Competence Pool
Luxembourg's dynamic financial sector has encouraged the development of a sophisticated services sector including lawyers, auditors and consultants as well as ICT specialist as the finance sector is highly dependent on Luxembourg's ICT infrastructure. Thus, a powerful competence pool in the finance sector as well as in the data management sector was created.
According to current EITO forecasts, the IT and telecom market will continue to grow at the same rate as in previous years and thus defy the current economic crisis. The main drivers in this branch will be IT services, software applications and broadband data services.
Luxembourg: Leader in ICT Skills
Such growth can, however, only be achieved if the ICT industry can overcome current challenges. In addition to facing technical and infrastructural obstacles, companies will be most occupied with the search for capital and with the problem of how to recruit sufficient staff with the right qualifications and how to convince them to stay in the company. During the past few years, Luxembourg has emerged as a highly visible landmark, both on the European ICT and the worldwide ICT map thanks to the implementation of targeted public and private measures and is now well equipped to face the challenges of the coming years.
According to the OECD, Luxembourg has the highest concentration of IT specialists in its working population. This availability of know-how and highly qualified specialists in all economic fields constitutes a great advantage for companies in Luxembourg compared to any other location.
For those doing business in Luxembourg, there are several advantages. Firstly the multilingualism of most employees as a result of the country’s geographical position in the Saar-Lor-Lux region, secondly massive government investment in schools, vocational training and research during the past few years and thirdly very favorable living and working conditions arising from the social model that accompanies living in Luxembourg. All these assets stand out well in European comparisons because of their consistent stability and dependency. This is why living and doing business in Luxembourg is so ideal.