During the Monaco Business Fair, a high-level round table brought together Ms Ludmila Raconnat-Le Goff, Delegate in charge of Attractiveness to the Minister of State, Ms Mathilde Lemoine, Group Chief Economist at Edmond de Rothschild, Mr Robert Laure, President of AMAF, and Mr Stéphane Bruno, Director of Economic Development. Moderated by journalist Christian Huault, the discussion highlighted the Principality’s unique advantages, the complexity of the global economic context, and the levers that can be activated to strengthen Monaco’s competitiveness and international influence.
In her opening remarks, Ms Ludmila Raconnat-Le Goff pointed out that attractiveness is not just one public policy among many, but ‘the very condition of our prosperity’. The Principality is built on solid foundations: institutional stability, no public debt, reserve funds, a clear and transparent tax system, and a compact and agile ecosystem.
She emphasised the need to combine tradition and modernity, strengthening transparency and rigour while preserving Monaco’s unique agility. Attractiveness, she stressed, ‘is a team sport’ that requires joint efforts by the government, private actors and international partners.
Mathilde Lemoine shared her analysis of what she considers to be structural economic changes. The rise of trade tensions and protectionism, particularly driven by the United States in relation to China, is reshaping the global balance of power. According to her, we have entered ‘a transition phase from a system of globalisation to a system of rival powers’, marked by uncertainty but also by new investment dynamics, particularly in areas related to sovereignty (energy, defence, technological innovation).
She also emphasised the importance of institutional stability, now seen as a key asset in a changing world. Europe, which is still too defensive, would benefit from defining clear strategies, following the example of Monaco, which has successfully anticipated the energy transition, thereby reducing its dependence.
For Robert Laure, global uncertainty represents both a challenge and an opportunity for Monaco’s financial sector. Banking and financial institutions, managing more than 176 billion in assets, are called upon to combine rigour, quality and compliance with international standards.
The Principality, open and connected to major economic areas, benefits from its institutional stability and regulatory alignment. Wealth management remains an essential pillar, structured by compulsory training and qualifications for professionals, guaranteeing a high level of competence.
With regard to international compliance, Mr Laure highlighted the significant efforts made in the areas of tax exchanges and the fight against money laundering, confirming Monaco’s desire to be ‘considered on an equal footing with any other State’.
Stéphane Bruno highlighted the entrepreneurial dynamism, with more than 700 new businesses created each year and recent growth of over 30%. Traditional sectors – commerce, yachting, construction, real estate and finance – remain buoyant, while digital technology and its various applications (AI, apps, electronic archiving) constitute a new strategic vertical.
The Director of Economic Development emphasised the importance of ‘tailor-made’ support, made possible by the size of the Principality and its local administration. New digital services will soon make it possible to carry out administrative procedures 100% online, freeing up time for personalised support for businesses.
Beyond the economy, he pointed out that attractiveness also depends on education, health, housing and mobility, all of which are key factors in attracting and retaining resident entrepreneurs.
In conclusion, the speakers converged on a message of lucid realism but confidence. While geopolitical and economic uncertainties remain, the Principality has structural assets and an ability to adapt that place it in a favourable position.
As Ms Raconnat-Le Goff summarised, the challenge is to define a collective strategy based on pragmatism and the diversity of the economic fabric, while remaining faithful to Monaco’s identity and values.
A consensus emerged: attractiveness is a shared project, which must be based on excellence, innovation and cohesion in order to consolidate Monaco’s position as a premium hub at the heart of a global economy undergoing restructuring.
