"It's a bit like our Olympic Games": the Monaco Economic Board weaves its web at the World Congress of Chambers of Commerce in Australia

The Monaco Economic Board attended the World Congress of Chambers of Commerce in Melbourne, Australia, in early September.

A melting pot that allows you to meet your counterparts at a single event, and thus strengthen your network and prepare for new business opportunities.

The MEB's Executive Director General, Guillaume Rose, looks back on this event, rich in lessons...

What is the objective of this congress?

It's the world congress of chambers of commerce that takes place every two years. It's a bit like our Olympic Games. The idea is to exchange ideas, network, and bring together chamber of commerce bosses, and to express wishes for future meetings between partners. It's the best way to bring everyone together at the same event. Once I've finished my meeting with Canada, I see Qatar, then Bahrain, and so on. Everything moves very quickly, and that's the point. There's also a section of personalized conferences on specific themes. I gave a major conference on small and medium-sized enterprises (SMEs)—which make up 80% of Monaco's economic fabric—and their expectations. The conference also addresses ways to run a chamber of commerce in conjunction with political institutions such as the diplomatic corps.

As you said, 80% of Monaco's businesses are SMEs. What role do they play internationally?

A fundamental role. SMEs keep the economy running, but they need to connect because they lack the infrastructure to travel and canvass. This is where they rely on diplomatic networks and chambers of commerce. And we are at the heart of that during this congress.

At this conference, you met with your Serbian, Latvian, Qatari, Canadian, and Saudi counterparts. Were any prospects for future collaboration already discussed?

Yes, absolutely. First, with Bahrain, we have set dates for a trip in 2026. We are in very concrete terms. Qatar has also positioned itself. Well, in the meantime, certain things have happened [Israel having struck Hamas in Doha a few days later, Editor's note] . We have Canada with whom we are preparing the next meeting and with whom we will try to develop as much business as possible. Serbia is positioning itself to welcome us in 2027, because in 2026 we are going to their neighbor in Montenegro. Nigeria too. We met its director general during the congress, who is one of the directors general of the global structure of chambers of commerce. He is very interested in establishing ties with a Monegasque delegation. It is a country at risk but which also has incredible potential. So it is very important to have this contact.

Speaking of countries at risk, you've recently been building relationships with Middle Eastern countries. Are you concerned about the situation?

By definition, any situation of instability harms the economy. Unless you're an arms dealer. So yes, of course, we deal with it, but that's the case all over the world. It has never been so destabilized. A month before the Russian invasion of Ukraine, we had mounted the largest Monegasque operation in Russia. And we stopped everything overnight after the invasion. That's what we call occupational hazards.

The issue of artificial intelligence was raised at this conference. How are you addressing it within the MEB?

Within the MEB, we use AI to verify a country's economic data. We already held a first conference on AI for SMEs a year ago. We are seriously considering the idea of ​​organizing a new conference to provide our SMEs with free training, but rather an update on AI. We also have the advantage of being in contact with real global specialists. And of being able to bring them to Monaco to discuss the benefits of AI.

What will be the next MEB deadlines?

The very next meeting will be the members' meeting, which will take place this Monday. We'll meet again at the start of the school year and meet with Ms. Raconnat-Le Goff, the new delegate for Attractiveness in Monaco. She will likely share her intentions and roadmap with us. We're leaving for Shanghai at the beginning of November, and the end of the month will be dedicated to Jeddah, Saudi Arabia. We're in countries that are economically essential on a global scale, and which the Monegasque market is not sufficiently exploiting.

You mentioned the start of the school year, how did it go with the traffic jams caused by the work on the Moyenne Corniche ^(*) ?

What's most notable about our businesses is that they're extremely resilient and agile. Many companies complain about this, but so far it hasn't hurt the economy.

Does this situation represent a long-term economic concern for you?

Yes. The more commutes we have, the lower our quality of life. And it's often problematic to think that if I go to work in Monaco, I'll spend 40 minutes in traffic. I share the FEDEM's conclusions; this is a very important issue, and in the long term, it could poison our economy.

*Guillaume Rose is also elected to the National Council.