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New Standards of Financial and Digital Development for Luxembourg

Written by: Bridgewest

New-Standards-of-Financial-and-Digital-Development-for-Luxembourg.jpgIn the last thirty years, Luxembourg has become one of the most important financial centers in the European Union. Financial services represent one of the most important industries in Luxembourg and this can be seen in the fact that Luxembourg is an international financial hub. Moreover, Luxembourg has been playing a major role in the last decades in the development of financial services industry in Europe. Foreign investors interested in opening a company in Luxembourg may request for information on this matter from our company formation agents
 

LUXFIN2020 report on Luxembourg’s core strengths 

 
The Agency for the Development of the Financial Centre – Luxembourg for Finance, has presented a report stating the main development areas on which Luxembourg’s authorities will focus on for the next five years. The report, entitled LUXFIN2020, set the following objectives:
 
to develop further as a center of excellence in cross border finance;
to become the European Union’s onshore main financial hub;
to become a digital leader in the EU zone.
 
Although Luxembourg is one of the main economies in the EU in terms of financial services, the economic strength of the state was founded on the steel exports, which accounted for 90% of the total exports at the level of 1950s.
 

Main industries in Luxembourg 

 
At the moment, Luxembourg is represented by financial sector, as well as the digital sector. The most representative financial services provided here are:
 
banking;
wealth management;
capital markets;
fund management;
insurance.
 
The workforce in the field of financial services is comprised of highly trained professionals
 
The digital sector is on the rise in Luxembourg, as more funding is being allocated to this domain; in 2013, the government decided to invest 2.6% of the gross domestic product in the field of research and development. The digital sector in Luxembourg is represented by high-speed connectivity and a vast internet infrastructure. 
 
If you need further information on the most important economic sectors in Luxembourg, please contact our company formation agents
 

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