2010-2011. Activity report

2010-2011 Activity report

Content Activity report 2010-2011 01 content timeline p.16 3 Chairman s message 5 About Luxembourg for Business 6 LfB, a Grouping of Economic Interests 6 Mission statement and activities 8 Organisation 9 Management Board 11 Achievements in 2010 19 Achievements in 2011 24 Looking ahead to 2012/2013 25 Expenses and Human Ressources 26 Appendices 33 Contact note to the reader The following report concerns Luxembourg for Business activities in 2010 and 2011. Please note that this report is about the projects run and financed directly by Luxembourg for Business. Information about projects run by individual members (i.e. the Ministry of the Economy and Foreign Trade, the Chamber of Commerce, etc.) under the Luxembourg for Business brand (such as trade missions or national pavilions at trade fairs abroad) can be found in their respective activity reports.

Chairman s Message Activity report 2010-2011 03 dear reader etienne schneider Minister of the Economy and Foreign Trade Chairman, Luxembourg for Business The current activity report looks back at the years 2010 and 2011, a time at which I have had the privilege to monitor Luxembourg for Business first steps and success stories from within the Ministry of the Economy and Foreign Trade. Today, having taken over from my predecessor Jeannot Krecké as Minister of the Economy and Foreign Trade and founder of Luxembourg for Business, I am thus very pleased to continue his tireless efforts in trade promotion, also as Luxembourg for Business new Chairman. Luxembourg for Business has managed to achieve marvelous results in the past two years. Besides constantly improving the coordination of the various trade promotion activities and strengthening the coherence of our presentations and messages abroad, Luxembourg for Business has notably managed, within the course of the last two years, to foster enhanced relationships with ministries and institutions which expand the circle of its mere founding members. In this context, I am particularly pleased that the Ministry of State s Media and Telecommunication Department, The Luxembourg Maritime Administration, the Ministry of Culture as well all as Luxembourg s logistics, IP, and life sciences sectors have adhered to promote their activities under the same sheltering umbrella and benefit from the value-adding services that Luxembourg for Business offers. These new partnerships, which strengthen Luxembourg for Business initial set-up, support us in beating the drum about our country and prove that Luxembourg for Business, as an efficient and lean platform, is a trusted and valued brand under which ministries, as well as private institutions and associations, promote the Luxembourg economy. Luxembourg for Business also brings more tangible benefits, as you will read in this report. Through its expertise, specific marketing and communication tools were developed and implemented also beyond the Luxembourg territory and used for instance within Luxembourg s Embassies, Luxembourg s Trade & Investment Offices and Consulate Generals. Those of you who have followed us will agree with me that in four years, Luxembourg for Business has shown a relentless commitment in how we present ourselves abroad. Finally, let me thank all those involved in Luxembourg for Business. They have done a fabulous job in gathering existing and new players under a common identity and creating a united team spirit for the promotion of our economy. Yours sincerely, Etienne Schneider

About Luxembourg for Buiness Activity report 2010-2011 05 luxembourg for business Luxembourg for Business (LfB) was founded in April 2008 as an initiative of the Ministry of the Economy and Foreign Trade, the Ministry of Small and Medium-Sized Businesses and Tourism, the Chamber of Commerce, the Office du Ducroire, the National Credit and Investment Corporation (SNCI), the Chamber of Crafts and the Luxembourg Business Federation (FEDIL). Relying on the strengths of both public and private partners, Luxembourg for Business operates as a trade promotion agency and liaises with Luxembourg s Trade & Investment Offices, its Embassies, Consulate Generals, Honorary Consulates and other international promotion networks such as bilateral Chambers of Commerce, to foster Luxembourg s outbound activities. With a Secretary General and an Administrative Assistant, Luxembourg for Business functions as a so-called network agency, establishing a platform for its members to review, coordinate and improve their promotional efforts. Founding members Government Chamber snci Office Chamber of commerce ducroire of crafts Fedil

06 www.luxembourgforbusiness.lu About Luxembourg for Buiness Activity report 2010-2011 07 a grouping of economic interests mission statement and activities Luxembourg for Business contributes to the trade and investment promo- Luxembourg for Business defines its competence area as generating added tion policy, as defined by the Ministry value and competence through the l b, a network agency, but also : Luxembourg for Business was established as a Groupement d Intérêt Economique (GIE). This specific legal form of establishment designates an association of (in this case) public and private partners pursuing a common target. The purpose of this public-private partnership is the development and management of common projects through shared funds, skills and activities with the goal of producing a better result than members acting alone. Furthermore, the intention of Luxembourg for Business founders was not to create a new parallel structure, but A corporate identity contributing to the establishment of Luxembourg as a brand with a pro-business reputation. A project management platform, federating the main players involved in promoting Luxembourg business and promoting cooperation among members. to create added value through the pooling of common strengths. Thus, Luxembourg for Business does not replace any of its members structures, but acts as an umbrella brand to insure a coherent and competitive identity of Luxembourg s economy in foreign markets. Its aim is to generate added value and promote competence through the streamlining and coordination of existing partner structures, benefiting the Luxembourg economy in positioning and consolidating a coherent brand abroad. An exchange for resources and skills used in the development of common promotion projects, also for a selected number of individual focussed projects. A true partnership: members contribute their expertise to the joint venture, yet continue to exist in their own right. l b s mission is to target audience Luxembourg for Business activities aim at responding to the needs of a well-defined target audience: of the Economy and Foreign Trade, by putting a particular emphasis on strategic marketing. This mission can be summarised by a 3-C principle: Coordination, Coherence and Competence. Develop and implement a coherent and efficient promotion of goods and services Made in Luxembourg in foreign markets. Create added value in the internationalisation of the Luxembourg economy by developing innovative marketing tools. Internationally (and potentially internationally) active Luxembourg companies and their existing and prospective customers Target countries and their authorities as defined by the Minister of the Economy and Foreign Trade Foreign embassies accredited to Luxembourg streamlining and coordinating of its members activities with the view of creating a more coherent branding of our country abroad. Analyse its members current work processes and competences and suggest efficient and valueadded solutions to improve the quality of their projects. Furthermore, particular attention is given to knowledge generation, knowledge management and capacity building projects. Luxembourg s diplomatic and consular network, as well as Luxembourg-supporting networks abroad Foreign delegations (political, commercial & press) visiting Luxembourg Founding members and other partners active in promoting Luxembourg s economy

