Dear esteemed readers,
As we approach the end of 2023, it is with great pleasure that I present to you the 12th edition of our newsletter for this year, offering compelling insights into the exceptional opportunities awaiting companies considering Luxembourg as their gateway to the European market. As the Executive Director of LTIO for the Gulf in Abu Dhabi, I am delighted to share with you the wealth of knowledge and potential showcased in this newsletter, highlighting Luxembourg as a premier destination for international expansion and innovation. And, as always, the LTIO stands ready to provide further, more detailed answers on specific questions which you might have.
While focusing on the HealthTech sector, the articles featured in this edition underscore the pivotal role that Luxembourg plays in fostering groundbreaking advancements and facilitating seamless entry into the European market. From the pursuit of personalized medicine to pioneering gamified neuroscience for brain disorders, it is evident that Luxembourg stands at the forefront of pioneering research and technological innovation with a significant focus on patient impact.
Furthermore, Luxembourg’s remarkable rise to the 2nd place in the IMD Talent Ranking underscores the country’s unwavering commitment to nurturing a vibrant and skilled workforce, making it an ideal environment for businesses to thrive and prosper.
The insights provided on rendering data actionable to drive healthcare innovation and accessing the European health tech market exemplify Luxembourg’s dedication to harnessing the power of data to revolutionize the healthcare landscape. The innovative initiatives, such as ITTM, epitomize Luxembourg’s proactive approach to catalyzing positive change in the healthcare sector.
In the Emirates, the month of December was clearly dominated by the successfully concluded COP28 UN Climate Conference in Dubai.
Following the conference, it is good news for the whole world that we now have a multilateral agreement to accelerate emission reductions towards net zero by 2050, with urgent action in this critical decade. This includes an agreement by all parties to transition away from fossil fuels. It was further agreed to reduce global emissions by 43% by 2030, in line with the best available science, and to maintain the objective of limiting the temperature increase to 1.5°C above pre-industrial levels. The international community thus remains on track with the goals of the 2015 Paris Agreement and speeds up the transition to a cleaner and healthier economy.
Luxembourg had a strong presence in Dubai, led by HRH the Grand Duke. The impressive Luxembourg delegation made up of over 100 delegates with the Minister of Environment, negotiators, officials, businessmen, NGO activists, members of Parliament, and (young) scientists. Many well-attended side events, organized by various Luxembourg entities, took place at the Benelux-EIB pavilion. Under the Presidency of the UAE, COP28 was a perfect example of cooperation, coordination, and leadership. And it was also a powerful demonstration of the value of multilateralism in tackling our planet’s biggest challenges.
The goals of the Global Renewables and Energy Efficiency Pledge need to be specifically mentioned. The world has committed to tripling renewable energy capacity and doubling the rate of energy efficiency improvements by 2030. This gives powerful momentum to the transition away from fossil fuels. It is also important that we have an agreement to tackle methane emissions and other non-CO2 emissions in this decade.
2023 has been the hottest year on record, and so it is fitting that it has become the most ambitious year on record for climate action. Extreme weather makes climate adaptation increasingly important. With the highest per capita expenditures for climate finance, Luxembourg is leading the way.
Still, more needs to be done. For example, COP28 has also been the opportunity to discuss carbon pricing, so that more countries start to put a price on pollution. Climate change becomes part of good business practice and also the financial sector has of course a key role to play in leveraging sustainable investments.
In closing, I would like to extend my heartfelt appreciation to our partners and contributors at Luxinnovation for their invaluable contributions, and I hope that this newsletter serves as a source of inspiration as you consider the prospects that Luxembourg holds for your organization.
As we bid farewell to 2023, I would like to convey my warmest wishes for the festive season and a prosperous new year. May the coming year be filled with peace, success, growth, and new opportunities for all.
Thank you for your continued support, and I look forward to the opportunity to explore the multitude of possibilities that Luxembourg offers for your international endeavors in the year ahead.
Jean-Marie Frentz
Executive Director, LTIO Abu Dhabi