Agefi Luxembourg - novembre 2024

Novembre 2024 11 AGEFI Luxembourg Economie F ollowing the success of the 2022 official trademission, theChamber of Commerce has invitedLuxembourg compa- nies to join a trademission toMon- treal andToronto fromOctober 27 to 31, 2024, focusing on the cyberse- curity, space, anddefense sectors. Activities and key highlights The mission kicked off with a business foruminMontreal, where opportunities in theQuebec andLuxembourgmarkets were explored. Keynote speeches were held by H.E. Ni- coleBintner,AmbassadorofLuxembourg to Canada, Carlo Thelen, CEO/Director general of the Chamber of Commerce, GuyJobin,Vice-PresidentoftheChamber of Commerce of Montreal metropolitan, LucDecker, Consul-general andDirector of the LTIO New York, Dan Silverman, Vice President of InvestissementQuebec, StéphanePaquet,CEO/PresidentofMon- trealInternational,andSrinivasSetty,Ge- neral Manager at NorthStar, who shared his company’s experience working on both sides of theAtlantic. A sectoral panel ensued, moderated by François Thill, Director for Cybersecu- rity at the Ministry of Economy of Luxembourg. The discussion provided insights into the cyber, defense and space ecosystems in Quebec and Luxembourg. Panelists included repre- sentatives from IMC2, Aero Montreal, the Luxembourg House of Cybersecu- rity, Rafinex and SES. Before transitioning to a networking lunch, attendees enjoyed a fireside chat with Anne Nguyen, Chief AI Officer at the Innovation Council Quebec, and DavidFoy, Headof SectorDevelopment Digital Economy at Luxinnovation, who sharedinsightsintothelatesttrendsinAI. After an intensemorning, thedelegation had the opportunity topitchduring sec- toral workshops organized at Cybereco. They were followed by a B2B session and a networking reception in the eve- ning. Eric Caire, Minister of Cybersecu- rity and Digital Technologies, as well as Alain Sans-Cartier, Deputy Minister of International Relations and Francopho- nie, andGeneviève Brisson, General De- legate of Quebec in Bruxelles, attended the event. The second day in Montreal was dedi- cated to visits of the Incyber Forum, MDA Space, Bombardier and the MILA – AI Institute. Through these, participants established connections with key stakeholders from thesemajor companies, gained a better understan- ding of their activities, and discovered impressive infrastructures and lines of production. ThevisitoftheIncyberForumnotablyin- cluded a discussion between theQuebec Minister of Cybersecurity and the Direc- tor ofCybersecurityat theMinistryof the Economy Luxembourg and a networ- king reception during which Luxem- bourg companies showcased their excellence in cybersecurity solutions. The third day, the delegation traveled to Toronto to participate in a business forum hosted by the Ontario Invest- ment and Trade Centre. They also en- gaged in sectoral workshops and took part in a B2B session. The evening concludedwith an official reception, featuring a keynote address by Victor Fedeli, Ontario Minister for Economic Development, Job Creation and Trade. Several key stakeholders from the Fe- deral Economic Development Agency for Southern Ontario and the Ontario Ministry for Economic Development were present throughout the day and provided invaluable advice to Luxem- bourg companies seeking to develop their activities in Ontario. Visits of major companies in the cyber and space/defense sector are scheduled for the last day of the trade mission, in- cluding Nordspace, Rocket Lab, Coor- dinate Industries, QuantumBridge and the Rogers Cybersecure Catalyst. The cyber delegation will also have a meeting with Mark Tse, Member of the Board of the Canadian Cyber Net- work and Founder of the Canadian Cyber Forum. Strong partner network& new announcements This intense program would not have been possible without a strong partner network both in Canada and Luxem- bourg. The Chamber of Commerce col- laborated with the Luxembourg House of Cybersecurity for this trade mission and relied on the support of the Em- bassy in Washington, the LTIO New York, theMinistryof ForeignAffairs and ForeignTrade, aswell as theMinistry of the Economy. Through this journey, the Chamber of Commerce forged strong connections with key institutions in Canada, such as