08 www.luxembourgforbusiness.lu About Luxembourg for Buiness Activity report 2010-2011 09 organisation Luxembourg for Business is proud to have HRH Crown Prince Guillaume of Luxembourg as its Honorary Chairman. The Assembly General is chaired by the Minister of the Economy and Foreign Trade and is composed of the following members: honorary chairman Hrh Crown Prince guillaume of luxembourg mr emmanuel baumann Government Advisor of the Ministry of Small and Medium-Sized Businesses and Tourism mr marc gross Deputy Director of the Chamber of Crafts mr gaston reinesch President of the Luxembourg Credit and Investment Bank (SNCI) Founding members and their financial contributions to Luxembourg for Business: chairman mr etienne schneider minister of the economy and foreign trade mr robert dennewald President of FEDIL, Luxembourg Business Federation mr jean-claude knebeler Director of Foreign Trade, Ministry of the Economy and Foreign Trade mr etienne reuter President of the Office du Ducroire Government of the Grand Duchy of Luxembourg: EUR 5,000,000 Chamber of Commerce: EUR 1,000,000 SNCI (Luxembourg Credit and Investment Bank): EUR 500,000 vice chairman Mr Michel wurth president of the luxembourg chamber of commerce mr pierre gramegna Director of the Luxembourg Chamber of Commerce mr Patrick nickels Director for Industry, Ministry of the Economy and Foreign Trade Office du Ducroire: EUR 500,000 Chamber of Crafts: EUR 150,000 FEDIL Luxembourg Business Federation: EUR 100,000 management board mr Pierre Bartelme Government Counselor at the Ministry of SMEs, Tourism and Housing (Observer) mr nicolas soisson Director General at FEDIL (Observer) The Management Board is a collegial institution, functioning according to the principle of consensus. The Management Board is composed of the following members: mr Robert biwer Government Commissioner for Maritime Affairs at the Ministry of the Economy and Foreign Trade mr carlo thelen Chief Economist and Head of the International Department at the Chamber of Commerce mr Roland Engeldinger deputy Director International Economic relations department At the ministry of foreign affairs mrs carole tompers Secretary General at Luxembourg for Business mr jean-claude knebeler Director of Foreign Trade at the Ministry of the Economy and Foreign Trade mr jean-claude vesque International Department (non-european markets) at the Chamber of Commerce

Achievements 2010 Activity report 2010-2011 011 achievements 2010 In 2010, the Ministry of State s Media and Telecommunication Department officially joined forces with Luxembourg for Business, abandoning their own label Luxembourg for ICT. On this occasion, and in order to allow for a better visibility of sectorial promotion, Luxembourg for Business launched a new promotion tagline Proud to promote ICT to its LfB Logo. The tagline is later on in the year extended to incorporate all other sectors from the Luxembourg economy such as IP, Logistics, Culture, Life Sciences and Clean Technologies. In collaboration with the Ministry of the Economy and Foreign Trade ( Board of Economic Development), and the Ministry of State, Media and Telecommunication Department, Luxembourg for Business revamped and launched several new marketing communication projects. In this context, the following online and print projects highlighted the year 2010. proud to promote taglines fostering new partnerships!

012 www.luxembourgforbusiness.lu Achievements 2010 Activity report 2010-2011 013 online www.investinluxembourg.lu Launch of LTIO websites facebook & LinkedIN youtube channel In 2010, online communication and Intranet (photogallery, ppt download, marketing efforts were underlined by brochure download, C.I. downloads) the launch of a dedicated Luxembourg for the Luxembourg Trade and Invest- for Business mirror website for inves- ment Offices (LTIOs). tors - www.investinluxembourg.lu - formerly known as www.bed.public.lu. The launch of this new website was further supported by the launch of The website adheres to contemporary communication tools integrating, five new LTIO websites for Japan, the US, the UAE and India: 01 02 amongst others, a series of company testimonials, the launch of a discussion blog, two dedicated download centres, a media corner (with over 30 publications), a B2B matchmaking corner, a series of market entry guides as well as the implementation of an www.investinluxembourg.jp www.investinluxembourg.us www.investinluxembourg.ae www.investinluxembourg.in Besides several website launches, Luxembourg for Business also strengthened its digital footprint through a social media presence on Facebook, Twitter, LinkedIn as well as on YouTube. The presences on these social media channels engendered the following benefits: Facebook, LinkedIn became the top 10 traffic generators for all websites. LfB managed to position itself It is worth noting that the launch of local LTIO websites incorporated a complete web package including: The details: through a tailor-made message for each channel as the expert reference point for information on the Luxembourg economy abroad. 03 Web and Customer Relationship Management ( I- net) training Continuous web assistance from Luxembourg The set-up of automatic news alerts and regular information dispatches Quarterly reports on web statistics for each LTIO Continuous development and implementation of new web instruments (e.g. video testimonials) The development and launch of first local sectorial web campaigns (via search engines, Google adwords, bannering campaigns, Search Engine Advertising (SEA) and Search Engine Optimisation (SEO) efforts) The development of yearly local mediaplans The average time needed to complete these websites was seven weeks Editing of all web texts was handled from Luxembourg Translation of all texts was handled by the local LTIO The project included the possibility of a newsletter subscription module and an online events registration system linked to the Luxembourg Customer Relationship database I-Net. Luxembourg for Business captured attention and proved to be a communication facilitor (especially through its video testimonials). 01 LfB mirror website for investors : www.investinluxembourg.lu. 02 LTIO website for Japan and South Korea. 03 Company video testimonials on LfB YouTube channel

