Luxembourg for Finance CEO Highlights Resilience of Financial Centre
In a recent interview, Luxembourg for Finance CEO Tom Théobald praised the resilience and significance of Luxembourg’s financial centre, describing it as essential to the country’s economic performance.
Growth and Resilience of Luxembourg’s Financial Centre
In an interview with our colleagues from RTL Radio on Tuesday morning, Tom Théobald, the new CEO of Luxembourg for Finance, highlighted the growth and resilience of Luxembourg’s financial centre. Théobald described the sector as well-established, diversified, and crucial to the country’s economy.
- The financial centre represents “a quarter” of the Grand Duchy’s economic output
- It is considered “the engine of our economy” and significantly contributes to national prosperity
- The sector employs 70,000 people directly, with 135,000 jobs depending on it either directly or indirectly
Innovation and Adaptability in Luxembourg’s Financial Centre
Théobald noted that Luxembourg’s financial centre is built on a “solid base,” is “not monolithic,” and relies on numerous pillars. He praised the sector’s capacity for innovation and adaptability. Looking ahead, Théobald stressed the importance of attracting talent from outside Luxembourg and the Greater Region, as the local recruitment pool “is no longer sufficient.”
The Future of Luxembourg’s Financial Centre
By 2034, Théobald envisions a financial centre that is more digitalised, sustainable, and makes greater use of artificial intelligence.
Analysis of Luxembourg’s Financial Centre
Luxembourg’s financial centre is a critical component of the country’s economy, contributing significantly to its prosperity and economic growth. With a strong foundation, diverse pillars, and a focus on innovation and adaptability, the sector has shown resilience in challenging times and continues to thrive.
As the financial centre looks towards the future, embracing digitalisation, sustainability, and artificial intelligence will be key in ensuring its competitiveness and relevance in the global market. Attracting talent from outside the local pool will also be crucial for driving innovation and growth in the sector.
For individuals, understanding the importance of Luxembourg’s financial centre can provide insight into the country’s economic stability and potential opportunities for financial growth. Whether directly or indirectly, the sector’s impact on employment and economic output highlights its significance in shaping Luxembourg’s future.