Monaco Economic Board AGM: review of 2020 & prospects for 2021
Monaco Economic Board (MEB) held its Annual General Meeting on Wednesday 7 July attended by 150 members, institutional partners and pivotal figures in Monaco including Minister of State Pierre Dartout and Minister for Finance and Economy Jean Castellini. The AGM was followed by the 38th Members Rendezvous, the first one for over a year.
This year’s Monaco Economic Board Annual General Meeting and Members Rendezvous was “a great reunion” between members after a difficult year due to the Covid-19 pandemic in 2020. “During the health crisis, MEB adapted well to the situation in the interests of supporting members and their businesses, particularly those that were most impacted, and to continue its mission to promote the Principality,” said Chairman Michel Dotta in his introduction.
MEB Executive Director General Guillaume Rose then addressed the 150 participants, who included Minister of State Pierre Dartout, to talk about events organised, some jointly with its Team Monaco and foreign partners, to help Monegasque companies grow their businesses and promote Monaco to foreign investors.
While 2020 started well with a Trade Mission to Russia and signing of a cooperation agreement between MEB and the Novossibirsk region’s Chamber of Commerce & Industry (CCI), several planned trips had to be cancelled due to travel restrictions (Paris, Rome, Salzburg, Barcelona, London), idem for promotional operations organised with Monaco’s ambassadors and consuls abroad. Some took place before the pandemic (Lisbon, Mexico, London), but several were cancelled or postponed before starting up again to Serbia for the signing of an agreement between MEB and the Serbian CCI as part of an official visit by HSH Prince Albert II.
Locally, MEB trialled new formats such as business breakfasts to coincide with the formal accreditation of Ambassadors in the Principality, “small gatherings” which will be repeated in future. MEB’s regular talks again allowed it to pick the brains of “economy stars”, like Julien Marcily, Chief Economist at Coface, Jean-Pierre Petit, President of Les Cahiers Verts de l’Economie, Ludovic Subran, Chief Economist Allianz Group and Sophie Vincent, Director of Monaco’s statistics body, IMSEE.
Above all, MEB was quick to move online with sector-specific MEBinars organised throughout the crisis on topics ranging from finance to international trade, the energy transition, real estate, tourism and yachting, as well as business destinations (Kazakhstan, Italy and Monaco with the Ambassadors Club). MEB also partnered with the Principality’s digital transition programme, Extended Monaco, and FEDEM to organise digital workshops, while indepth surveys were carried out to find out members’ needs and expectations during the crisis.
2021: new horizons
2021 started off with the same online approach and a gradual return of in-person events such as the talk by forecasting guru Christophe Barraud. MEB will soon be participating in several events (Monaco Yacht Show then Monaco Business when a partnership agreement will be signed with the Italian CCI in Nice) and is organising a Forum & Gala of Monaco ambassadors in Italy in December.
It is also set to host several foreign delegations (Québec, Austria, South Korea), while 2021 marks the 10th anniversary of the Eco Awards that celebrate talented local entrepreneurs.
As for upcoming Trade Missions, the focus is on Europe, with trips arranged to Florence (12/14 July), Antwerp (29 September/1st October, Milan (October), St Petersburg (6/8 November) and Amsterdam (2/3 December). A special place has been reserved for Dubai : “During the six months of the Dubai Expo, several sector-specific missions and at least one general one will be arranged in partnership with the Monaco Pavilion and Dubai Chamber of Commerce,” says Guillaume Rose.
At the end of the AGM, when a new Steering Committee director was appointed**, Jean Castellini, Minister of Finance and Economy, in his speech recalled how the health crisis has revolutionised working and communication methods in both the private and public sectors. “We have all had to continuously adapt and innovate. We have to learn from the experience. We must continue to act together, as we did in this emergency and in the interest of our country, and not fall back into old habits”.
38th Members Rendezvous
Members then moved to the Monte-Carlo Bay’s Mediterranean gardens for the 38th Members Rendezvous, the first since January 2020. It was a sit-down cocktail due to health restrictions and was a particularly lively one, attended by 250 people from across Monaco’s business community there to network. Dozens of contacts and appointments were made by the MEB team. Michel Dotta and Guillaume Rose took the opportunity to promote the Fonds Vert (National Green Fund) set up to help finance the Principality’s energy transition. They ended by paying tribute to Stéphane Giaccardi, who leaves the Steering Committee after 16 years of good and loyal service as General Secretary.
* The AGM is reserved for MEB member company managers.
** The new Steering Committee members are Johanna Houdrouge (SMENI), Tais Ragas (JCEM) and Alexandre Pasta (UCAM).