acterised by predictability and continuity ernments. And social conflicts are avoided s between the various social partners and are just some of the reasons why there in almost a century. s the vibrant, cosmopolitan atmosphere nd yet it is only a few minutes away from endid views and picturesque historical mbourg offers first-class theatre, music A new philharmonic hall and a museum t recently opened their doors. oud of its high education standards. The f the internationally oriented university given an additional dimension to n system. The cosmopolitan character of d even more through other established such as the european School, the French ritish St. george s School and the Ministry of the economy and Foreign trade 19-21, boulevard royal L- 2449 Luxembourg grand Duchy of Luxembourg Tel.: +352 247-84345 Fax: +352 26 20 27 68 contact@investinluxembourg.lu www.investinluxembourg.lu 经 济 与 对 外 贸 易 部 和 海 事 局 特 别 鸣 谢 ATOZ 卢 森 堡 税 务 咨 询 公 司 与 普 华 永 道 会 计 师 事 务 所 经 济 和 外 贸 部 Ministry of the Economy and Foreign Trade 19-21, Boulevard Royal L- 2449 Luxembourg Grand Duchy of Luxembourg Tel.: +352 247-84129 Fax: +352 26 20 27 68 info@investinluxembourg.lu www.investinluxembourg.lu 1 卢 森 堡 理 想 的 商 业 之 国 on Research & Innovation in Luxembourg 14.00 Registration (Hotel Sofitel) Optional Programme 15.00-17.30 Pre-Conference Workshop on China Business (Hotel Sofitel Romeo Room) Beijing-based Cheung Kong Graduate School of Business will host a preconference workshop that will feature interactive discussions with Ceos from some of China s fastest rising companies and leading academics who will provide participants with firsthand insight into the strategies and successes of Chinese companies. please register in advance: vivianyao@ckgsb.edu.cn 18.00 Shuttle service between the Hotel Sofitel (4, Rue du Fort Niedergrunewald) and the Castel of Septfontaine 18.00 Registration (Castel of Septfontaine) 18.30-19.30 Reception (Castel of Septfontaine) Welcome HoRaSiS and the Co-HoStS WelCoMe PaRtiCiPaNtS to CeleBRate the 6tH GloBal CHiNa BuSiNeSS MeetiNG HRH Crown prince Guillaume of luxembourg, luxembourg Xu Kuangdi, vice Chairman, 10th National Committee of the Chinese people s political Consultative Conference, Chairman, China Federation of Industrial economics Chaired by Frank-Jürgen Richter, president, Horasis, Switzerland luxembourg City tour 09.00-13.00 Meeting at the lobby of the Hotel at 09.00 horasis: the global Visions community thurgauerstrasse 40 CH-8050 Zurich Switzerland www.horasis.org richter@horasis.org phone: +41 79 305 3110 Fax: +41 44 214 6502 Horasis will hold the fifth Global China Business Meeting in luxembourg on 21-22 November 2010. the meeting is co-hosted by luxembourg for Business and the China Federation of Industrial economics. over 400 leaders will meet under the theme «Globalizing Chinese Firms». the theme reflects the increased emphasis of Chinese firms to build global and sustainable brands. the programme offers multiple means to gain insight from and access to business leaders and key government officials. Delegates will debate the impact of the global economic crisis and how China is shaping the post-crisis world. China s lead in the global economic recovery has been underscored by effective government stimulus measures, robust domestic consumption and increasing economic integration on a regional and global level. the 2010 Global China Business Meeting will attach importance on the increasing role that China plays in global trade and investment. the Global China Business Meeting is the foremost annual gathering of Chinese business leaders and their global counterparts. It is held in the recognition that growth strategies within the Sino-global framework require thought leadership and mutually beneficial peer-to-peer networks. the 2005-2009 meetings - held in Geneva (twice), Frankfurt, Barcelona and lisbon were the first independent, international meetings of Chinese and global Ceos to conceptualize Chinese companies rise to global eminence. the event is open to Chief executive officers of the world s leading companies. the meeting is supported by corporate partners - selected companies that contribute their expertise and resources to Horasis. Virtual Ribbon Cutting Ceremony, with the co-hosts and co-organizers HRH Crown prince Guillaume of luxembourg, luxembourg Xu Kuangdi, vice Chairman, 10th National Committee of the Chinese people s political Consultative Conference, Chairman, China Federation of Industrial economics Chen Feng, Chairman, Kingdom Club; Chairman, Hainan airlines, China Hu Shuli, Managing editor, Caixin Media, China lu Junqing, Chairman, World eminence Chinese Business association, China alex Wan, president, China Ceo Roundtable, China Wang Hong, Secretary General, Future China Sociey, China 19.30-21.30 Welcome dinner: Celebrating China s Global Momentum (Castel of Septfontaine) SHaNGHai SuCCeSSfully HoSted the 2010 WoRld expo. HoW does the expo fuel NeW BuSiNeSS opportunities for CHiNa and the WoRld? HoW CaN CHiNa CoNtRiBute to StaBilize the WoRld economy? Jeannot Krecké, Minister for the economy and Foreign trade, luxembourg Xu Kuangdi, vice Chairman, 10th National Committee of the Chinese people s political Consultative Conference, Chairman, China Federation of Industrial economics Chaired by Frank-Jürgen Richter, president, Horasis, Switzerland from 21.30 Shuttle service back to the Hotel Sofitel 014 www.luxembourgforbusiness.lu Achievements 2010 Activity report 2010-2011 015 print IP Brochure ICT Brochure Various translations events Business Breakfast Global China Business Meeting In 2010, the following print projects In parallel to its online and print training sessions with the Ministry were undertaken: efforts, as well as traditional trade fairs of Foreign Affairs and supported the Revamp of the Intellectual Property brochure (in collaboration with the and trade missions 1, Luxembourg for Business engaged in various events. Service Information et Presse (SIP) in the Nation Branding committee. Ministry of the Economy and Foreign Trade). Launch of a new ICT brochure (in collaboration with the Ministry of State, Media and Telecommunication Department) In addition, several local translations of existing Luxembourg for Business brochures, especially in Chinese, for the World Expo in Shanghai, as well as for trade missions to India, the UAE 29 th September 2010: LfB Business Breakfast on export procedures (in collaboration with the Customs and Excise Office). 21 st -23 rd November 2010: Global China Business Meeting (coordinated by the Ministry of the Economy and Foreign Trade, presented under the Luxembourg for Business label). In 2010, Luxembourg for Business also strengthened its presence in the European Trade Promotion Organisation (ETPO) and World Trade Promotion Organisation (WTPO) by accepting to host the 52 nd ETPO in Luxembourg in 2011. and Russia, had to be developed in Furthermore, Luxembourg for collaboration with the Luxembourg Business and the Ministry of the Trade and Investment Offices. Economy and Foreign Trade jointly 04 engaged in a series of economic focus Environmental innovators hit the spotlight N 3 / 2010 overview 01 02 03 al stability ve Delphi is a world leader in mobile electronics, transportation components and systems technology. The company is present in all major markets around the world and has developed an important base in Luxembourg where it employs more than 600 people. Delphi s site in Luxembourg hosts its regional headquarters, a customer technology center and the global headquarters of the company s Powertrain division that develops innovative environmental friendly technologies. Delphi appreciates Luxembourg as a business location owing to its strategic location in Western Europe, where many of its clients are located. The skill sets and knowledge levels in Luxembourg are particularly high, and with employees from 26 nationalities, Delphi has the needed resources and competencies to serve its global customers in their own languages. Additionally, Luxembourg offers high-level access to government officials and a pro-business environment, enabling quick decision-making. Steven Kiefer Vice President Delphi Thermal Systems BNP Paribas is one of the largest financial institutions in Europe engaged in financial, banking and insurance services and serving private, business and institutional clients. The company is present in 50 countries and employs 60,000 persons throughout the world. The political and cultural neutrality of Luxembourg facilitates doing business in Europe. Luxembourg s authorities are quick-thinking and open to dialogue. Furthermore, the country s long tradition in the steel industry, its development as a major financial centre, its status as headquarters for major European institutions have created in Luxembourg an international workforce and highly skilled competencies. In addition, the Grand Duchy lies at the cross roads of different nations and cultures, its high quality of life, safety, good educational opportunities for children as well as an amazing cultural life contribute to Luxembourg s attractiveness as a centrallylocated, international, diversified and open place to be. Karin Schintgen Director Corporate Development BGL BNP Paribas Publisher: Ministry of the Economy and Foreign Trade January 2010 Photographs: Photographs: Luc Deflorenne Luxinnovation Paul Wurth Université du Luxembourg Yves Kortum Publisher: Luxembourg for Business January 2010 Photographs: Cobelfret Jan De Nul 卢 森 堡 --- 全 新 航 运 中 心 Luxembourg in figures 2011 01 LfB ICT brochure 02 LfB IP brochure Building on a strong tradition of innovation Pages 5-7 Luxembourg: an inspired career move Pages 42-43 Note: Luxinnovation and Statec use the LfB brand and layout for some of their international publications. Global China Business Meeting : Invitation global china business meeting 21, 22 & 23 November 2010 November 21, 2010 November 23, 2010 programme programme Luxembourg, your european ebusiness platform Luxembourg, an attractive ip destination 卢 森 堡 理 想 的 商 业 之 国 03 Translations of existing LfB brochures 04 Luxinnovation and Statec publications 1 For details on trade missions and trade fairs, please consult the annual report from the Ministry of the Economy and Foreign Trade and the Chamber of Commerce. INvItatIoN-oNly event. this invitation is strictly personal.

