MEB Ambassador's Lunch: Germany highlights its advantages
Around 60 business men and women from the Principality came to hear H.E. Mr Nikolaus Meyer-Landrut, German Ambassador for France and Monaco, at an Ambassador’s Lunch. The rendezvous focused on opportunities in this flagship European Union country, which is the world’s fourth largest economy.
In his speech, Ambassador Meyer-Landrut highlighted his country’s stability, notably steady GDP growth (2.2% in 2017; 2.4% forecast for 2018), driven by strong domestic demand and a vigorous labour market, with employment and earnings growth on the rise.
However, to sustain its competitiveness, Germany faces new challenges linked to an ageing infrastructure, lack of skilled labour and rising labour costs. The new coalition agreement includes major investment in R&D and innovation, education and digital transformation. Regards finance and taxes, the goal is a balanced budget with no new debt and no changes to the tax regime.
For Monegasque entrepreneurs, business opportunities are there to be had in the health, urbanisation and digitalisation fields, priority sectors requiring high levels of expertise and are of interest to Monaco.
To date, trading between the two countries has long been significant. Germany is Monaco’s number one partner for exports*, and has been for several years, and is 3rd or 4th depending on the year for imports. Equally important is the number of Germans residing in Monaco which stands at 907. Some 223 Germans are also on Monaco’s NIS register, a unique statistical identification number accorded to businesses once they are established, and 218 Germans are employed in the private sector***.
For MEB Chairman Michel Dotta, “These exchanges could be further developed which is why the Monaco Economic Board is organising a Trade Mission to Frankfurt from 12 to 14 June, in collaboration with the Frankfurt Chamber of Commerce, the support of Monaco’s Embassy in Germany and now that of the German Embassy in Monaco.”
Taking the long-term view, the MEB already has its sights set on a trip to Düsseldorf in 2019, then Munich or Berlin in 2020.
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* In 2016, Germany represented 15.4% of our exports (Source IMSEE)
** In 2016, Germany was ranked 4th, representing 6.3% of our imports (Source IMSEE)
*** Source IMSEE
