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On 24 March 2016, a plan was unveiled for a future industrial site specialising in automotive component R&D. Located near Roost in the commune of Bissen, the future “Luxembourg Automotive Campus” will house the research and development departments of several automotive sector companies. The project includes plans for shared infrastructure, such as research labs and buildings, conference rooms, catering areas and exhibition spaces. With its proximity to the Goodyear test circuit, the site offers great potential for synergies in logistics, training and education, as well as testing and validating prototypes. The campus will also foster “open innovation” and the exchange of technologies. Industrial manufacturing activities are not planned for the site. The Luxembourg Ministry of the Economy first had the idea to create an innovation hub in 2013. The concept was then further developed by the “High Council for the support, development and promotion of industry”, with the support of the Association of Luxembourgish Automotive Suppliers (ILEA) and the Luxembourg Automotive Components Cluster, which is powered by Luxinnovation. The 14-hectare site will be bought by the government in order to build the infrastructure needed for an industrial estate. This will happen as soon as the current owner, Goodyear, has completely demolished the buildings currently standing on the site of the old “wire plant”. In an initial phase, both Goodyear and IEE will set up shop on campus. Active in Luxembourg since 1989, IEE S.A. will relocate all of its operations from Contern to the new estate in Roost. For its part, Goodyear is relocating its Luxembourg Innovation Center (GIC*L) to the campus. Building work on these two new facilities is expected to be completed in the summer of 2018, when they will provide room for a total of 1,600 members of staff from the two companies. During his statement, Étienne Schneider, Deputy Prime Minister and Minister of the Economy, emphasised: “By centralising these R&D activities, the Luxembourg Automotive Campus will provide professional automotive equipment and service providers with new tools and infrastructure, enabling them to remain dynamic – and thus also innovative and competitive – in a market in constant evolution. With the future capacity to accommodate 4,000 employees, the campus will be the future shop-front of the sector and will make of Luxembourg, more than ever, a destination of choice for automotive suppliers.” In Luxembourg, the automotive components sector currently employs over 10,000 people and has an annual turnover of EUR 1.5 billion. “The creation of the Automotive Campus will foster business growth opportunities within the European automotive sector for Goodyear, its campus partners and the country of Luxembourg. As a founding member and one of the first to locate at the Campus, Goodyear looks forward to collaborating with other progressive companies on the design, testing and incubation of new concepts,” said Jean-Claude Kihn, President Goodyear Europe, Middle-East and Africa. He added, “Innovation Excellence is a core element of Goodyear’s strategy. The company has been practicing a philosophy of open innovation around the globe for many years. Now we will expand it further by joining the Automotive Campus. In this way Goodyear continues to play an active role in the development of Luxembourg’s future economy.” Michel Witte, President & CEO of IEE S.A.: “Locating leading automotive organizations in the same area will naturally lead to synergies and benefits for everyone involved – both in terms of shared resources and enhanced innovation. But it will also help us to attract high-caliber talent to the region. And with the potential presence of some of the University of Luxembourg’s institutes, in combination with public research organizations, we could facilitate the preparation of students and post-doctoral candidates so that their skills could fit the requirements of the Campus members. A win-win situation for everyone.”   Press release from the Ministry of the Economy
Luxembourg City residents have the highest purchasing power of any city in the world in terms of net hourly pay, ahead of Geneva and Miami, according to the latest the latest Prices and Earnings study from UBS, which surveyed 71 business capitals worldwide. Purchasing power in Luxembourg is notably greater than in Frankfurt (24% higher), Paris (31%), Brussels (32%), London (37%), and Tokyo (40%). Workers in Luxembourg have much higher purchasing power than their peers in Frankfurt (24% higher), Paris (31%), Brussels (32%), London (37%), Tokyo (40%) and pretty much everywhere else. This finding features in the latest “Prices and Earnings” study published by the bank UBS. Purchasing power means a comparison between earnings and prices. UBS collected figures in 71 business capitals around the world. They measured average hourly salaries after tax and the price of an average “shopping basket” for all types of spending for an average three-person household. Unfortunately, rent and mortgage payments are excluded because the quality, size and location of homes vary too much to make for a meaningful comparison. With earnings and the cost of living measured, they were able to see in which town you would have the greater ability to buy the stuff on offer. As the graph shows, Luxembourg has similar purchasing power to Switzerland, but is about 15% ahead of the USA and is much higher than everywhere else. Mr and Ms average in Luxembourg have twice the purchasing power as their equivalent in Hong Kong, five times that of a resident of Shanghai and almost ten times that of someone in Mumbai. The report also looked at it another way. In Luxembourg you have to work 9 minutes to afford a Big Mac and 28 hours to pay for an iPhone 6. This day out would cost you 15 minutes plus 43 hours in Dublin, 16 minutes and 50 hours in Amsterdam and 19 minutes and 61 hours in Madrid. However, life is easier in Zurich if you live on McDonalds and WiFi. Although you would need to work for two minutes longer to get your Big Mac in the Swiss business capital, the iPhone would cost you seven fewer hours at work. All these figures come with a health warning. They are only averages, they depend on fluctuating exchange rates, and, crucially, housing costs (which often take up a third of our budgets) are not included. Nevertheless, the study confirms what we know already: life is pretty good here. Download the report here. 
Luxembourg for Finance and Luxembourg For Business, have today launched a new animated video “ A little piece of Luxembourg everywhere” demonstrating that the country, in addition to being a leading financial centre, plays a prominent role in a wide range of industries. While financial services play an important role, accounting for 25% of GDP, other sectors such as steel production, IT, health technologies, logistics and car components are all highly developed. In the animation, you will see that there is a little piece of Luxembourg everywhere from city skylines to cars and even in space. Giant high strength steel beams – the kinds used in the new Freedom Towers in New York -- are produced in Luxembourg. The advanced architectural glass used in the construction of the Burj Khalifa tower in Dubai, the world´s tallest building was made in Luxembourg. Hazmat suits protecting health care works fighting the deadly Ebola virus outbreak are designed and made in Luxembourg. The country is also home to the world´s largest satellite operator, SES, bringing television to hundreds of millions of homes around the world. Luxembourg´s economy is today a balanced blend of high value-added manufacturing, retail and e-commerce, communications and logistics services, and financial services with a focus on exporting goods and services to and throughout the European Union and beyond. We invite you to watch our new film and find out more about what Luxembourg has to offer around the world. http://www.luxembourgforfinance.com/little-bit-luxembourg-everywhere

