Monaco’s new delegate for attractiveness, Ludmilla Raconnat Le Goff, has convened the first in a series of regular meetings bringing together the Principality’s business community to tackle three key challenges: relations between businesses and the state, conditions for economic development, and Monaco’s image and perception abroad.
The first session, held on December 11th at the Monaco Yacht Club, gathered representatives from FEDEM, the Monaco Economic Board, the banking association, and various professional bodies. Minister of State Christophe Mirmand was also present.
Raconnat Le Goff said the meeting stemmed from numerous one-on-one conversations with business leaders that revealed these recurring themes across all sectors.
“I want us to have very concrete discussions based on real examples of what businesses experience today,” she told the press, rather than “pilling up generalised complaints”.
The first theme addresses relations between businesses and the state, including concerns about administrative delays and complicated procedures. The second examines whether certain legal structures or texts “for certain sectors are no longer really adapted” and may need reviewing.
International perception gap
The third theme proved particularly striking. “When I explain our economic reality abroad, people say ‘we didn’t know that’,” Raconnat Le Goff noted, referring to recent trips in Paraguay and Jeddah.
“Monaco is known for a certain historical image that is dear to us – the glamour, festive events, sporting events,” she said. “But the reality of Monaco, the fact that Monaco is a place where it’s good to live, where it’s good to work, where it’s good to develop professional activity – that’s not necessarily perceived. The reality of our economic fabric ranging from industry to tech via services and finance is not known.”
To address this, the principality plans increased international engagement in 2026, joining networks of state agencies focused on attractiveness and meeting with foreign advisers.
Quality over quantity
However, Raconnat Le Goff dismissed any mass attraction strategy, highlighting quality over quantity. “Monaco is two square kilometres with limited real estate, limited possibilities. So we’re not in this mass policy.”
Instead, the focus is on attracting “high value-added companies” across diverse sectors rather than over-specialising. “I think we shouldn’t forbid ourselves anything in principle. Over-specialisation doesn’t seem appropriate either because it puts us at the mercy of a sector of activity.”
The sessions are likely to be held every four to six weeks.
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Main photo credit: Stéphane Danna, Direction de la Communication