Guillaume Rose: “The MEB is the Economic Arm Principality's.”

The CEO, Guillaume Rose, is of the opinion that the Monaco Economic Board is a key player in Monaco’s economic diplomacy. Having just returned from a major mission to Japan, he explains how it works in practice.
 

The MEB’s most recent economic missions were to Abu Dhabi and Japan for the World Expo in Osaka. What are the criteria for choosing destinations?
Our destinations are chosen based on the economic developments in the countries we are visiting. In Japan, the government has already invested heavily in the Monaco pavilion in Osaka; it makes sense to try to see if we can leverage this image for the Principality’s enterprises. We have made some interesting contacts there with the help of the French International Chamber of Commerce in Japan.

Is there a lot of advance preparation for each mission?
For each major mission we organize a reconnaissance mission. In this case, Justin Highman traveled to Tokyo and Osaka at the end of 2024. There we established relationships, the benefits of which we have been enjoying on a weekly basis for the past six months, and on a daily basis in recent months.

What is your best mission memory in terms of scope and economic impact? A major contract or, conversely, investors who were met locally and then came to settle in Monaco?
My best memory in terms of economic impact was in Riyadh in early 2024. A company specializing in procurement, a member of the MEB, was able to meet extremely important players because of us. They continued these relationships to the point that, a year and a half later, huge contracts were negotiated in Saudi Arabia.

Is the added value of these missions measurable and quantifiable?
Companies generally prefer to remain tight-lipped about the volume of business generated through MEB missions. That is why we are very discreet about the success of our clients… But the impact is real and measurable.

Economic diplomacy generally pursues several objectives, such as supporting a companies’ exports to foreign markets and attracting foreign investment for job-creating. In Monaco, is the MEB a key tool?
The MEB is literally the Principality of Monaco’s economic arm. We are a business association, recognized as a valuable interlocutor. Diplomacy has become increasingly economic. We are represented by 129 consuls worldwide; this is an asset for win-win deals. That’s why we systematically meet with each ambassador so that we can propose agreements, economic missions, and webinars, the so-called “mébinaires,” to explain the specific situation of the country represented. We just held one with Kazakhstan in June. Furthermore, when we know that we will be meeting an ambassador for accreditation, using our database, we ask some of our members in advance if they have any messages to convey, or if certain affiliated companies or business associations, such as the Monaco Entrepreneurs in Africa Club (CEMA), would like to meet with them. Generally, the ambassador comes accompanied by an economic advisor. And we have discussions on the opportunities offered by each country’s sectoral economies.

According to the latest figures from IMSEE, growth is positive. As an observer, how do you see the Monegasque economy at the moment?
In the first quarter of 2025, Monegasque revenue, excluding financial and insurance activities, will cross the €5 billion threshold for the first time after increasing by more than €560 million, representing 12.3% growth. In the real estate sector, for example, there have already been as many sales in one quarter as in a normal year! The number of start-ups is rising sharply. This growth is driven in particular by the tech and startup sectors. In addition, the MEB is undergoing a transformation and welcoming dynamic young entrepreneurs.

Have you noticed any  effect of the“FATF gray list” and the response from the European Union that is looming?
One thing is certain. Monaco must reassure its stakeholders with regard to its honesty, integrity, and security. If this gray list status were to continue for a long time it would begin to handicap the the players in the financial sector. Not so much because of the difficult formalities that all financial operators in the Principality must undertake, but above all because a prolonged gray list status could undermine customer confidence. It is therefore appropriate to exit the list as soon as possible by the beginning of 2026.

Are the economic players worried?
We can’t deny it. They didn’t like this latest piece of bad news... Until now confidence reigned. Now customers are asking questions. The time has come to react as quickly as possible. We must make no compromises in order to exit as quickly as possible.

For economic players, it’s now very complicated, whether  with banks, the paperwork required, or showing no blanks...
It’s complicated because, on the one hand, we need to get off the gray list as quickly as possible, but on the other, the precautionary measures may also be slowing down economic players.
At the same time, we must not stifle our economy. Concurrently we must be very strict about the required standards. After a brief period of panic at the beginning, the government realized that until then their deadlines had had a rather negative effect onour economy.  So, the government is working on this daily.

How are Monegasque businesses reacting to the 10% customs duty increase imposed by Donald Trump? What is the impact?
Less than 5% of goods exported by the Principality are tfor the United States. Customs duties are a concern for some companies that do business with the United States on a marginal basis. But so far, the impact on Monaco has been extremely limited. And at its peak, it could only affect 5 to 7% of exports.
The real problem lies much more in the Israeli-Iranian conflict, which is paralyzing the Gulf countries and could become a flashpoint. Some Monaco businesses export to Africa and the Gulf countries. The sectors most affected are those trading, and those involved in the import-export of raw materials. There could be a real impact. This worries local entrepreneurs.

Are you aware of some residents and/or entrepreneurs leaving Monaco for Dubai, which has been removed from the European list of high-risk countries? 
It’s a fact: Dubai is a serious competitor for us, both economically and as far as choice of residence is concerned. At present Dubai is being held back by its proximity to conflict zones. The geographical location makes people think twice before settling there; this could be in Monaco’s favour. We’re on the gray list at the wrong time.

How to attract the very wealthy?
The MEB is the main driver of Monaco’s attractiveness in terms of business creation and everything related to business. With Monaco Private Label, the SBM, and the AMAF, we have started attractiveness operations abroad. We invite advisors (legal and tax advisors, banks, family offices) of wealthy individuals - those with more than €100 million in bank assets - who are the most likely to settle in Monaco. Following these targeted meetings, their clients, holders of Monaco Private Label cards, are invited to attend exceptional events, such as an opera at Covent Garden in London or very high-end dinners.

These wealthy individuals don’t need Monaco Private Label or the MEB to host these exclusive events, do they?
People don’t need them, but on the other hand, Monaco’s image plays a key role. The three levers of Monaco’s success are health, security, and education, the stuff that dreams are made of. The Principality of Monaco’s guaranteed reliability attracts new members recruited through consular networks, which are very well established in their respective countries. With the help of these networks, what Attractiveness does - that is at this time, MEB, MPL, AMAF, and SBM - is directing the right people to our Principality so that they can find the three virtues I mentioned. For this to happen, stability and transparency are essential in Monaco.
 

By Milena Radoman - Monaco Economie