Principality of Monaco in China to Promote its Business Activities

A delegation of 20 businessmen and women [1] led by the Monaco Economic Board and Monaco Chamber of Commerce are in Beijing from 9 to 10 November to meet Chinese entrepreneurs and to present Monaco as a unique economic hub for Europe, the Mediterranean basin and Africa. Attracted by China’s thriving economy, these entrepreneurs are here to look for clients, suppliers and potential joint ventures.

Highlights of the trade mission are taking place at the Eclat Hotel in the “Salone Monaco”, decked out in the colours of the Principality of Monaco by Victor Whong of the Parkview Group. Institutional meetings attended by economic stakeholders from the two countries and targeted one-on-one meetings between Chinese and Monegasque entrepreneurs are taking place. The Monaco Chamber of Commerce and its Chinese counterpart, the CCOIC (Chinese Chamber of International Commerce) also took advantage of the opportunity to put the stamp on a partnership agreement on 10 November.

Organised as part of the 20th anniversary of diplomatic relations between the Republic of China and the Principality of Monaco, under the aegis of Monaco’s Embassy in China and consulate in Beijing, the mission represents an important component of Sino-Monegasque relations.

For Monaco Economic Board Chairman, Michel Dotta, “Since the partnership signed between Huawei and Monaco Telecom during our trade mission to Shenzhen in 2013 – the first significant industry agreement between a Monegasque and Chinese company – the two have made good progress. Monaco Telecom needed Huawei’s innovations and Huawei is able to use Monaco Telecom as a laboratory and showcase for its innovations in Europe. We hope this trip and the signing of the agreement with the CCOIC, marks the beginning of many other connections.”

Indeed, Huawei successfully tested data and network solutions in extreme conditions during the last Monaco Grand Prix. And last month Monaco Telecom and Huawei came together to launch 4G ++, a first in Europe, with China’s assistance.

Famous for its Formula 1 Grand Prix and casinos, the Principality of Monaco is less well known from a business angle. And yet Monaco is a dynamic platform with companies operating in Europe and all over the world in a diverse range of sectors, notably services: traditional pillars like tourism, luxury, yachting, banking-finance and real estate, as well as the food trade, industry, logistics/distribution, shipping, etc. At nearly 450,000 CNY in 2013, GDP per capita is one of the highest in the world after Luxembourg, Qatar and Switzerland, while Monaco’s GDP, at 35 billion CNY, is up 9.3% on the previous year.

[1] representing various areas of activity : Insurance, Banking/Finance, Renewable energy, Expertise and consultancy, Real estate, Industry, Furniture/Décor, International Trade, Transport/logistics.