016 www.luxembourgforbusiness.lu Timeline Activity report 2010-2011 017 LTIO website launch (India) january 2010 february Brochure: Luxembourg, an attractive IP destination march april may Brochure: Translation of the Prime Business location brochure for the UAE LTIO website launch (Japan) www.investinluxembourg.jp LTIO website launch (US) www.investinluxembourg.us june july august LTIO website launch (UAE) www.investinluxembourg.ae Brochure: Luxembourg, your European ebusiness platform led by the Media and Communications Department of the Ministry of State september www.investinluxembourg.in october LfB Business Breakfast: Export Procedures in collaboration with the Customs and Excise Office november LTIO website launch (South Korea) www.investinluxembourg.kr Global China Business Meeting december LfB Business Breakfast: Boost your Exports! LfB - Proud to promote Maritime Affairs www.maritime.lu january 2011 february LTIO websites launch (Israel, China) www.investinluxembourg.co.il www.investinluxembourg-china.com LTIO websites launch (Taiwan) www.investinluxembourg.tw Life Sciences Conference led by the Ministry of the Economy and Foreign Trade march Brochure: Conquer the world from your Luxembourg Headquarters led by the Ministry of the Economy and Foreign Trade april Worldhosting Days led by the Media and Communications Department of the Minsitry of State may 52 nd ETPO Conference june Launch of: BE SAFE www.luxembourgforbusiness.lu/be-safe july august september october Conference: Is multilinguism a driver of competitiveness? led by Berlitz & Quest in collaboration with LfB and the Chamber of Commerce november december

