Securing economic success by living on the leading edge
Earlier this week, The New York Times published a lengthy article on Ain, France. As part of the so-called “Plastics Valley,” Ain’s manufacturing industry maintains a global presence, but its growth has come to a halt. The reason for this has nothing to do with demand: manufacturers are turning down million-euro deals left and right. Ain faces an issue common across Europe, one that will determine which business hubs develop a successful future economy and which do not. The problem? A lack of skilled manpower.
An oft-overlooked fact of modernization is the growing reach of tech jobs. Technological processes have seeped into offices, labs and now, factories. But skilled workers often don’t even consider that there could be compelling tech jobs in all industries — from manufacturing to agriculture to healthcare.
Luxembourg’s Talent of Tomorrow
As an established European financial and business hub, Luxembourg understands the link between the success of its future economy and today’s number of skilled workers. Just as abundant talent can drive progress and growth, a lack of talent can hinder it.
Luckily, the Grand Duchy has been through this before when its financial industry exploded. To keep the banks, investment firms and insurance companies fueled, Luxembourg successfully attracted and up-skilled the necessary talent.
It helps to have the University of Luxembourg, which draws young minds and offers relevant programs, notably bachelors in engineering, a science-engineering combo, computer science, applied information technology, economics & management, as well as masters in information & computer sciences, IT security management, space, entrepreneurship & innovation, accounting, wealth management and many more!
Just as a solid ecosystem of high-quality talent emerged to support Luxembourg’s flourishing business and startup community — e.g. fiduciaries like Fiduciary Tucci & Partners — the government is fostering that same type of talent base to support digitalization.
Its Luxembourg Digital Skills Bridge initiative was set up to establish a shared national strategy and support systems that foster future skills development on a national level — preparing the workforce and supporting businesses in their digital transformation. In parallel, programs like the Luxembourg Tech School or CodeKlass give students the opportunity to explore technology and development. Such programs are also in place for job seekers and refugees.
Securing a Booming Future Economy
These efforts provide three-fold benefits: job security for employees, sufficient skilled manpower for employers and a healthier future economy for all.
Luxembourg has always been adept at recognizing gaps and acting, thanks partially to its reactiveness facilitated by its small size.
Focusing on what’s next, like the growing space industry or hosting one of Europe’s first super computers, maintains the Grand Duchy’s role as a leader in Europe. Home to the highest tensity of upper-tier data centers, it actively engages with its EU peers on cybersecurity issues as part of a data-centric innovation strategy.
The strong economic performance felt across the country is partially due to its logistics center, which creates further stability and opportunities. Digitalization, now a part of the logistics industry as well, boosts the quality of operations and draws international commerce.
Whether a financial firm, startups, manufacturer, company, fund or entrepreneur, Luxembourg’s stage is set for a successful future economy. Fiduricary Tucci & Partners helps ensure businesses leverage the many resources and opportunities uniquely available to them, while avoiding any missteps along the way.
Share your goals with us & ask how we can help you get there. Questions about trends, regulations & requirements or anything related to taxing digital? Curious about Luxembourg? Fiduciary Tucci & Partners can help answer your queries & find solutions.