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April 9 & 10, 2014: FINANCIAL MISSION - NEW YORK, NY

H.E. Mr. Pierre Gramegna, Minister of Finance of Luxembourg on a Visit to New York

 On his way to the Spring Conference of the International Monetary Fund and the World Bank held in Washington, DC, Luxembourg Finance Minister Pierre Gramegna made a stop in New York on April 9 & 10, 2014 to meet with players from the world of finance and present the latest developments from the Luxembourg finance industry. Initiated by the Luxembourg Trade & Investment Office in New York and in cooperation with Luxembourg for Finance, Minister Gramegna participated in a series of intense events.
 At a working breakfast attended by about 60 high-ranking decision makers from the world of alternative investments (private equity, real estate, hedge funds & venture capital), Minister Gramegna outlined the economic situation in Europe and reminded participants that the European Union represents the largest unified market in the world, ahead of the United States in terms of economic power and wealth accumulation. Following a summary of the European regulatory initiatives affecting the alternative investment industry, Minister Gramegna also welcomed their important role as investors and source of funding in the real economy, when traditional bank credits are still often lacking.
 
 Minister Gramegna presented the Luxembourg environment that strives to be welcoming for the actors in the financial sector. He also spoke of the recent legislative measures intended to encourage the establishment in Luxembourg of value-added activities of these very actors. The Minister remarked that "the opportunities for American investors are real in Europe - although our continent is slowly emerging from the economic crisis, prices remain competitive and do not yet reflect the underlying strength of what is called here the 'old Continent'. It is in this context that Luxembourg must position itself to attract even more hedge fund managers by highlighting the excellence of its know-how, innovation in its regulations, and its overall orientation."
 
 Another event was then used to present the growing role of the Grand Duchy of Luxembourg in the context of the internationalization of the Chinese currency: the Renminbi. Positioning itself as an open, international and cross-border platform since its inception, Luxembourg today aspires to serve as a bridge between America, Europe and Asia. With its experience in wealth management, the issuance of bonds listed on the Luxembourg Stock Exchange as well as in the structuring of multinational companies and investment funds, Luxembourg is now the destination of choice for multinational companies in the Chinese market in their quest for funding in Renminbi as well as for international investors seeking exposure to the growth of the Chinese economy via funds or bonds in Renminbi.
 Minister Gramegna, supported by Nicolas Mackel, CEO of Luxembourg for Finance as well as by Ms. Rebecca Wang, Partner of PricewaterhouseCoopers in Shanghai and seconded to the New York Office, described before a packed audience the opportunities offered by the actors of the Luxembourg investors and U.S. promoters who can benefit from using the Luxembourg platform tools, which do not exist in this form in North America yet.
 
 In addition to these two public events, Minister Gramegna and his delegation met one-on-one with decision makers from U.S. financial institutions as well as influential leaders from Wall Street.
 
 At the end of the visit of Luxembourg’s Minister of Finance, Mr. Jean-Claude Knebeler, Consul General and Executive Director of the Luxembourg Trade & Investment Office in New York concluded: "New York has been, is and will remain the largest and most sophisticated financial center in the world. It is vital for our country to show its flag and keep our partners abreast of new developments in our center, which unfortunately is often presented in a distorted way in the financial press and to explain its many facets not only on a day-to-day basis but also create visibility through the visit of members of the Government. I am delighted to have been able to welcome Mr. Etienne Schneider, Luxembourg Deputy Prime Minister and Minister of the Economy for a tour of the biggest North American investors and employers from the industrial sector two weeks ago, and now Mr. Pierre Gramegna, Minister of Finance who is responsible for a financial center with its development not only being vital for the State’s tax revenue, but also, as in the past and hopefully in the future, for its role as an engine of job creation in our country.”
 
 Source: Luxembourg Ministry of Finance
 Please also see: www.mf.public.lu/