Liechtenstein Pursuing Sustainable Economic Policy In All Sectors

by Ulrika Lomas, for LawAndTax-News.com, Brussels

18 August 2008

In a recent report on “sustainable and future-oriented economic policy”, Liechtenstein's Government has presented the outline of its strategy for the coming years, which includes location marketing to better position Liechtenstein in the surrounding four-countries region of Liechtenstein, Eastern Switzerland, Vorarlberg, and the German Lake Constance area.

Since Liechtenstein, as a heavily export-oriented small state without its own currency, is unable to achieve a balanced foreign trade account or influence the dominant price levels, the Government’s focus for economic policy is on steady economic growth and a high rate of employment.

To provide a broad basis for the Liechtenstein business location, the Government is aiming to promote strong diversification and economic competitiveness.

The goal is to enhance Liechtenstein’s attractiveness as an innovation location and as the seat of international companies.

According to the government, location marketing is indispensable to efficient economic promotion.

It observed that: "Location marketing will serve as an effective instrument to enhance awareness of the Liechtenstein business location beyond the Lake Constance region and to increase its attractiveness. Initial steps for location marketing have been taken with the “Liechtenstein brand”."

"These steps are supported by the “Futuro” project, which intends to position Liechtenstein as a “financial center meeting the highest professional standards”. The “Futuro” project is being expanded into a “Liechtenstein Vision” for the entire business location, taking account of the innovative manufacturing sector."

Projects already launched include the “Innovation Map” to promote innovation in the Liechtenstein business location as well one the “perspective 11one” project, which is designed to optimize location factors of Liechtenstein and its municipalities – the number 11 refers to the 11 municipalities, while “one” has a double meaning: firstly, that the State is recognized as the partner of the municipalities, and secondly, that the unity of the country and the municipalities is emphasized.

The “perspective 11one” project is also undertaking a survey to be used as a starting point for balancing economic policy strategies.

The government report went on to announce that: "Liechtenstein does not see itself as an island in the economic region of the Alpine Rhine Valley and the Lake Constance region, however, but also actively works together with its neighboring countries."

One of the cross-border projects concerns research in the micro- and nanotechnology sector.

The Rhine Valley Region is home to several internationally operating companies in this sector, and is also home to several professional and academic educational institutions offering continuing education programs for specialists and managers.

The study on “New Technologies for the Rhine Valley” evaluates the extent to which the Rhine Valley business location can be strengthened by networking existing knowledge carriers and industrial knowledge appliers, and by integrating additional research institutions.

Liechtenstein is already participating in the Nanotechnology Research Center in the canton of Graubünden, which specializes in nanomedicine.

In addition, Liechtenstein has set the stage for participation in the EU Seventh Framework Programme for research and technology development for 2007-2013.

In 2008, Liechtenstein also joined the European Institute of Innovation and Technology (EIT), which successfully links activities in university education, research, and innovation.

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