Achievements 2011 Activity report 2010-2011 019 building on new partnerships achievements 2011 In 2011, Luxembourg for Business continued its quest for a coherent and strong promotion of the Luxembourg economy by collaborating more intensively with the Ministry of Culture and the Luxembourg Maritime Administration (CAM). On this occasion, the Luxembourg for Business proud to promote tagline was extended to Proud to promote Maritime Affairs and Proud to promote Culture. This label is now used by the Ministry of Culture, CAM and Luxembourg for Business when promoting these specific sectors abroad. In 2011, several online and print projects highlighted the year. The following pages summarise the most important projects.

020 www.luxembourgforbusiness.lu Achievements 2011 Activity report 2010-2011 021 online Launch of LTIO websites Launch of Proud to promote Maritime Affairs In 2011, Luxembourg for Business Development of a new LfB - Proud In addition to these web efforts, strengthened its digital footprint to promote Maritime Affairs social media played an important role through a series of online support website in collaboration with in Luxembourg for Business online projects: the Commissariat aux Affaires communcation. Launch of four remaining LTIO Maritimes (CAM). Through its active presence in social websites: Taiwan, China, South Development of a joint e- feedback media networks, Luxembourg for Korea and Israel: www.investinluxembourg.tw www.investinluxembourg-china.com www.investinluxembourg.kr www.investinluxembourg.co.il Launch of a web marketing strategy for Japan and the US (e.g. a mix of Google AdWord campaigns, Search Engine Optimisation and Social Media). survey for evaluating trade missions (in collaboration with the Chamber of Commerce and the Ministry of the Economy and Foreign Trade). LTIO support and I-Net* training for New York and Japan. Quarterly reviews to LTIOs and the Luxembourg sector experts on the performances of the existing nine websites. Business achieved: Increased visibility through presences on LinkedIn, Twitter, Facebook and its website blog. Fostering interaction and dialogue with its target audience through informal communication means. Supporting LTIOs to engage in social media, netlinking and Google adword campaigns in the context of 01 Launch of an LTIO Support Centre/ trade mission promotion. Intranet. Feeding these channels with Development of several new web marketing tools (e.g. automatic targeted, timed and easy-to-share content. content alerts for LTIOs, a themed microsite Be Safe, three new market entry guides, a video blog and three new video testimonials). 02 01 LfB - Proud to promote Maritime Affairs: www.maritime.lu *the central customer relationship management database 02 Company video testimonials on LfB YouTube channel

Luxembourg for Business was founded in 2008 as an initiative by the Ministry of the Economy and Foreign Trade and the Ministry of Small and Medium-Sized Businesses and Tourism, the Chamber of Commerce, the Office du Ducroire, the National Credit and Investment Corporation (SNCI), the Chamber of Crafts and the Luxembourg Business Federation (FEDIL). By relying on the strengths of both public and private, Luxembourg for Business operates as a Trade Promotion Organisation (TPO) and liaises with Luxembourg s Trade & Investment Offices, Luxembourg s Embassies, Consulate Generals, Honorary Consul ates, and other international promotion networks such as for example bilateral Chambers of Commerce to foster Luxembourg s outbound activities. Luxembourg for Business functions as a so called network agency and promotes trade and international business in the interest of the Luxembourg economy. Members of Luxembourg for Business deliver complementary high quality services for promoting Made in Luxembourg goods and services. Their services incorporate a first class business package of trade missions, trade fairs, personalised matchmaking services and much more to allow companies to successfully set foot in foreign markets and staying ahead of their competitors. LFB FOuNDING MEMBErS: Luxembourg for Business 19-21 Boulevard Royal L-2449 Luxembourg Grand Duchy of Luxembourg www.investinluxembourg.lu 022 www.luxembourgforbusiness.lu Achievements 2011 Activity report 2010-2011 023 print Headquarters Brochure Be Safe events ETPO Boost your exports Luxembourg for Business continued in 2011 a set of offline projects including amongst others: The launch of a new headquarters brochure (in collaboration with the Ministry of the Economy and Foreign Trade). Presentation support for trade missions (e.g. marketing support and tailor-made powerpoint presentations for keynote speakers). Local translations of existing brochures (e.g. for China and South Korea) in collaboration with the LTIOs. Marketing support for BE SAFE 2 brochures and BE SAFE videos. LTIO and Embassy support for print and press handling (especially in the U.A.E. (Gulf News), Turkey and Russia (Kommersant)). LTIO 2 assistance in developing yearly media plannings. before going abroad be safe! A practical guide for business travel Secure your company s intellectual assets! BE SAFE is a new training course offered by the Ministry of the Economy and Foreign Trade that aims at providing specific knowhow in terms of security for Luxembourg businesses operating internationally. This course was designed to increase staff s awareness regarding the risk of data loss and proves to be particularly useful for members of staff who are required to travel regularly for businessrelated matters or who have access to key company assets. For more information, please see www.luxembourgforbusiness.lu/be-safe. Conquer the World from your Luxembourg Headquarters aims to explain the benefits for setting-up a number of European or global headquarter functions Promoting Trade. in Luxembourg. The brochure explains why and how a company can maximise its business in Luxembourg by taking advantage Michèle Diederich Assistante administrative Luxembourg for Business of the country s unique 19-21, Boulevard Royal L- 2449 Luxembourg Grand Duchy of Luxembourg intellectual property framework, its risk management expertise and other support functions such as research and development, logistics and ICT. The brochure was developed in collaboration with the Ministry of the Economy and Foreign Trade, with the support of Ernst & Young, Deloitte, KPMG, PWC and Luxembourg for Finance. A partnership for success. LfB Business BReakfast: Boost your exports! september 22, 2011 RESHAPING EUROPE NATIONAL TRADE STRATEGIES AND THE WORK OF TPOs In addition to print projects, several events were organised under the Luxembourg for Business brand. February 2011: Life Sciences Conference (led by Ministry of the Economy and Foreign Trade). March 2011: World Hosting Days (led by the Media and Communications Department of the Ministry of State). April 2011: 52 nd CEO ETPO Conference Already in its second year of membership, Luxembourg had been allocated the challenge and privilege to host the 52 nd CEO ETPO Conference in Luxembourg on 28 th -29 th April 2011. Under the theme Re-shaping Europe, national trade, and the work of TPOs the conference attracted 21 nations and 60 participants during its 3-day conference in Luxembourg. September 2011: LfB Business Breakfast - Boost your exports. A seminar on practical means to fostering exports (in collaboration with the Office du Ducroire, the Ministry of the Economy and Foreign Trade and the Chamber of Commerce). September 2011: Conference - Is multilingualism a driver of competitiveness? (led by Berlitz & Quest, in collaboration with LfB and the Chamber of Commerce). What is ETPO? Since the late 1950s, the Chief Executives of national organisations responsible for promoting exports from, and investments to, European countries have been meeting annually to discuss topics of common interest. Over 30 organisations from 27 EU countries now take part in the European Trade Promotion Organisation (ETPO). ETPO regularly brings together the senior level executives of the European TPOs to exchange their experiences on the progress made in national trade promotion. It is a flexible platform based on the principle of collective volunteering and a positive willingness to contribute to European co-operation. conquer the world from your luxembourg headquarters 1 2 The costs in regard to any projects with the LTIOs and BE SAFE were fully borne by the Ministry of the Economy and Foreign Trade.

