While managing the immediate health crisis, the Luxembourg government has shown a strong determination to support the country’s economy and has announced an ambitious economic stabilization program in partnership with all the main economic stakeholders. Luxembourg took many exceptional support measures for businesses affected by COVID-19, which were implemented rapidly to upkeep the sectors deeply impacted by the current sanitary crisis.
To help all the economic actors to efficiently navigate through the measures and procedures put in place to support the economy, a hotline and a website with information for enterprises and companies was set-up. With one click, businesses will find all the relevant information on how to access government support.
Emphasizing that SMEs and startups experience more challenges related to liquidity than larger companies, the Ministry of the Economy, in collaboration with Luxinnovation, has launched a call for projects entitled “StartupsVsCovid19” on 9 April 2020. Young innovative companies are invited to present their innovative technology-based products and services which can help mitigating or overcoming the economic, health and societal effects of the crisis linked to the Covid-19 pandemic.
Luxembourg was identified internationally as having a high likelihood of maintaining stability and resilience through the crisis. The 2019 Global Resilience Index by insurance company FM Global paired 2 classifications: the ranking of the resilience of the business environment across 130 countries (based on factors like political stability, corporate governance, risk environment and supply chain logistics and transparency), and the country’s initial response to the virus. According to this index, Luxembourg shows no sign of weakness and remains a safe and reliable hub for business activities.
Beginning of May, the International Bureau of Exhibitions (BIE), the overarching organization coordinating the World and International Expos, announced that the majority of its members had approved the postponement of the Expo 2020 by one year following the COVID-19 economic and sanitary fallout. Though not a member of the BIE, Luxembourg voiced its adherence and support to the proposal of the Expo to postpone this world-class event, thus giving businesses and people all around the world more time to better prepare the post COVID era and make this event into the catalyst of the recovery for a better and more sustainable world. The Expo will now take place from 1 October 2021 to 31 March 2022.
Executive Director LTIO Abu Dhabi