PwC Luxembourg honoured by the US Embassy
PwC Luxembourg honoured by the US Embassy
On Tuesday March 24, US Ambassador to Luxembourg Ms Ann Wagner, on behalf of the US government, honoured PricewaterhouseCoopers Luxembourg with the first ever “Spirit of Enterprise Award" in acknowledgement of the role it has played in furthering US-Luxembourg business relations.
The award ceremony took place at the US Embassy during a reception hosted to celebrate FEDIL (the Business Federation of Luxembourg) and the Luxembourg/American business partnership.
The event was attended by FEDIL members, including Chairman Robert Dennewald, as well as Luxembourg government officials and representatives of the local press.
Ambassador Wagner explained that the award had been designed to acknowledge the FEDIL member company which has played a major role in advancing the US-Luxembourg business and trade partnership. “The first recipient is PwC Luxembourg,” she said, “in recognition of more than 20 years of helping bring US companies to the Grand Duchy and supporting them when here, thereby contributing to the growth and diversification of the Luxembourg economy.”
The Ambassador continued that, “In these trying economic times, it is essential to recognise, preserve and grow business partnerships,” and acknowledged the, “precious ties between the US and Luxembourg.” She added that, “Indeed PwC Luxembourg, services all major U.S.-origin enterprises operating in the Grand Duchy , across a wide range of work and has consistently contributed to successful public-private sector collaboration by working closely with the government in facilitating the launch of a large number of US subsidiaries, as well as helping the financial sector, e-commerce and, more recently, health technologies to develop.”
Didier Mouget, Managing Partner, PwC Luxembourg accepted the award. “On behalf of all at PwC Luxembourg, I would like to thank you for this very innovative and meaningful award,” he said. “We are honoured to receive this prize from the US Embassy representing the US government. We have a large US client base and continue our efforts to get more companies to come to Luxembourg, as well as to help US companies to develop their activities in Europe.”
Mr Mouget continued that, “Over the years we have developed strong relationships built on trust and mutual respect with the US. We have established a systematic approach to promoting the Grand Duchy to US firms, then to welcome them here.”
Indeed, PwC Luxembourg’s relations with US business stem well back into the 80s. Mr Mouget recalled that, “In 1985 we visited all the most important US fund managers of the time along with our colleagues in Boston and New York. They all came to Luxembourg to set up their pan-European fund activities.”
In the 90s PwC Luxembourg began to promote the Grand Duchy as a centre of e-commerce. Many of the companies that set up in Luxembourg following these efforts have been major success stories, having become household names in Europe (several of which actually attended the awards ceremony). Then, building on this experience, PwC Luxembourg set up strategic partnerships between US officials and world class scientists from the biomedical world in order to position Luxembourg in the newly emerging, personalised medicine focused, health sciences arena.
Mr Mouget then looked at the challenges the current crisis presents in terms of the Luxembourg and US business relations. He highlighted three that are of particular importance for PwC Luxembourg and where the Firm is concentrating a lot of effort. “To help Luxembourg subsidiaries of US companies to defend their business cases in the Grand Duchy and to effectively promote Luxembourg within growth sectors.” He added that, “The country’s image has been challenged recently and now is the time to present a new case.” He also referred to the fiscal reforms proposed by the US congress, expressing his sincere desire, “that current discussion between the administrations lead to a win-win conclusion that will help Luxembourg to develop an attractive value proposition for US companies.”
For the future, Mr Mouget said that, “Diversification is key,” and promised that PwC Luxembourg would continue the diversification efforts it has been making for the last few years. “We are convinced that growth sectors with a strong technological and science base, such as eco-technology, material science and bioscience/health technologies are good diversification cases for Luxembourg,” adding that, of course, “the financial centre will continue to be a pillar of the Luxembourg, and global, economy in the future.”
In closing Mr Mouget thanked FEDIL for its sponsorship of the reception and Mrs Wagner and her staff at the US Embassy, not only for the award, but also for their continued support in welcoming US companies to Luxembourg.
