"The goal of introducing a modern and practicable law governing foundations can only be achieved if the project is accompanied by flanking measures," observed Minister of Economic Affairs and Justice Klaus Tschütscher while commenting on the announcement.

The marketing campaign, which will be launched in the Autumn of 2008, will involve those financial industry participants who helped craft the new legislation and will initially be taken to Austria, Germany and Switzerland in a series of events on the theory and practice of foundation law.

A new professorship in foundation law will also be created at the Hochschule Liechtenstein (Liechtenstein University of Applied Sciences).

This marketing initiative is part of a wider strategy aimed principally at bolstering Liechtenstein's image as a reputable reform-willing financial centre and changing people's perception of the jurisdiction's as a secretive tax haven.

However, the Principality has acknowledged that it has much to do in order to turn around its image abroad.

"The government is aware that Liechtenstein's image abroad continues to be tainted by false information and prejudice, despite Liechtenstein's great efforts in this regard," the government stated in its announcement.

The marketing of the Liechtenstein as a business location is one of the goals of the 'Futuro' project, which the government launched to help promote Liechtenstein as both a quality financial and industrial centre.

The project for the future of the financial centre envisages a substantial expansion of communication on the achievements by the country and the financial centre over the last few years.

The government has also launched a separate marketing drive aimed at repairing the damage caused by the recent tax scandal in Germany, when many wealthy Germans - including the former boss of Deutsche Post - were accused of hiding assets in Liechtenstein foundations out of the reach of the German tax authorities.

According to the government, under the first phase of this initiative, "clichés concerning the Liechtenstein financial centre and false impressions of journalists will be corrected through matter-of-fact communication work."

The second step will launch an image campaign building on existing structures of the 'Image Liechtenstein Foundation' and the government communication bodies. It will also incorporate the promotional activities of Liechtenstein Tourism.