024 www.luxembourgforbusiness.lu Looking ahead Expenses and Human resources Activity report 2010-2011 025 looking ahead to 2012/2013 In line with the work achieved in 2010 and 2011, Luxembourg for Business will continue its efforts in 2012/2013. Regarding 2012, the General Assembly (GA) agreed to further engage in the development of the following marketing support tools and events: Development of a new dedicated micro website for logistics headed under the Luxembourg for Business Proud to promote Logistics logo (in collaboration with private and public sectors) Increased marketing and press support for Luxembourg s presence in India and Russia A minor facelift of the LfB main website Hosting of a Free Zone conference (in collaboration with the Ministry of the Economy and Foreign Trade) Other projects: Along these promotion activities, it is mentioned that LfB (in collaboration with the Ministry of the Economy and Foreign Trade and the Chamber of Commerce) will work on a revamp of the actual sales speech used abroad. The aim is to upgrade the existing content towards a more comprehensive storytelling presentation of the Luxembourg economy. Furthermore, a trade mission audit project will be launched in order to investigate the strengths, weaknesses and the overall customer experience of current trade missions abroad. expenses and human resources General Note According to its statutes, Luxembourg for Business is financed through the proceeds of the invested founding capital. In principle, expenses for the year n+1 cannot exceed the revenues generated in year n (determined by market to market accounting at the start and at the end of each financial year), thus preserving the founding capital and guaranteeing the future existence of the organisation. LfB s founding capital of EUR 7,250,000 is managed by two financial institutions of Luxembourg origin and is invested according to conservative guidelines. The Management Board is regularly briefed on the portfolio and participates in the strategic decisionmaking. Expenses 2010 A surplus of EUR 50,599.50 was generated in 2010. By incorporating to this sum the surplus of EUR 30,871 carried from 2008 and subtracting the deficit of EUR 52,575.88 from 2009, LfB s overall result in two years of existence amounts to a positive balance of EUR 28,894.62. Human Resources 2010 LfB employed one full-time employee, the Secretary General and a part-time employee, the Administrative Assistant in 2010. Expenses 2011 From a mark to market perspective, a loss of EUR 376,725.02 was generated due to the poor evolution of the world market. Human Resources 2011 Hosting of the Global Russia Business Meeting (in collaboration with the Ministry of the Economy and Foreign Trade) The position of a part-time Administrative Assistant was extended to a full-time position. In 2011, Luxembourg for Business counts two employees i.e. the Secretary General and the Administrative Assistant.

