Page 106 - Monaco Economy 120

ZOOM

MEB “We are now in the middle of a radical transformation

of our economy”

How will Monaco s economy fare over the next few decades Michel Dotta and Guillaume Rose,
respectively President and CEO of the Monaco Economic Board MEB , a key institution within the
Principality, outline some of the changes to come.

We know what the 21 century mega trends in the 20th century. Monaco is very well placed developments in Monaco is the sector of
st
are : an ageing population, weaker economic to move forward with these two scenarios. We digital healthcare. In this sector, as elsewhere,
1
growth, the rapidly rising cost of climate are in the middle of a radical transformation Monaco, lacking in space, has no other
change, globalisation petering out, migration of our economy with these two evolutions, choice but to concentrate on research and
is increasing, as is inequality in rich nations, which force us to create businesses that take development, which requires brainpower
whilst digitalisation is accelerating. How do up less square meterage. and artificial intelligence. Indeed, Monaco
you see the future evolution of the global Tech has perfectly grasped the importance
economy? How do you see Monaco s economy 0 years of innovation in terms of health, by having a
from now ill it still be centred around laboratory within its premises. As we attract
MD: I would not paint such a pessimistic finance, property and construction real talent thanks to our investments, as well
picture of our future. Of course, some of the as our quality of life and education, we can
challenges you mention are real, complicated MD: One of Monaco’s great strengths is thus become powerful in digitalisation with
and sometimes have serious consequences. our ability to attract talented entrepreneurs regards to the environment and health-related
Having said that, I remain optimistic, as I who blossom in very diverse sectors of issues. These will be tomorrow’s resources.
believe in mankind’s capacity to come up with activity. This, alongside a concentration of
new solutions. Our ability to adapt has always entrepreneurs, has enabled the Principality to What repercussions has the current health
been remarkable. The digital revolution we are weather storms like the 2008-2009 financial crisis had and will it continue to have in
going through is crucial and great things will crisis, as well as the current health crisis, the long term on Monaco s economy hat
continue to come of it. Nevertheless, it will only without too much damage. Therefore, the lessons can be learnt from it?
have meaning if it also contributes to reducing Principality needs to do all it can to remain
the threat of climate change. Moreover, as attractive and I can safely say that this is MD: We already know that the immediate
we see new world powers emerge, this must exactly what is happening with the current repercussions have been seen in sectors
not create too much imbalance and tension. transformation. It makes sense to imagine linked to tourism and events. Having said that,
Faced with these challenges, we need to show that today’s main sectors will mostly remain the vast majority of other activities either held
solidarity and courage which is why I say important in 30 years’ time but they will have up well or have already bounced back. Above
that only intelligence will be our salvation. seen the effects of digitalisation, opening up all, what I have noticed is that the crisis has
new horizons and enlarging our capacity for not transformed the economy but rather it
GR: In order to meet the huge challenges you development, in particular beyond our borders. has been an accelerator in the transformation
mention, there are two main, strong trends This is a golden opportunity as Monaco will, already underway. Digitalisation became
seen all across the world: for the first time more then ever before, become an international established in very many companies, as
(including in countries that are not driven by platform. seen in teleworking in particular, but it was
public opinion, such as China and Russia , the also driven by Extended Monaco’s business
idea has taken root that the future belongs to GR: As finance, real estate and construction project set up by the government, in which
the energy and digital transitions; and right are our current strengths, we must rely on we are collaborating and which is essential
now we note an interesting paradox as China these strengths in order to achieve sufficient in order for Monaco to remain internationally
continues to centre energy production on coal, prosperity to evolve. However, no matter how competitive. The involvement of Monégasque
whilst giving a massive boost to renewable important these pillars are, it would quite businesses in the National Energy Transition
energy. Russia, after the huge impact of this simply be suicidal not to imagine economic Pact (which we are also promoting is equally
summer’s fires, is heading towards reducing renewal and diversification over the next 30 moving in the right direction, sending a
greenhouse gases. As for the rest of the years. We must invest in FinTech and Real message of responsibility and preparing us
world, in particular in western economies, Estate Tech immediately, as these will be for the future.
there is finally less talk and more real action the best way to make the world aware of
starting to be taken. The other revolution is, the added value of Monaco, which is the GR: The heath crisis, which had an impact
obviously, digital. Today there is no longer a scarcity of square meterage. This is more upon our dynamic and resilient entrepreneurial
question mark over its takeover, which is just of a marketing shift than a business shift. system, succeeded in making companies
as inevitable as the advent of the automobile In that respect, the best example of new think about change. The most remarkable
1. From L'Economie de Demain: Les 25 Grandes Tendances du XXIe Siècle by Bastien Drut, published by De Broeck Supérieur.

106