An important figure in Monaco's economy, Michel Dotta is the well-known president of one of the Principality's longest-established estate agencies, Dotta Immobilier. He is also president of the Monaco Chamber of Real Estate and the Town Planning Committee of the Social and Economic Chamber, as well as the Monaco Economic Board (MEB) and it is in this capacity that we asked him about new horizons within Monaco for the coming decades.
What are the objectives and strengths of the MEB?
When the Chamber of Economic Development (CDE) was created in 1999, globalisation was pitting countries against each other in stiff competition. Financial hubs are still investing and innovating to make themselves stand out, in order to attract investors and the best talents. Meanwhile, Monaco's attributes continue to make the Principality an even more desirable place on the international stage, mainly because of its political stability, its safety and its quality of life. This is what we need to impart to those we talk to – and the small size of Monaco means these people are carefully targeted. Our new structure will help us not only to facilitate investment but also to develop new opportunities for our work in the Principality and abroad. It will bring a new dynamic to promoting the area and will enhance the continued and important work of the Monaco Government in relation to Monaco's appeal. The combined experience of the Monaco Economic Board and its teams means that today we are totally ready to face the new challenges which lie ahead.
What are the measures which have transformed investment in Monaco over the past few years? And what future projects will change the face of the Principality?
One of the strongest characteristics of the authorities in Monaco is always knowing how to use innovation for the well-being of the population and the harmonious development of the Principality, with a significant part of the budget given to structural investment. As proof of this, I would like to draw your attention to our success in extending Monaco's territory in a peaceful manner over the last 60 years: the Portier roundabout, the central reservation on Larvotto and also the creation of the Fontvieille district, not to mention the construction of the underground railway line, the Grimaldi Forum and the new Yacht Club. These important projects are all in line with the potential and needs of the ever-evolving Principality. Aside from the current Société des Bains de Mer projects in Monte-Carlo, which will give new life to luxury tourism, the new land reclamation project is unquestionably an investment which will play a big role in Monaco's development.
What part does modernity play in your work?
Since its inception 16 years ago, the Monaco Economic Board has always tried to keep abreast of the most up-to-date tendencies in economic development. Its role has evolved considerably over the years. At first its role was mainly to highlight Monaco's economic activities, thus supporting the credibility of the Principality's corporations; but the MEB quickly became a business network, a link between the authorities and the organisation's members and a wonderful boost for business for Monaco's companies. Next, we started implementing pro-active strategies to find investors and, as I said in answer to your first question, the new Monaco Economic Board structure, with its two departments, Monaco Chamber of Commerce and Monaco Invest, was born out of necessity rather than being a merely symbolic name-change: we need to be competitive in this ever-changing world and must face up to this each day.
Which words best describe the MEB?
It's a difficult choice but I have thought of six:
Excellence: this is an inherent characteristic for the Principality and obtaining it is something for which all economic players in Monaco should strive.
Challenge: this is something we encounter every day. We have a team of 11 people, undertaking around 50 events per year in Monaco and abroad, with a mission to support the Principality's companies and to seek investment.
Boldness: attitude is all-important when trying to make a mark with our international operations. For example, bringing a delegation of 50 or 100 people on some of our economic missions always surprises our hosts, who are more used to receiving parties of 10 or 15 delegates.
Command: today, the MEB has command of its subject – Monaco's economy – remaining close to its 450 member companies and this membership grows by 10 per annually. This know-how gives us the confidence to take on new projects.
Diversity: one of the keys to our success is the diversity of our work – lectures, seminars, training, themed, multi-faceted projects covering different sectors and tailor-made services all allow us to meet our very diverse members' expectations. We also work in economic cycles. This year we are finishing our Asian Cycle, which has allowed Monaco entrepreneurs a better understanding of Hong-Kong, Shenzhen, Singapore, Beijing and Shanghai. This does not mean that we are now done with Asia – it rather gives us a solid base there for the future. 2016 will see the launch of our Latin American Cycle, with an economic mission in Brazil between 2 and 5 April.
Ambition: the MEB's ambition is significant and it is just this which moved us to change the name. The aim is to arm ourselves with the tools to promote Monaco businesses even more efficiently and to make Monaco an economic hub within Europe.
What are your hopes for Monaco over the next 25 years?
Monaco has always known how to be innovative and forward-thinking, focusing on projects which are perfectly adapted to its needs. Monaco also knows how to incorporate social and environmental issues into everything it undertakes and would be a good role-model in this domain.
I have confidence in the dynamism of our businesses, which are important wealth-generators. I am convinced that the current, big projects will support local companies' as well as the whole population's needs in the long term. We must continue tirelessly towards our objectives and persuade more economic players to come and take part in this wonderful development initiative. Monaco must become an economic hub on a par with Singapore or Dubai.
NB.
The Monaco Economic Board (MEB) is the new name of the Chamber of Economic Development (CDE). It has two functioning affiliates: Monaco Chamber of Commerce and Monaco Invest. Its role is as a dedicated business tool for its members and for the dynamics of Monaco's economy and it plays a representational role in international business discussions.
Contact:
www.meb.mc
Tel. (377) 97 98 68 68