the Chamber of Commerce of Montreal metropolitan, the Federal EconomicDe- velopment Agency for Southern Onta- rio, INSEC-M, Aero Montreal and CADSI. This impressive network de- monstrates the anchorage Luxembourg has in Canada, which will be further reinforced by the opening of a Luxem- bourg Embassy inOttawa very soon, as announced by H.E. Nicole Bintner du- ring the trade mission. The signing of a Memorandum of Understanding with the Chamber of Commerce of Montreal metropolitan has also marked a further milestone in the economic relationship of Luxembourg with Quebec, and Ca- nada more broadly. Source: Chamber of Commerce Anewmilestone in economic relations between Luxembourg and Canada M ain points of the keynote speech of President Ilham Alyev, host of the 2024 UN Climate Change Conference in Baku (COP29). Azerbaijan is a countrywhere East andWest, NorthandSouthmeet,andthisisnotonlyabout geography.Wecanbuildpolitical,cultural, energy, trade, transportation bridges between different in- ternational actors. Mega pro- jects initiated by Azerbaijan already changed the energy and transportation maps of Eurasiaandledtoestablishment of fruitful multinational cooper- ation formats. For four years, byunanimous deci- sion of 120 countries,Azerbaijan suc- cessfully chaired the Non-Aligned Movement,thesecondaftertheUnitedNationsinter- nationalinstitution.Azerbaijanisalsoanactivemem- beroftheOrganizationofIslamicCooperation,which unites almost 60 countries. With 10 members of the EuropeanUnion,Azerbaijan signed agreements and adopted declarations on strategic partnership. So all this allows us to think that we may be very helpful anduseful in building bridges between different im- portantactorsontheissueofclimatechange.Azerbai- jan is an active supporter of multilateralism . At the same time, we play an active role in intercul- tural dialogue. Togetherwith theUnitedNationsAl- liance of Civilizations, every second year we organize in Baku an intercultural dialogue forum. Multiculturalism is our state policy and at the same time is our lifestyle. People of Azerbaijan, regardless of their ethnic or religious identity, live in peace and harmony as one family. Now I would like to say a couple of words about Azerbaijan’s green agenda. Our technical potential for renewable energy is estimated at 135 gigawatts onshore and 157 gigawatts off- shore. Last year, Masdar fromtheUAE inaugurated the biggest in our region solar power plant of 230 megawatts.Aqwa Power from SaudiArabia is now, at themo- ment, constructing a wind power station with a potential of 240 megawatts. During COP 29, an agreement will be signed with BP from the UK to build a 240-megawatts solar power station in the district of Jabrayil, which was liberated fromArmenianoccupation four years ago. And thisprojectwill providedecarbonizationof one of the biggest oil and gas terminals in theworld, the Sangachal terminal. By 2030, we plan to build solar, wind, andhydro power stations of approximately 6 gigawatts. But this is not all our plans. 10 gigawatts renewable energy projects, contracts, and MOUs have been signed. And also we look at the export markets and work actively with our partners in order to implement another important energy secu- rity project, the Black Sea-Caspian Energy Cable. Thiswill allowus to export green energy to Europe, and the technical potential of this cable, and by the way, feasibility studies are going to be ready very soon, is close to 4 gigawatts. But again, this is only the beginning. Our green agenda also covers differ- ent regions of Azerbaijan. So, Nakhchivan, Karabakh,andeasternZangezurregionsofAzerbai- jan are declared as green energy zones. And this is about a quarter of our territory. Now a coupleofwordsI’dliketosayaboutanothersegment ofenergysecurity,whichis oilandgas .Iunderstand thatthistopicisnotverypopularataClimateChange Conference, but without that, my comments would not be complete. Just to beginwith information, theworld’s first in- dustrial oil well was drilled in Azerbaijan, in Baku, in 1846 . It is situated not far from this place…. The first offshore oil well also was drilled byAzerbaijani oilmen in theCaspianSea in themid- dle of 20th century. In the 19th century, Azerbaijan producedmore than a half