Luxembourg And BRIC – A Business Link Made In Heaven

The Luxembourg relationship with the BRIC countries has become increasingly important over the years, with trade consistently increasing and business relations becoming ever more favourable.

Last month, we took part in a BRIC panel discussion looking at, in particular, the manufacturing cooperation between the countries.

What were our key takeaways?

The conference gave deeper insight into the longstanding manufacturing industries in each of these markets, as well as illustrating why the BRIC countries continuously develop business with Luxembourg.

Luxembourg

Luxembourg has a well-established manufacturing industry. Therefore, can be seen as not only a key player in the financial industry but a big player in multiple industries According to Luxembourg Trade & Invest, "dominated by the metal and chemical industries, the sector has a strong international orientation and exports the lion's share of its production. With 32,200 employees, the sector represents 8.3% of total national employment and 4.6% of the national added value."

Luxembourg is hosting the main R&D and productions site for sectors such as automotive.

Perhaps most importantly is that the country has well-developed technology to support the rapidly growing manufacturing industry

Luxembourg is a key European hub, with a favourable business environment, for each of the BRIC countries, with big players using the small country as an international finance and holding location for investment vehicles Attractiveness of Luxembourg has further increased over the past years, with banks increasing their presence and an ever-growing interest in setting up funds and issuing bonds at the Luxembourg Stock Exchange, with the LSE having a focus on a "gateway to China". Luxembourg is a pioneer for Industry 4.0 The Luxembourg Institute of Science and Technology speaks about the need for manufacturing companies to "be innovative in an increasingly competitive economic environment, increase their productivity while reducing the costs, provide highly customized products, and have ever shorter time-to-market and delivery times". Industry 4.0 is all about digital organisation and management of processes and data associated with the value chain in the manufacturing sector and Luxembourg is at the forefront of these developments

Luxembourg is renowned for being efficient in attracting top...