Luxembourg Official Top150

6.6%

inflation forecast for 2022 and 5.3% for 2023

5367.849bn€

net assets under management in Luxembourg funds in May 2022

20.1%

increase in interest margin of credit institutions in the first quarter of 2022 compared to the same period in 2021

+ 3.4%

domestic employment over a year

All the news that’s fit to browse - October 2022

Fabio Morvilli (Italo-Luxembourg Chamber of Commerce): 32 years of Networking

Founder and Honorary President of the CCIL for three decades, President of the Belgian-Italian Chamber of Commerce and Consul for San Marino, Fabio Morvilli updates us on the evolution of the CCIL. Interview.

Could you tell us about the activities of the CCIL in a few words?

​The “Camera di Commercio Italo-Lussemburghe” is constantly evolving. The Chamber’s team, under the direction of Luisa Castelli, who has been with the CCIL for 28 years, is particularly motivated in both traditional and innovative activities. Our historical activities include assistance to Italian companies coming to Luxembourg – in particular those seeking business permits from the Ministry of the Middle Classes – and to Luxembourg companies interested in the Italian market. In addition, we respond to requests from companies in contact with the 81 associations in our network of Italian Chambers of Commerce in 58 countries. For example, a member in Singapore can put us in touch with a company seeking contacts and an introduction to the Luxembourg market. Thanks to a change of statutes, we will also enjoy closer collaboration with countries on the shores of the Mediterranean such as Israel, Morocco, Egypt, Malta and Tunisia. In addition, we offer two “post lauream” professional courses in finance. Conducted in collaboration with the House of Training and PwC Academy, the courses will attract young Italian graduates to the Grand Duchy. Finally, with the Italian Embassy in Luxembourg, we organize activities to promote design, cuisine and tourism. Our Chamber of Commerce is also active in the protection of “Made in Italy,” with the “True Italian Taste” program, which protects authentic food products against counterfeits.

Create opportunities in both countries and give a boost to professionals who have suffered from the crisis

Have you ever measured the Italian footprint in the Luxembourg economy?

​It is very difficult because companies whose majority shareholder is Italian are Luxembourg entities. The Embassy mentions 35,000 nationals, including those with dual nationalities. In the past, we counted around 20 Italian banks, compared to five today. But investment funds largely compensate for this loss of momentum. Not without pride, we have contributed to the arrival of 600 young Italians into the Luxembourg labor market over the past fifteen years, via our courses. They represent the best ambassadors of “Italianness” because they come from all over Italy: From the deep South, from the North, from the lakes, from the coast, and from the magnificent countryside. During a promotion trip to Florence with Ministers Gramegna and Fayot, I ended my speech with: “See the dots on my tie? They each represent a good reason to come to Luxembourg.” A few days later, a young man came to the CCIL and told us that the talk about the tie had acted as a trigger, something we have been working towards for 32 years. Such exchanges benefit both our countries.

What are your current priorities?

In the post-Covid context, we are fortunate to have an extremely strong network both in Luxembourg and in Italy, in particular through the consuls of the major Italian regions. This allows us to create business opportunities in both countries and give a boost to professionals who have suffered from the crisis in recent months. I am thinking for example of restaurant owners. Our objective is to consolidate this network, in particular by integrating the “italici,” i.e., people interested in the Italian lifestyle. To do this, we are launching a new concept this year: “Un caffè in camera.” We want to create opportunities to exchange, advise and connect anyone with an interest in Italy. Finally, we are aiming to continue our efforts in training young people, because the relationship between Italy and Luxembourg remains ideal in my view. In this context, we would like to return to face-to-face contact and strengthen the presence of our trainees in companies in Luxembourg.

In numbers

Creation: 1990

Team: seven people + the President