On 22 June, the Embassy of Luxembourg in Warsaw celebrated the National Day of Luxembourg with a reception held in the garden of the Embassy. Among more than 200 guests, the Marshall of the Senate of the Republic of Poland, members of the Government of the Republic of Poland, ambassadors, representatives of Luxembourg-Poland business community, as well as friends of the Embassy were present.
In the opening address, Ambassador Paul Schmit stressed the strong ties between Luxembourg and Poland. Briefly touching on bilateral relations with Poland, he said that those relations had been progressively growing following Poland’s accession to the European Union and NATO. He highlighted the fact that economic relations are excellent and that Luxembourg remains one of the biggest foreign investors in Poland. The Ambassador also reiterated Luxembourg’s full support for Ukraine in its fight against the Russian aggression.
In his speech, H.E. Ambassador Paul Schmit also outlined the significant role of economic relations between Poland and Luxembourg. Poland is currently the sixth largest market in the European Union. Luxembourg, on the other hand, after Germany and the Netherlands, is the third largest investor in Poland. The interest of Luxembourgian companies in opening production facilities in Poland is constantly growing. Historically, capital investments have prevailed.
Luxembourg is known primarily as a resilient financial center, but it is constantly seeking to diversify its economy. The country’s wealth was built on metallurgy, as the Ambassador emphasized in his speech. Iron ore mining and steel production began in earnest in the mid-19th century. Until 1970, it was the mainstay of Luxembourg’s economic development. Even before the onset of the crisis in 1970, the government and politicians of this small country realised that an economic monoculture was too risky and also bet on the development of the financial sector. They also turned to other areas of the economy, such as the satellite industry. When the metal industry was in decline, the financial industry was booming. Today, the space industry is growing rapidly in Luxembourg alongside such innovative sectors as ICT. It already accounts for almost three per cent of Luxembourg’s GDP and it is in this area that cooperation with Poland is particularly visible, informed JE Paul Schmit. Polish companies are showing great interest in Luxembourg’s space-related projects, including asteroid mining, as Poland has a much longer tradition of space exploration than Luxembourg.
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