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At a signing ceremony organised on 3 October 2022 in the presence of Luxembourg Minister of the Economy Franz Fayot and Japan’s ambassador to Luxembourg, Jiro Okuyama, the Chamber of Commerce, Luxinnovation and JETRO confirmed their decision to work together in order to enhance business and investment opportunities for Japanese companies in Luxembourg and for Luxembourg companies in Japan.

Strong relationships

Luxembourg Chamber of Commerce and Luxinnovation sign memorandums of cooperation with JETROWith its dynamic economic ecosystem – particularly renowned in Japan for its financial/fintech sector, but increasingly also for its strengths in fields such as ICT, cybersecurity and space – and business-friendly investment climate, Luxembourg is an attractive location in Europe for Japanese companies. Japan also offers a range of business opportunities to Luxembourg companies, not least as the country seeks to overcome challenges such as an aging population, labour shortages, the economic disparity between metropolitan and regional areas, etc. through digital transformation and innovation that can be triggered by foreign companies.

It is important for Luxembourg to join forces with like-minded partner countries like Japan to address the challenges of today and find together innovative solutions to climate change, energy crisis, etc.

“Relations between Japan and Luxembourg have always been excellent,” commented Minister Fayot. “They are marked by mutual recognition, shared values and common interests. More than ever, it is important for Luxembourg to join forces with like-minded partner countries like Japan to address the challenges of today and find together innovative solutions to climate change, energy crisis, etc.”

Luxembourg: a natural choice

JETRO, an agency operating in close cooperation with the Japanese Ministry of the Economy, Trade and Industry, signed two memorandums of cooperation (MoCs) with the Chamber of Commerce and Luxinnovation, respectively. The MoC signed by Takuya Yamazaki, Director General of JETRO Brussels and Sasha Baillie, CEO of Luxinnovation, targets support to Japanese companies wishing to enter the European market through Luxembourg and/or open offices here.

Luxembourg has much to offer Japanese companies and we hope that it will become the natural choice for them when they wish to expand to Europe.

“It is a great honour for Luxinnovation to sign this memorandum of cooperation with JETRO and contribute to enhancing the already strong business ties between our two countries even further,” said Ms Baillie. “With its open economy, central European location in close proximity to two of the largest EU markets, France and Germany, and the most international population in the EU, Luxembourg has much to offer Japanese companies and we hope that it will become the natural choice for them when they wish to expand to Europe.”

“JETRO is a very important business platform with the capacity to create powerful business connections between Japan and Luxembourg,” added Jenny Hällen Hedberg, Head of International Business Development at Luxinnovation and part of the team who designed the agreement. “Our wish is that more research intensive Japanese companies bringing new, sustainable and digital technologies will find a European home in Luxembourg, and we will do everything possible to support this initiative.”

Accelerating collaboration and innovation

The MoC signed by Mr Yamazaki and Carlo Thelen, Director General of the Luxembourg Chamber of Commerce, focuses on support to Luxembourg companies looking to export and/or expand to the Japanese market. Both agreements provide a framework for information exchange, the co-organisation of events, joint support to companies in both countries, and cooperation in public relations and cross-border activities. They also cover cross-border open innovation between Japanese and Luxembourg companies, which will contribute to strengthen competitiveness and provide social and industrial impact to both countries. Several collaborative events such as business webinars are already planned for the coming months.

I look forward to seeing trade and investment between our two countries grow strongly.

“It is a great pleasure to sign these memorandums of cooperation with Luxinnovation and the Luxembourg Chamber of Commerce, the two distinguished and prestigious institutions for business facilitation and acceleration,” stated Mr Yamazaki. “Luxembourg’s industrial ecosystems have a reputation for being at the forefront of Europe’s innovation. I am confident that these MoCs will contribute to further accelerate the collaboration or innovation between Luxembourg and Japanese businesses and I look forward to seeing trade and investment between our two countries grow strongly.”

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