of the global oil produc- tion. Politicians and media called us a petro-state, probably that would have been acceptable. But when they call us petro-state today, this is not fair, and it only demonstrates a lack of political culture and knowledge. Our oil production is 0.7%, global gas production is 0.9% in the world. Azerbaijan’s share in global gas emissions is only 0.1%. Our level of unemployment in Azerbaijan is 5.4%. The level of poverty is 5.2%. Our greenagenda, Ialreadydescribedourplans.Ourforeigndebtisonly 7.5%ofourGDP.Sotheseareimportantcriteriawhich should be a basis for kind of evaluation of the coun- try’s performance, but not the country’s natural re- sourceswhich are the gift of God. A gift of God. Every natural resource, gold, silver, copper, all that are natural resources. And countries shouldnotbeblamedforhavingthemandshouldnot be blamed for bringing these resources to themarket because the market needs them, the people need them. So this is my message and as a president of COP29, of course, we will be a strong advocate for green transition , andwe aredoing it, but at the same time, wemust be realistic. Azerbaijan and the European Commission signed a declaration on strategic partnership in the field of energy. But it was not our idea. It was a proposal of EuropeanCommission. The President of the Euro- pean Commission came to Baku two years ago to sign this document with us because they needed our gas due to the change in the geopolitical situa- tion. And they asked us to help andwe said, okay, we always are ready to help if our help is needed. And we said, okay, we will help Europe with the energy security.Andwhenwe signed this declara- tion two years ago, the number of the countries which were receiving our gas, I mean European countries, was equal to two. So now it’s eight coun- tries. Eight out of ten countrieswhich have access toAzerbaijani gas are Europeans. …80presidents,vicepresidents,andprimeministers. So the world gathered in Baku, and we say to the world, welcome to Azerbaijan. Thank you. Thank you. GodBless. Azerbaijan’s GreenAgenda at COP29 DASHBOARD AGEFI Luxembourg 31-Oct-2024 29-Dec-2023 DIFF % Dow 30 (DJI) 41.763,48 37.689,54 10,81% S&P 500 (GSPC) 5.705,45 4.769,83 19,62% Euro Stoxx 50 4.827,63 4.521,65 6,77% DAX (GDAXI) 19.077,54 16.751,64 13,88% CAC 40 (FCHI) 7.350,37 7.543,18 -2,56% FTSE 100 (FTSE) 8.110,10 7.733,20 4,87% LuxX index 1.358,54 1.524,53 -10,89% Nikkei 225 (N225) 39.081,25 33.464,17 16,79% Shanghai (SHCOMP) 3.279,82 2.974,94 10,25% US Fed Funds Rate 4,83% 5,33% -0,50% 3 Month US Treasury Rate 4,64% 5,40% -0,76% 5 Year US Treasury Rate 4,15% 3,84% 0,31% European Central Bank (ECB) Refinancing Rate 4,25% 4,50% -0,25% 5-Year Eurozone Central Government Bond 2,67% 2,36% 0,31% OECDGeneral Governement/GDP 2022 Japan 243% Greece 193% Italy 148% USA 120% France 116% Spain 116% Portugal 115% OECD (Total 2022) 109% UK 105% Belgium 104% Canada 102% Austria 80% OECD (Average 2022) 78% Hungary 77% Finland 75% Iceland 75% Slovenia 72% Germany 65% Slovakia 64% Poland 59% New Zealand 57% Mexico 54% Netherlands 54% Australia 53% Latvia 52% Czechia 48% Ireland 46% Türkiye 44% Sweden 44% Chile 41% Norway 41% Switzerland 38% Lithuania 38% Turkiye 36% Denmark 35% Luxembourg 30% Estonia 26% 31-Oct-2024 29-Dec-2023 DIFF % Barrel (West Texas Intermediate) 0,4003 0,4084 -1,98% ¼ West Texas Intermediate (prix en euro par litre) Natural gas: 1 m3= 0,0881 0,0805 9,48% ¼ Natural Gas, Henry Hub-I (prix en euro par m3) Natural gas: 1MWh= 8,4980 7,7620 9,48% ¼ Natural Gas, Henry Hub-I (prix en euro par MWh) Natural gas: 1 MMbtu= 2,7100 2,5100 7,97% $ Natural Gas, Henry Hub-I (prix en $ par MMbtu) Gold: 1 Kg= 81.010,49 60.094,23 34,81% ¼ Gold: 1 oz= 2.742,45 2.062,90 32,94% $ Silver: 1 Kg= 964,17 691,28 39,48% ¼ Silver: 1 oz= 32,64 23,73 37,55% $ Thisdashboard,exclusive toAGEFILuxembourg,allows the reader: 1° tosee the returnsof themainassetsand financial indices for thecurrentyear 2° toseeononepage themainstockmarket indicesand interestrates 3° toknow theproductioncostofseveralenergyproducts ineuros, tocomparewith the retailprice 4° toknow thepriceofgoldandsilver inkilosand ineuros. 5° to immediatelysee thepublicdate/GDP forseveralsignificant countries ©ChamberofCommerce