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  • Minister Frieden on roadshow to Asia
    Minister of Finance Luc Frieden travelled to Asia from 17 to 22 October 2011 to promote Luxembourg as a financial hub as well as foster political and economic relationships.
    Minister Frieden went on a series of roadshows in Singapore, Malaysia and China to restore confidence in European financial products and attract new investors in Luxembourg. He specifically highlighted the distinctive strengths (i.e. diversity and internationality) on which the Luxembourg financial place can rely. He also strove to form partnerships between the two centres to create a financial sharing platform which would supplement their respective offering. Finally, Minister Frieden confirmed that Luxembourg was willing to further develop Islamic Finance to diversify and internationalise the Luxembourg financial place. He concluded that Luxembourg was the leading European centre for Islamic finance.
    October 2011

  • Case study: Bank of China (Luxembourg) S.A.
    Founded in 1912, Bank of China is the oldest financial institution in China. It is also one of the big four state-owned commercial banks and has been listed on the Hong Kong Stock Exchange since 2006. The Bank provides a comprehensive range of financial services to customers across China’s mainland, Hong Kong, Macau and 29 overseas countries. In 1979 Bank of China established its Luxembourg branch, which became the first Chinese bank to set up in the Grand Duchy of Luxembourg. In 1991, Bank of China (Luxembourg) S.A. was incorporated with the objective of increasing its European footprint and offering its clients an international platform. In 2007 and 2010, Bank of China (Luxembourg) S.A. set up two branches in Rotterdam and in Brussels to further strengthen the business coverage in the Benelux and neighbouring regions. Today, Bank of China (Luxembourg) S.A. is mainly engaged in corporate banking, retail banking as well as treasury business.
    Source: Bank of China Luxembourg, Luxembourg WhereElse?, 2011

  • Press release: Chinese ICBC set up its European headquarters in Luxembourg
    On 17 January 2011, ICBC announced from Luxembourg the opening of five European branches in Paris, Brussels, Amsterdam, Milan and Madrid. In the meantime ICBC decided to set up its European Headquarters in Luxembourg which have been relabelled as ICBC (Europe) S.A.
    The Luxembourg Headquarters and the new branches will offer full range of financial services including loan and deposits, settlement, trade finance and investment banking. They will act as the bridge and link for Chinese and European companies to engage trade and investment activities between the two continents.
    With this strategy, the Bank shows its confidence in the European market. ICBC's next move is to expand its presence in Europe and leverage ICBC Group's leading IT platform and electronic banking to launch online services.
    Today, China is one of the main source countries for immigration settlement and business investment to Europe. This creates massive potential for financial services related to China as well as rich business opportunities for ICBC Europe.
    Source: ICBC News, January 2011 (official website)

  • Testimonials:
    "ICBC has always attached high importance to the strategic significance and the long-term growth potential of the European market. Europe is still one of the most important political and economic entities in the world, despite the recent issues on the economy and Euro."
    Source: Mr. Jiang Jianqing, ICBC Chairman, at Luxembourg press conference, 17 January 2011

  • Press release:
    Trade and Investments between China and Luxembourg in figures:
    • Imports of goods from China to Luxembourg totalled nearly EUR 45.7 million in 2009, down from 72.9 million in 2008 and 53.8 million in 2004, but still up from 34.9 million in 1999.
    • Exports of goods from Luxembourg to China added up to EUR 132.2 million in 2009, down from 157.4 million in 2008, but up from 95.2 million in 2004 and 39.1 million in 1999.
    • In 2007, foreign direct investment from China into Luxembourg was only EUR 80 million, although that made Luxembourg the second largest recipient of Chinese FDI in the EU.
    • Foreign direct investment from Luxembourg into China was EUR 342 million, making Luxembourg the second largest source of FDI from the EU.
    Source: Statec, 2011

