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Luxembourg Gives Boost To Financial Centre In Asia

Thursday, October 20, 2011

Determined to reinforce the Luxembourg financial centre in markets experiencing strong economic growth, Luxembourg’s Finance Minister Luc Frieden is currently on a visit to Asia to promote the financial centre.

Accompanied by an important delegation comprising representatives from the Luxembourg financial centre, the minister is due to visit Singapore, Malaysia and China.

In its statement, the Luxembourg government explains that the aim of the mission is to develop the presence of the financial centre in the region and to strengthen political and economic relations. In each of the countries visited, Finance Minister Frieden plans to meet for talks with political and economic leaders.

The minister will also take part in a series of seminars dedicated to the Luxembourg financial centre, organized by Luxembourg for Finance, the country’s development agency for the financial centre, the government adds.

At the same time, Luxembourg’s Head of State the Grand Duke is due to preside over an economic mission to China, led by the country’s Economy and Foreign Trade Minister Jeannot Krecké.

According to the Luxembourg government, a number of companies from various sectors of the economy are taking part in the visit, including representatives from the financial sector, the logistical and information, communication and technology sectors (ICT), the car and tourism industries, as well as from other business services.

Following a brief stay in Hong Kong, the delegation is scheduled to visit Shenzhen, home to a number of major companies from the ICT, high-tech and logistics sectors, following the creation of the special economic zone.

The delegation is also due to visit Chongqing in southwest China, a city at the heart of the country’s regional development strategy, which aims to decentralize the Chinese economy and to promote economic development in China. In Chongqing, the delegation plans to visit the airport and integrated free zone.

Concluding its statement, the Luxembourg government notes that the mission plans to end its trip to China in Shanghai, where it is expected to take part in a seminar organized by Luxembourg for Finance.