MONACO’S EXCELLENCE IN BUSINESS

by G.Errico with Marco Volpato

MONACO. A big protagonist of Monaco economy is the MEB, (Monaco Economic Board), the former CDE (Chambre de Développement Economique de Monaco). The MEB is mainly involved in supporting and promoting the Monegasque companies and foreign projects. It also is in contact with that part of the world called CIVETS, short for Columbia, Indonesia, Vietnam, Egypt, Turkey and South Africa. In these countries it is expected that GDP will grow by 4% a year in the very near future, with prospects that will certainly not be ignored by the Monegasque entrepreneurs, even if, under the auspices of HSBC Private Bank Monaco, at this time Egypt and Turkey being politically risky, it turns out to be much less attractive.

The same attention has long been reserved by the MEB to the countries of BRICS stands for Brazil, India, China and South Africa, where they expect growth of 8% by 2020. Last Spring, during the 7th edition of “Monaco Blue Initiative” in Sao Paulo, Brazil, commercial interactions have taken place in the tourism, yachting, real estate, architecture & design, financial and legal engineering, insurance, information technology and communication (T.I.C.), international treaties, logistics and environment. About the Brazil political situation, the MEB President Michel Dotta said in a recent interview that Brazil’s current political climate is anything but ordinary and that the foundation of Brazil is solid. In fact, the Association Monaco-Brazil Invest (AMBI) and Monegasque companies like Monaco Asset Management have contributed to important economic and investment ties. In the presence of S.A.S. Prince Albert was signed a cooperation agreement between Michel Dotta and Abram Szajman which reinforces the cultural identity between the two countries, following those signed on 2 March with the Italian associations AIIM ATM and Italy. These agreements are part of the impulse that the Government of the Principality has given the MEB, in order to promote bilateral exchanges of non-profit organizations installed in the Monegasque territory, but also to coordinate the actions of these organizations with those of the MEB. A second but no less important actor is the CEMA, Club des Entrepreneurs Monégasques en Afrique, since Africa is the second business partner of Monaco after Europe. The third actor to be taken into account is certainly the Monaco Chamber of Commerce, directed by Vincent Lozza, and certainly in our short report the JCEM (Jeune Chambre Economique Monaco), created in 1996, and has a place. Other institutions contributing the promotion of the Principality in the world are Monaco Invest, the DCT Monaco and AFAM, as well as MFF (MonacoforFinance) and Monaco Business, always present at the World Economic Forum Conferences. Then there are the banks, such as the SAM (Monaco Asset Management), a private banking that deals with large estates; the 3s2i of Monaco, specialist who deals with and solves management problems thanks to new technologies; PWC Monaco (PriceWaterhouseCooper), international study for accounts’ certification. Last but not least, high fashion is definitely a key sector for Monte Carlo. The Monte-Carlo Fashion Week (MCFW), organized since in 2013 by the CMM (Chambre Monégasque de Mode) in partnership with the Government of Monaco, the Mairie of Monaco and the Principality of Monaco Tourist Office, is the platform of the Principality luxury fashion.