026 www.luxembourgforbusiness.lu Appendices 2010 Activity report 2010-2011 027 appendices Yearly accounts 2010 (in French) GIE Luxembourg for Business Bilan au 31 décembre 2010 (exprimé en EUR) Charges Autres charges externes Frais de personnel Salaires et traitements Charges sociales couvrant les salaires et traitements Corrections de valeur sur frais d établissement et sur immobilisations corporelles et incorporelles Autres charges d exploitation 240.674,90 92.167,64 12.272,82 646,78 46.733,66 Corrections de valeur sur immobilisations financières et sur valeurs mobilières faisant partie de l actif circulant 9.971,00 Actif Actif immobilisé Immobilisations corporelles Actif circulant 321,80 Intérêts et charges assimilées autres intérêts et charges Résultat de l exercice 41.267,42 50.599,50 494.333,72 Créances dont la durée résiduelle est inférieure ou égale à un an Valeurs mobilières Avoirs en banques, avoirs en compte de chèques postaux, chèque et en caisse Comptes de régularisation 47.413,98 5.009.974,04 2.235.043,34 63.522,87 7.356.276,03 Produits Autres produits d exploitation Produits d autres valeurs mobilières et de créances de l actif immobilisé autres produits Autres intérêts et produits assimilés autres intérêts et produits assimilés 110.564,47 333.996,70 49.772,55 494.333,72 Passif Capitaux propres Capital souscrit Résultats reportés Résultat de l exercice Dettes dont la durée résiduelle est inférieure ou égale à un an Comptes de régularisation 7.250.000,00 (21.704,10) 50.599,50 51.308,63 26.072,00 7.356.276,03 Luxembourg for Business yearly accounts have been audited by MAZARS Luxembourg SA. Opinion (in French) A notre avis, les comptes annuels donnent une image fidèle du patrimoine, de la situation financière du Luxembourg, le 15 mars 2011 Groupement d intérêt économique Luxembourg for Business au 31 décembre 2010, ainsi que des résultats Pour MAZARS, pour l exercice clos à cette date, comformément aux Cabinet de révision agrée obligations légales et réglementaires relatives à l établissment et la présentation des comptes annuels en vigueur au Luxembourg. Joseph HOBSCHEID

028 www.luxembourgforbusiness.lu Appendices 2011 Activity report 2010-2011 029 appendices Yearly accounts 2011 (in French) Charges Charges brutes Frais de personnel Salaires et traitements Charges sociales couvrant les salaires et traitements 245.363,03 113.613,41 16.458,92 GIE Luxembourg for Business Bilan au 31 décembre 2011 (exprimé en EUR) Actif Actif immobilisé Immobilisations corporelles Actif circulant Créances dont la durée résiduelle est inférieure ou égale à un an Valeurs mobilières Avoirs en banques, avoirs en compte de chèques postaux, chèque et en caisse Comptes de régularisation Passif Capitaux propres Capital souscrit Résultats reportés Résultat de l exercice Dettes non subordonnées dont la durée résiduelle est inférieure ou égale à un an Comptes de régularisation 0,00 79.440,72 5.942.688,89 903.044,10 56.739,00 6.981.912,71 7.250.000,00 28.895,40-376.725,02 48.137,06 31.605,27 6.981.912,71 Corrections de valeur sur frais d établissement et sur immobilisations corporelles et incorporelles Corrections de valeur et ajustement de juste valeur sur éléments financiers de l actif circulant. Moins-values de cessions des valeurs mobilières Intérêts et autres charges financières concernant des entreprises liées Autres impôts ne figurant pas sous le poste ci-dessus Profit de l exercice Produits Produits bruts Produits des éléments financiers de l actif circulant autres produits Autres intérêts et autres produits financiers Perte de l exercice Opinion (in French) A notre avis, les comptes annuels donnent une image fidèle du patrimoine, de la situation financière du Groupement d intérêt économique Luxembourg for Business au 31 décembre 2011, ainsi que des résultats pour l exercice clos à cette date, comformément aux obligations légales et réglementaires relatives à l établissment et la présentation des comptes annuels en vigueur au Luxembourg. 321,80 396.413,74 48.293,43 455,70 0,00 820.920,03 101.729,21 338.962,93 3.502,87 376.725,02 820.920,03 Luxembourg for Business yearly accounts have been audited by MAZARS Luxembourg SA. Luxembourg, le 23 mars 2012 Pour MAZARS, Cabinet de révision agrée Philippe CORBARD

