On 18 June, for the 2nd anniversary of the CSA, the Minister of State and members of the Strategic Council for Attractiveness welcomed French university lecturer and economist Christian de Boissieu and consultant Mathieu Laine. They discussed the future of employment in Monaco.
Innovation, diversification, moving upscale: the main advantages for employment.
After laying down, as a preamble, the undeniable links between growth and employment and the need for sustainable growth preserving the environment, the future high-growth economic sectors for the Principality were examined. Beyond the traditional activities of real estate, tourism and trade, the importance of the maritime sector was highlighted, as well as the growth of new information and communication technologies. The usefulness of having a university of excellence in Monaco was demonstrated, as well as more generally that of extremely good education that includes research and the establishing of links not only with businesses but also with the largest schools and international universities. Mention was made of the health sector, with the strong development of predictive medicine. As for finance, it is likely that the bank business model will change due to the new international regulations. Christian de Boissieu spoke of “conquering new frontiers of finance, such as carbon finance, sustainable finance linked with Corporate Social Responsibility, and Islamic finance”. Innovation will be essential, as well as the closeness of economics and culture: a good example being the joint work of urban architecture specialists and the institutional bodies for forward planning of towns.
For the two economists, institutional, legal and tax simplicity is one of Monaco’s biggest strengths. Its ambition needs constantly to be going upscale in all sectors. For this, the government will need to think about the right incentives to induce good behaviour by company managers.
Monaco already engaged in development.
“The Principality has neither debts nor deficits,” emphasised Mr. Jean Castellini, Government Adviser for Finance and Economics. “That provides certainty and safety, and favours attractiveness benefits. ” He noted the encouraging budget revenues: sustained consumption, good real estate activity, and tourism performing at its best. In a controlled liberal framework, over 600 businesses were created last year and more than 300 since the beginning of 2013. 45,000 jobs benefit the adjacent regions of France and Italy, which is proof of Monaco’s economic dynamism. In order to preserve and develop this, “it needs to be attractive to emerging countries, BRICS, South America etc., so it needs to understand what their expectations are”.
Mrs. Marie Pierre Gramaglia, Government Adviser for Public Works, Environment and Town Planning, then detailed the sea expansion project with a 60,000 m2 saleable and merchantable area, controlled architecture with 6 to 10 storey buildings at the most, parks, eco-designed districts, favoured pedestrian use, and the strong constraint of absolute respect for the marine environment.
Other projects support the development of the Principality, such as thought on the evolution of the Monegasque flag, the hosting plan, new travel modes, creation of an office-use lease, the law on the modernisation of the economy and the new finance laws etc.
Monaco, an active country, constant re-assessment and a declared ambition: being on familiar terms with excellence.
