The Chamber of Commerce of the Grand Duchy of Luxembourg
The Chamber of Commerce of the Grand Duchy of Luxembourg represents more than 90,000 companies belonging to the banking, insurance, media, wholesale and retail trade, transport and logistics, IT sector, the hotel and the service sectors, accounting for 75% of total employment and representing 80% of GDP; the Chamber of Commerce is Luxembourg’s largest professional organization. The responsibilities and missions of the public institution are clearly defined by the law of 26 October 2010, which grants the Chamber of Commerce great powers but also important duties. The government, for instance, must request the opinion of the Chamber of Commerce for all draft laws and regulations which may have an impact on the Luxembourg companies. This is, of course, the case for most laws. The Plenary Assembly of the Chamber of Commerce has even the right to submit law proposals to the Government which the latter must consider and transmit to the Parliament.
The rationale behind the Chamber of Commerce is quite simple: since wealth is in large parts created by companies, the Chamber of Commerce sees its role in being the guardian of the interests of Luxembourg companies. In order to achieve this mission, the Chamber assumes different tasks. One of the primary tasks is to express and represent the general economic interest. It’s on this basis that the Chamber of Commerce promotes an open, dynamic and competitive economy in order to enable companies to benefit from unrestrained development. The promotion of Luxembourg companies and products abroad and the encouragement of foreign investment are also done on this basis. In the fulfilling of this mission, the Chamber of Commerce is closely collaborating with the government promotion agency Luxembourg for Finance, which share the common goal of promoting and positioning Luxembourg worldwide as a strategic partner and prime location for business. The Chamber of Commerce is a founding member and active partner of this agency.
Since the affiliation to the Luxembourg Chamber of Commerce is compulsory for all business sectors other than agriculture and the skilled-craft industry, which have their own professional organization, the Chamber also has a great responsibility in delivering to its members and to people interested in setting up any commercial, financial or industrial activity in Luxembourg advice and assistance as well as a broad range of services. Finally, through the House of Training the Chamber of Commerce strongly encourages companies to become involved in a continual process of improving knowledge and skills among their employees.
The governance of the Chamber of Commerce is assured by the representatives of the sectors of finance, industry, hotel and restauration, trade, transport and services.
Its 6 operational missions are:
• Involvement in the legislative procedure by the preparation of opinions
• Promoting the spirit of enterprise and the creation and development of businesses
• Promoting foreign economic and commercial relations
• Fostering a system of education and training that meets the needs of businesses
• Providing services to business and the general public in the interest of the Luxembourg economy
• Informing the public and stimulating debate as partner and independent ambassador of the market economy (think tank and proposals of policy)