Market Research in Luxembourg
Bordered by Belgium, France and Germany, Luxembourg is situated in the heart of Western Europe.
As the world’s last remaining grand duchy, the representative democracy is headed by a grand duke. With a population of roughly half a million inhabitants, the country ranges among the smallest of the European Union.
Prosperous Country in the Heart of Europe
Luxembourg has one of the highest per capita gross domestic products in the world. Banking and other financial services represent a majority of the country’s economic output. The industrial sector was mainly driven by steel exports until the mid-1970s but the predominance of steel has since given way to a more diversified industrial output including chemicals, rubber and other products.
Apart from benefiting from the open European market, Luxembourg has strong economic ties with the Netherlands and Belgium, which together constitute the Benelux economic union. Being one of the founding members of the European Union, the general political climate of the country favors the European political and economical integration. The European Court of Justice, the General Court, and the Court of Auditors are based in Luxembourg along with the European Investment Bank.
Financial industries and international workforce
The financial sector represents the largest pillar of Luxembourg’s economy. Apart from the banking sector, the country has a specialized workforce for the cross-border fund administration business.
More than a third of Luxembourg’s population has a foreign nationality. Immigrants mostly originate from other EU countries, predominantly from Portugal, Italy, France and Belgium. In addition, more than a third of the country’s labor force consists of foreign cross-border workers that commute from the three neighboring countries. Its cross-border thinking and the cosmopolitan nature of its workforce create a considerable advantage for the Grand Duchy as a business platform.
Access to global markets
Being located in the heart of Europe and providing efficient transport facilities, Luxembourg has easy access to other European capitals such as Paris, Brussels and London.
Luxembourg’s international airport is a part of a global airfreight carrier network. Cargo airlines offer multiple daily destinations to all continents. In addition, cargo railway carriers offer daily connections to the North Sea ports.
Luxembourg has a favorable tax and legal environment. The effective corporate income tax is among the most favorable in Europe.
Combined with the country’s political and social stability and advanced modern infrastructures, these conditions create an attractive climate for doing business in Europe.
Technology Opportunities
Apart from the well established financial and steel industries, Luxembourg is also an innovative engineering and technology center for the glass, cement, plastics and tires industries. Production plants as well as advanced research and development centers are based in the Grand Duchy.
In addition, the government has put emphasis on emerging and innovative technology-based activities such as information and communication technologies, e-commerce, media, environmental and health technologies, automotive components and logistics.
About Market Research in Luxembourg
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