Business development mission of the Ministry of Finance to San Francisco
Luxembourg Minister of Finance Pierre Gramegna undertook a business development mission to San Francisco from March 24 to 26, 2014. The Minister had meetings with several main actors from the banking sector and the asset management industry.
The objective of the mission was to promote Luxembourg as an international and diversified financial centre. The Minister presented Luxembourg’s favourable environment and the advantages of the country as an entry gate to the European market as well as a centre of excellence for financial services. In this context, the opportunities Luxembourg offers in the internationalisation of the Chinese renminbi particularly captured the interest of American counterparts.
Apart from Luxembourg’s important role in the worldwide distribution of investment funds, the countries’ position in electronic payment activities was recognised, as well as its state-of-the-art IT infrastructure. The existence of data parks in Luxembourg particularly attracted the interest of American financial actors. The Minister highlighted that the synergies between the Luxembourg financial center and information technologies will be a major development area in the future.
The San Francisco region and Silicon Valley in particular are at the forefront of innovation, and the Minister of Finance was able to take advantage of local expertise and gain a unique insight into the latest trends in virtual currencies.
Minister Gramegna was accompanied by a delegation of representatives from Luxembourg for Finance, the Luxembourg Banker’s Association (ABBL), the Luxembourg Fund Association (Alfi), the Luxembourg regulator, the Commission de Surveillance du Secteur Financier (CSSF), the Ministry of Economy and Foreign Trade and the Ministry of State (Media and Communications Department).
Press release by the Ministry of Finance