030 www.luxembourgforbusiness.lu Appendices Activity report 2010-2011 031 notes (in Note 1 I Généralités French) Annexes des comptes annuels au 31/12/2011 Le Groupement d intérêt économique G.I.E. Luxembourg for Business a été constitué en date du 21 avril 2008 entre les Membres suivants : L Etat du Grand-Duché de Luxembourg Société Nationale de Crédit et d Investissement Office du Ducroire Chambre de Commerce du Grand-Duché de Luxembourg Chambre des Métiers du Grand-Duché de Luxembourg La Fédération des Industriels du Luxembourg Le siège social est établi au 19-21, Boulevard Royal, L-2914 Luxembourg. L exercice social commence le 1er janvier et se termine le 31 décembre de chaque année. Le Groupement est constitué pour une durée illimitée. L objet du Groupement est la création, le financement, l administration, et la gestion d une Agence de Promotion appelée G.I.E. Luxembourg for Business dont l objet est d une part la promotion et l aide aux entreprises établies au Luxembourg dans le but d accroître leurs exportations de biens et de services et de développer leurs activités à l étranger et, d autre part, la promotion à l étranger des investissements au Luxembourg. G.I.E. Luxembourg for Business peut accomplir toutes les opérations se rapportant à son objet social, dont notamment: L organisation et l exécution d actions de promotion, de marketing et de communication en vue d une promotion coordonnée et cohérente des exportations luxembourgeoises dans le monde ; la mise en place des structures financières et administratives requises, pour autant qu elles ne font pas double emploi avec des structures existantes auprès des membres du Groupement ; la coordination des projets de promotion économique du Luxembourg réalisés en commun entre deux ou plusieurs membres, organismes, institutions, établissements, associations et fédérations, sans préjudice des activités mises en oeuvre sous la seule autonomie et responsabilité d un Membre du Groupement, organisme, institution, établissement, association et fédération ; la coordination des actions de promotion économique du Luxembourg réalisées avec toutes les entreprises luxembourgeoises prenant part aux activités du G.I.E. Luxembourg for Business ; les relations avec les autorités luxembourgeoises et étrangères ; toutes les activités de communication et de promotion du G.I.E. Luxembourg for Business luimême. G.I.E. Luxembourg for Business peut réaliser, tant pour son propre compte que pour le compte de tiers, toutes opérations qui seraient utiles ou nécessaires à la réalisation de son objet social ou qui se rapporteraient directement ou indirectement à cet objet, y compris des opérations financières. Note 2 I Principes, règles et méthodes d évaluations 2.1 Principes généraux Les comptes annuels ont été établis conformément aux dispositions légales et réglementaires en vigueur et aux principes comptables généralement admis au Grand-Duché de Luxembourg. Suite au règlement grand-ducal du 10 juin 2009 déterminant la teneur et la présentation du plan comptable normalisé (PCN) publié au Mémorial du 22 juin 2009, le groupement a décidé de modifier la présentation de certains postes des comptes annuels. Les chiffres de l exercice se terminant le 31 décembre 2010 relatifs aux postes «Intérêts et charges assimilées» et «Autres charges externes» ont été reclassés afin d assurer la comparabilité avec les chiffres de l exercice se terminant le 31 décembre 2011. Les transactions en devises autre que l euro sont enregistrées au cours de change en vigueur à la date de transaction. Les investissements réalisés dans une devise autre que l euro sont convertis en euro au cours de change en vigueur à la date de transaction. Toutes les pertes de change réalisées et non réalisées et les gains de change réalisés résultant de cette conversion sont comptabilisés dans le compte de profits et pertes, attendu que les gains de change non réalisés ne sont pas comptabilisés. 2.2. Principales règles d évaluation 2.2.1. Immobilisations corporelles Les immobilisations corporelles sont évaluées au prix d acquisition et sont amorties sur une durée de 3 ans. 2.2.2. Créances Les créances sont enregistrées à leur valeur nominale. 2.2.3. Valeurs mobilières Les valeurs mobilières sont évaluées au plus bas de leur prix d acquisition ou de la valeur de marché, exprimée dans la devise de préparation des comptes annuels. Une correction de valeur est enregistrée lorsque le prix d acquisition est supérieur au prix de marché. Ces corrections de valeurs ne sont pas maintenues lorsque les raisons qui ont motivé leur constitution ont cessé d exister. 2.2.4. Dettes Les dettes sont inscrites au bilan à la valeur nominale ou, le cas échéant, à leur valeur résiduelle. 2.2.5. Comptes de régularisation actif et passif Il est tenu compte des charges et produits afférents à l exercice auquel les comptes se rapportent, sans considération de la date de paiement ou d encaissement de ces charges ou produits. 2.2.6. Prise en charge de frais pour les membres du G.I.E. Les frais de promotion en relation avec des missions et des foires sont pour la plupart directement pris en charge et financés par les membres du G.I.E., dont surtout le Ministère de l Economie et la Chambre de Commerce. Les frais qui ne sont pas directement pris en charge par les membres du G.I.E. sont occasionnellement préfinancés par le G.I.E. puis refacturés aux membres concernés du G.I.E. Note 3 Immobilisations Valeur brute au début de l exercice Acquisitions de l exercice Cessions de l exercice Valeur brute à la fin de l exercice Corrections de valeur au début de l exercice Dotations de l exercice Reprises de l exercice Corrections de valeur à la fin de l exercice Valeur nette à la fin de l exercice 31/12/2011 EUR 1.940 - - 1.940 (1.619) (321) - (1.940) - 31/12/2010 EUR 1.940 - - 1.940 (972) (647) - (1.619) 321 Note 4 Capitaux propres Le Groupement est financé par des apports de chacun de ses Membres. Le capital du G.I.E. Luxembourg for Business s élève à 7.250.000,00 EUR. Note 5 Personnel Le Groupement a employé deux personnes à temps plein en 2011. Note 6 Avances et crédits accordés aux membres des organes d administration et de surveillance Aucune avance, ni aucun crédit n ont été accordés aux membres des organes d administration et de surveillance au cours de l exercice. Note 7 Engagements hors-bilan Le Groupement n a pas pris d engagements (garanties) pour le compte des membres des organes d administration et de surveillance au cours de l exercice. Le Groupement s est engagé à acheter à terme les devises comme suit : 570.000,00 USD 2.191.000,00 TWD 187.419,87 SGD Ces devises ont une valeur non réalisée de 37.194,11 EUR. Note 8 Autres indications Conseil de gérance en fonction jusqu à l assemblée générale qui se tiendra en 2013 est composé comme suit : Roland Engeldinger, demeurant professionnellement à 5, rue Notre Dame L-2240 Luxembourg ; Robert Biwer, demeurant professionnellement à 19-21, boulevard Royal L-2449 Luxembourg ; Jean-Claude Knebeler, demeurant professionnellement à 19-21, boulevard Royal L-2449 Luxembourg ; Carlo Thelen, demeurant professionnellement à 7, rue Alcide de Gasperi L-2981 Luxembourg ; Jean-Claude Vesque, demeurant professionnellement 7, rue Alcide de Gasperi L-2981 Luxembourg. Réviseur d entreprises agrée Mazars Luxembourg, société anonyme, 10 A, rue Henri M. Schnadt, L-2530 Luxembourg, R.C.S. Luxembourg B0159962.

032 www.luxembourgforbusiness.lu Contact Your contact partners for 2012 luxembourg for business 19-21, boulevard royal l-2449 Luxembourg t: +352 247-84116 f: +352 24 18 14 www.luxembourgforbusiness.lu mrs carole tompers Secretary General t: +352 247-84116 carole.tompers@luxembourgforbusiness.lu mrs michele diederich Administrative assistant t: +352 247-84116 michele.diederich@luxembourgforbusiness.lu Illustrations: Comed Photos: Comed I LfB