International affairs
On April 7th, the Luxembourg Chamber of Commerce organised a round table about "New Business Opportunities for trade between Luxembourg and Chicago " on the occasion of the visit of Mr. Andrew Spinelli, Director of Global Strategic Initiatives at World Business Chicago. About 30 people participated in the seminar representing Luxembourg-based companies, various business federations, research centers as well as representatives from the US embassy who were all keen to learn more about this American city that has so much in common with Luxembourg.
Jeannot Erpelding, Director of International Affairs at the Luxembourg Chamber of Commerce, opened the seminar by highlighting the longstanding friendship between Luxembourg and the United States and the similar sectors that both Luxembourg and Chicago are pursuing. He stressed that Chicago has a stable and predictable business friendly climate just as Luxembourg does. It consistently receives recognition for high economic growth and excellent governance. Andrew Spinelli made an excellent case for the economic and investment potential of Chicago (the ppt can be found at the bottom of this page in the attached files). Both Cargolux and Armacell presented their existing activities in Chicago and the State of Illinois during engaging testimonials which can also be viewed in the attached files.
Based on shared values and ongoing political dialogue, the Grand Duchy and the U.S. have had strong relations for a long time which are expressed both bilaterally and through common membership in NATO, the OECD, and the Organization for Security and Co-operation in Europe (OSCE). The U.S. and Luxembourg's long-standing friendship has also resulted in a strong economic and trade partnership. The Americans and their automotive components companies were the first investors in post-war Luxembourg. Over the years, these investments have largely contributed to our economy’s diversification and the U.S. is still today Luxembourg’s first partner outside of Europe; Luxembourg exports a quarter of its goods and services outside the European Union to the United States
The round table was organised as a preparation for the trade mission the Chamber of Commerce is preparing to Chicago and which will take place from 22-24 May 2017. Some of the reasons the Chamber of Commerce chose Chicago for this visit are the following:
- Chicago has one of the largest and most diversified economies in the USA, with more than four million employees and generating an annual gross regional product (GRP) of over 561 billion dollars.
- The city is an efficient economic powerhouse, home to more than 400 major corporate headquarters, including 31 in the Fortune 500.
- Chicago has a stable and predictable business friendly climate. KPMG ranks Chicago as one of the most cost-effective cities in the world for doing business-ahead of New York and Los Angeles. Chicago is centrally located at the nexus between European and Asian markets, and the North American Free Trade Zone.
- Luxembourg and Chicago seem to be natural partners. Many of the sectors that Luxembourg is heavily investing in for its economic diversification are also key industries in Chicago: Logistics, the Automotive Industry, Biohealth, ICT & FinTech and Materials are just a few examples.
World Business Chicago will be the local partner for the organization of the economic mission, during which the attendees will tour a range of local companies and institutions from the various key sectors. The economic mission will offer the opportunity to present Luxembourg’s know-how and technologies and to stimulate an exchange and knowledge-sharing with Chicago counterparts. Participating companies will also have tailor-made business meetings with local companies and institutions upon request.
For additional information about Chicago and the economic mission, please contact the International Affairs team: northamerica@cc.lu
