None other than H.R.H The Grand Duke Henri of Luxembourg and Marcelo Rebelo de Sousa, President of Portugal were present during the third and final day of the official mission. Silicon Luxembourg was there to witness this historic event.
To conclude the final hour of the Economic Forum and make good on the promises of the past days, two very distinguished guests joined us at the Four Seasons Ritz Hotel: H.R.H The Grand Duke Henri of Luxembourg and President of Portugal Marcelo Rebelo de Sousa.
Before sharing their views on Luxembourg and Portugal’s collaborative future, however, Yuriko Backes, finance minister of Luxembourg talked about navigating a Europe befallen by a “polycrisis” and the continued need for prioritising sustainable initiatives.
Having talked to Fernando Medina, Portugal’s finance minister the day before, she said that they both “remain optimistic that the EU will again prove to be resilient and it’s not because we are both finance ministers but […] because the past decade has shown us is that Europe has the capacity to act in solidarity and work stronger through a crisis”.
However, solving these crises will not come easy, because “combatting climate change and ensuring energy security will require massive investments.”
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“We Must Do More”
Despite the optimistic tone throughout the past three days, one key phrase that kept coming back was: “We must do more”. While Luxembourg and Portugal’s shared history, economic objectives and good relationship put them in a great position to collaborate more, both heads of state made it clear that there was room for improvement.
“We must do more. It should be unforgivable if we don’t strengthen our ties after this event,” exclaimed the President of Portugal. While Luxembourg’s past history with Portugal was marked by “social and cultural ties” things have changed. “Now it’s time for a transformation marked by globalisation, digitalisation, energy transition and innovation.”
Mentioning the already established Portuguese and Luxembourg companies in the respective countries, H.R.H The Grand Duke Henri of Luxembourg put the emphasis on using these as a platform to continue developing the countries’ economic relations.
“Under the banner of green and digital transformation and sustainable growth, I am confident that our countries can come together to find innovative solutions,” said The Grand Duke.
Diversification And Open Borders
Keen to keep the discussion on firm ground, Luc Frieden President of the Luxembourg Chamber of Commerce was quick to point out that closer collaboration, while hugely beneficial, will not be easy. Mentioning issues such as the rising prices of raw materials, high energy costs, supply chain bottlenecks and high inflation, Mr Frieden cautioned against too much optimism.
“We need to see that we can produce more in Europe but we also must diversify our sources of energy, our sources of supply chains, and Luis [President of AICEP] rightly mentioned the word diversification. Diversification can also exist on a regional basis, so I think that is something that we need to do now as the geopolitical environment becomes more difficult,” said Luc Frieden.
As the event was winding down and everyone was getting ready to enjoy free lunch, booze and some light networking, Mr Frieden concluded his speech by saying “that this state visit is not the end of the story” and that “it is important to now keep the contact”. In any case, Luxembourg is there to “help you to open its doors and guide you to where the Portuguese companies want to go”.
🇱🇺🇵🇹 #LUinPORTUGAL @Yuriko_Backes Minister Of Finances, Luxembourg @MinFinLux at the Portugal – Luxembourg Economic Formum : Digital Economy Of Tomorrow 🚀 #siliconluxembourg @ccluxembourg @StartupLu @Luxinnovation @StartupPortugal @LuxembourgLU #DigitalTransformation pic.twitter.com/ybSAImC7Cy
— Silicon Luxembourg (@SiliconLux) May 12, 2022