  • Opinion: Chinese investors can save money by investing through Luxembourg
    About 40% of the total foreign direct investment into Europe was transited through Luxembourg in 2009. Situated at the heart of Europe, Luxembourg is increasingly viewed by foreign investors as an international hub for contract creation, logistics and value-added services.
    Its proximity to the principal European capitals, high-quality communications and transportation infrastructure makes Luxembourg an ideal platform for rapid low-cost entry into the continent’s primary consumer and investment markets.
    Luxembourg is becoming increasingly important for Chinese investors. Chinese firms invested more than US$3 billion in Europe in 2009, driven by a need to expand into overseas markets, acquire strategic assets like brands and technology, procure scarce resources, and achieve greater cost efficiency. Tax is a key consideration for Chinese investment into Europe and Luxembourg plays an important role in minimising investors’ liability.
    Source: "Gateway to Europe", China Offshore, December 2010

  • Case Study:
    Solar Energy Technology Co. Ltd is a full-invested subsidiary company of China Energy Conservation and Environmental Protection Group (CECEP). Founded in 2009, CECEP Solar has successfully integrated device manufacturing, researching technology, project development, building and operation. In the field of solar power generation, CECEP Solar enjoys financial strength, smooth financing channels, abundant engineering experience and avant-garde technical expertise. To become an international solar power industry base, the firm has gradually taken the whole industry chain model instead of simply developing and manufacturing photovoltaic modules and cells. CECEP recently decided to set up its European Headquarters in Luxembourg for its Solar Energy Technology Co. Ltd activities.
    Source: CECEP official website and Luxembourg Chamber of Commerce, November, 2010

  • Testimonials:
    "Economic relations between China and Luxembourg are stronger because the Chinese have discovered Luxembourg as a possible mass and possible gateway to the EU internal market."
    Source: Mr. Jeannot Krecké, the Luxembourg Minister of the Economy and Foreign Trade, interview at Global China Business Meeting, Xinhua, November 2010

  • Press release: Luxembourg Pavilion at 2010 Shanghai World Expo
    The Luxembourg Commercial Week at the 2010 Shanghai World Expo was held from 7 to 15 October, a series of industry-sector themed events allowed Chinese companies to learn about opportunities in the Grand Duchy.
    For example, more than 250 Chinese participants attended the day on the ICT sector and an event for the automobile sector attracted 150 companies. Logistics, ecotech and the maritime sector were also exhibited. Organisers reported that about 7 million people visited the Luxembourg pavilion during the Expo.
    Source: Luxembourg for Business, November 2010

  • Case Study:
    Paul Wurth is an engineering company active worldwide in the metallurgical industry: The company was founded in 1870 in Luxembourg. After an extended history of close contact and mutual collaboration in China, Paul Wurth was formally established in China in 1995. Since its arrival in China, the group has mainly expanded its activities in China and has developed several divisions:
    • Paul Wurth Metal technology (Beijing) Co., Ltd.
    • Shanghai Metallurgy & Continuous Casting Technologies Co.Ltd in Shanghai.
    • The joint venture Paul Wurth Metallurgical Equipment Manufacture Co.Ltd.
    Source: Paul Wurth official website

  • Press release: Global China Business Meeting, de Pékin à Luxembourg
    A l’aube de l’année 2011 durant laquelle la Chine devrait jouer un rôle important dans la reprise de l’économie mondiale, les enjeux du pays ainsi que les collaborations sino-européennes étaient au centre des discussions ce lundi 22 novembre à Luxembourg Congrès. Le « Global China Business Meeting » se déroulait en effet pour la première fois au Grand-Duché de Luxembourg.
    November 2010

  • Testimonials:
    "China considers Luxembourg as a friendly partner and equal, with plans to develop its cooperation in traditional areas like finance and steel, and in new areas like environmental protection and clean energy."
    Source: Mr. Ma Zhixue, former China’s Ambassador to Luxembourg, Interview Paperjam, May 2010