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Luxembourg, your European E-Business Platform
Focus 10 - Future manufacturing technologies
FOCUS magazine 1 - Automotive components made in Luxembourg
FOCUS magazine 2 - A thriving space industry
FOCUS magazine 3 - Environmental innovators hit the spotlight
FOCUS magazine 4 - High hopes for health
FOCUS magazine 5 - Leading the way in ICT security
FOCUS magazine 6 - Making materials smarter
FOCUS magazine 7 – A home for growth
FOCUS magazine 8 - A green Heart for Logistics
FOCUS magazine 9 - Space: Expanding the frontiers of innovation
Foreign Researcher’s Guide to Luxembourg
Just arrived
Logistics Hub Luxembourg, Putting Europe at your fingertips
Luxembourg in Figures
Luxembourg Space Capabilities
Luxembourg – an attractive location for Treasury and Corporate Finance operations
Luxembourg, a pioneer in space
Luxembourg, an attractive place for your IP assets
Luxembourg, sights and attractions
Luxembourg, your automotive business partner
Luxembourg, your prime business location
Luxembourg: a Gateway to Space
Market entry Guide INDIA
SurprisingLux
Visit Luxembourg
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Market entry Guide INDIA

SurprisingLux

Luxembourg, your prime business location

Logistics Hub Luxembourg, Putting Europe at your fingertips

Luxembourg, your European E-Business Platform

Luxembourg, an attractive place for your IP assets

Luxembourg, your automotive business partner

Luxembourg, a pioneer in space

Luxembourg in Figures

Focus 10 - Future manufacturing technologies

FOCUS magazine 9 - Space: Expanding the frontiers of innovation

FOCUS magazine 8 - A green Heart for Logistics

FOCUS magazine 7 – A home for growth

FOCUS magazine 6 - Making materials smarter

FOCUS magazine 5 - Leading the way in ICT security

FOCUS magazine 4 - High hopes for health

FOCUS magazine 3 - Environmental innovators hit the spotlight

FOCUS magazine 2 - A thriving space industry