Business Facilities - February 2009 - (Page 26)

INTERNATIONAL Luxembourg with all main parties agreeing on the importance of remaining economically competitive while maintaining a well-funded welfare state and peaceful industrial relations. Although salaries are generous enough to attract talented people, low employer charges mean that gross salary costs generally are below those of most western European countries. High salaries and low unemployment help grease the wheels of a mainly consensual industrial relations environment known for its low rate of strike action. Additionally, business taxes are competitive and the Luxembourgish government has pledged to cut them further. Infrastructure (e.g. for education, transport, telecommunications and industrial zones) also sees a fair share of government investment. LUX SET TO BUILD “BIOBANK” In June 2008, the government of Luxembourg announced that it will be investing 140 million euro in health technologies research, specifically aiming to develop cuttingedge skills and expertise in molecular medicine. Three prestigious American research institutions will be working with the University of Luxembourg and the three Public Research Cen- ters—Gabriel Lippmann, Henri Tudor and Santé—to make strides in this area of expertise. The centerpiece of the overall project will be the creation of a Luxembourg “biobank,” which will be open to international researchers and initially will concentrate on collecting and analyzing biological samples in order to support lung and colon cancer research. Funding also will go towards establishing a center of excel- The European Investment Bank, inaugurated in June 2008 “ Luxembourg’s small its success. medicine, a relatively new approach that takes an individual’s genetic and biological make-up into consideration when providing health care. Ultimately, this is expected to result in great improvements in the ability to administer the right dosage of drugs at the right time. INNOVATION AND RESEARCH COMMITTEE CREATED “Research and innovation are the motors that drive a country’s evolution, economy and society in its entirety,” said Minister for Research François Biltgen when announcing the creation of the Luxembourgish Higher Committee for Research and Innovation at the end of July 2008. The committee was formed to help develop a coherent and effective national policy and to advise the government on the implementation of this policy. In particular, committee members will be aiming to define Luxembourg’s national research priorities and identify the steps and tools needed to achieve these goals. By setting up the committee, Luxembourg is confirming its commitment to making research and innovation a top priority of its national policy agenda and to helping them thrive in the Grand Duchy. The committee is composed of individuals selected size is the key to – Jeannot Krecké, Minister of the Economy and Foreign Trade ” lence in systems biology, which will conduct research into genome sequencing and molecular fingerprinting of the body’s main organs. A third area to benefit from this investment is a pilot project aiming to advance research in personalized medicine by pursuing research projects focused on developing molecular diagnostics for specific diseases. The Luxembourgish projLuxembourg’s Chamber of Commerce building, home to Luxinnovation ect will focus on lung cancer, a disease where the therapeutic possibilities currently are limited, and where reliable early detection tools are needed urgently. Molecular diagnosis is the cornerstone of personalized FEBRUARY 2009 26 PHOTO CREDITS: FOCUS ON INNOVATION AND RESEARCH IN LUXEMBOURG, 2008

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Business Facilities - February 2009 Contents First Word Snapshots Corporate Moves: Ohio Governor's Report Growth Magnets Industry Focus: Automotive International Report: Luxembourg Corporate Moves: Tennessee Cream of the Crop in North Carolina Advertiser Index Ask the Expert

Business Facilities - February 2009

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