative SpaceResources.lu launched in 2016 to establish an ecosystem favorable to the development of activities related to the exploration and use of space resources.

ESRIC's activities will focus on space resources research and development, drawing together excellence from public research and its facilities, with private sector initiative and efficiency. The centre will also contribute to economic growth by supporting commercial initiatives and start-ups, offering a business incubation component and enabling technology transfer between space and non-space industries.

Read the full article from the Ministry of Foreign & European Affairs.

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Korean INFINIQ sets up European HQ in Luxembourg

Leading Korean artificial intelligence data specialist INFINIQ has announced the establishment of an overseas sales corporation and European headquarters in Luxembourg. This decision has been facilitated by the Luxembourg Trade and Investment Office (LTIO) Seoul and Luxinnovation.

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Building a sustainable economy

Renowned for its strong economic performance, Luxembourg has a determinedly green outlook towards the future. Crossroads Magazine spoke to Minister of the Economy Franz Fayot about his vision for combining successful economic development with long-term sustainability.

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A diverse, connected ecosystem for mobility innovation

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Web Summit: Startup Luxembourg side event draws full house

A side event by Startup Luxembourg at Web Summit 2020 in Lisbon, Portugal, attracted numerous participants interested in the Luxembourg start-up ecosystem. Several international start-ups shared their reasons for choosing Luxembourg as their home.

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10 most read Trade & Invest articles in 2020

Luxembourg’s performance in international studies, business support and market trends during the COVID-19 pandemic, and how to set up a business in the Grand Duchy: here are the articles you most enjoyed reading in 2020.

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Smart Green Business Centre

South Korea and Luxembourg signed a Memorandum of Understanding covering the establishment of a Smart Green Business Centre in Luxembourg. The aim is to facilitate green and digital collaborative projects between SMEs and start-ups.

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A standard for circular products

Clean technologies and the circular economy are central themes in Luxembourg’s strategy for data-driven innovation. The country is at the forefront of developing data-related standards that will drive the clean technologies of the future.

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Luxembourg hosts 2021 Cleantech Forum Europe

12 January 2021

Luxembourg is the hosting partner of 2021 Cleantech Forum Europe, a major international event in the field of clean technologies. The virtual conference, which takes place on 12-14 January 2021, is an excellent opportunity to showcase Luxembourg's commitment to sustainability and cleantech to national and international companies.

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Luxembourg & Belgium Day in Thailand

27 November 2020

To mark Luxembourg & Belgium Day in Thailand, the two Embassies joined the BeLuThai Chamber of commerce on 27th of November 2020 for a full day of exciting company visits!

The day started early with a visit to Theptex Co., a manufacturer of pure natural latex cores specializing in tailoring entirely to the needs of its customers, before delighting in the sweet treats of Gallothai Co., founded in 1993 by a Belgian emigrant with the conviction of bringing the taste of real Belgian chocolate to Thai consumers. After lunch, the BeLuThai members visited Guardian Industries, a leading worldwide manufacturer of float glass and fabricated glass products for the commercial and residential construction industries as well as for the automotive industry and whose Europe & Asia Headquarter is located in Luxembourg. The day ended successfully with a Multi-Chamber Networking Night hosted by BeLuThai at the Royal Varuna Yatch Club in Pattaya.

What did we learn? Businesses have been severely hit by the pandemic, but in crisis there is also opportunity: innovation, diversification and access to e-commerce platforms have in many ways been key to survival and success.

Technical cooperation between Thailand and Luxembourg

21 October 2020

The Luxembourgish and Thai development cooperation agencies LuxDev and TICA joined forces to deepen and widen the existing technical cooperation between Thailand and Luxembourg. Luxembourg firmly believes in the potential of South-South and triangular cooperation to act as an accelerator and multiplier of sustainable development. Such country-led collaborations are an effective tool to share knowledge, skills and successful initiatives between like-minded partners.

Based on the mutual needs and interests identified during a joint mission to Lao PDR in November 2019, LuxDev and TICA signed a Letter of Understanding with a specific focus on human resource development and the ambition to establish a long-term collaborative partnership. As a first concrete step, the agencies agreed to combine their respective and complementary technical expertise in the area of public health. Recognized worldwide for the quality of its own healthcare services and system, Thailand is considered to be a natural partner in this regard.

The collaboration between LuxDev and TICA will also seek to improve the effectiveness, efficiency and sustainability of projects and programs in the fiels of local and rural development as well as technical and vocational education and training (TVET).

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