Monaco Economie 109

13 Jean Castellini, minister for finance and the economy, looks back over the six years he has spent in the Monaco government and talks about the future of the Monaco economy, which will be more and more geared towards innovation and new technology. Jean Castellini “Monaco can become a laboratory in the domain of technological innovations” You have been the government minister for finance and the economy since 2012. Over the past six years, the Principality’s economic landscape has greatly evolved. Which of these changes are, for you, the most important? Unlike in other, larger nations, in Monaco it is possible – if the Sovereign Prince has confidence in you – to hold an important government post for several years. Apart from the personal satisfaction that comes with this, it is also possible to look into the future and to see the impact of the initiatives that one puts into place, notably in the area of budgets. It’s now been seven years that Monaco has enjoyed a fiscal surplus that has grown each year and for me, that is just as satisfying as all the initiatives we have taken towards fiscal transparency and international cooperation in terms of exchange of information. I would also like to highlight the fact that the transition to the Automatic Exchange of Information system happened seamlessly in September. The diversification of the Monaco economy was already happening when I was appointed and it continues today, with new businesses being created every day. Monaco is a land of success, where you can also reinvent yourself: already well-established people come to Monaco to start new activities – proof of the Principality’s economic vitality. These last six years have, however, also been marked by the development of various big construction projects which are very important for the prosperity and future of Monaco, such as the land reclamation project, the renovation of the Hotel de Paris and the building of the One Monte-Carlo. The acquisition of a stake in the SBM by Galaxy Entertainment Group has also been an important change, which promoted the hotel on an international level. In the same way, the arrival of Xavier Niel and the stake his company, NJJ, took in Monaco Telecom, was also an important event for the country’s economy, as was our stake in Nice Airport, via Azzurra Aeroporti, which has allowed the Principality, as a state, to be a strategic partner in the development of the airport, which is an essential marketing tool for the Principality’s appeal. The creation of MonacoTech gave out a strong signal of the Principality’s capability to be a place of innovation.What sorts of activities are you hoping to attract? MonacoTech has just celebrated its first anniversary and the results are very good, thanks to Fabrice Marquet and his team. Obviously, a small state like Monaco is not able to open a business incubator as big in size or including as many different companies as one might find in France or other, larger countries; therefore, we have to choose innovative companies with high added-value. The strength of MonacoTech is that it is able to offer start-ups tailor-made training programmes and guidance, giving each and every one time, attention and, possibly, capital, in a very targeted manner. We will never have thousands and thousands of companies but we will have a few dozen unique businesses that we can really help. The companies that we assist at MonacoTech really do appreciate this fact and that also applies to the digital transition as a whole. What do you have to do to attract businesses with high added- value to come to Monaco? The rules and regulations within Monaco are still rather particular, such as administrative authorisation. We have, however, been able to make exceptions for the innovative companies that come to MonacoTech and we have found sensible ways of working with the Monaco Business Development Agency and the Department of Employment, so that the Monaco system is able to integrate these start-ups, some of which are strange beasts. We should, indeed, be exempting these companies from adapting themselves to the administrative and legal rules of the Principality – perhaps the time has come to turn things around, so that the Monaco systems adapt to the needs of these companies. In the first instance, of course, the innovations should be