What are the strengths of Luxembourg for expats considering moving here?
Damien Degros. – “Luxembourg benefits from a stable social and political environment, even in the current global turmoil, and it has maintained its AAA rating from key rating agencies. One of Luxembourg’s key strengths is the expertise built over decades in areas such as investment funds, sustainable finance, insurance and FinTech, that has attracted a diverse and multilingual workforce. We are at the heart of Europe, with easy access (once the Covid stringent measures can be eased) to Europe’s major capitals. Luxembourg remains fairly expensive but the quality of life makes up for it. It is no wonder that the Grand Duchy always ranks amongst the top destinations for expats.
Do you see any challenges on the horizon for Luxembourg?
“The current pandemic will have effects on all economies, including Luxembourg. Recovering quickly and in a resilient way will be key to maintain our living standards.
A positive impact of the crisis was the ability of most companies to shift quickly to homeworking solutions. While this was an advantage during the crisis, how will we handle the new normal, with so many cross-border commuters? Luckily the government and the private sector always work closely together and Luxembourg has always managed to reinvent itself and adapt to new situations.
In the financial industry one of the challenges ahead is talent: training and upgrading the people who work here as well as attracting new talents. The constant regulatory developments create both challenges (to adapt and be compliant) and opportunities (to become a centre of expertise for international companies and investors). Luxembourg, which is part of the top 3 European financial centres, strives to become a leading financial centre for sustainable finance, for example, which will require new skills for back, middle and front office roles.
Why did you decide to sponsor this event now?
“ING has been a long-term partner of the 10x6 Finance events. We strongly believe in the importance of sharing the lessons learned and the best practices – it is one of the ways we empower people and businesses and help them stay a step ahead. Brexit has had (and will continue to have) an important effect on Luxembourg’s financial centre and we are proud to support this sharing of ideas and experiences with our community.”