Frédéric Genta, Monaco’s Attractiveness Minister, has begun a multi-stop tour of Asia, beginning in Macao, with the goal of promoting the virtues of the Principality among the continent’s community of UHNWI investors.

Genta is in exciting and uncharted territory. As Monaco’s first-ever Minister of Attractiveness, Development and Digital Transformation – a post created in 2022 – he is charged with broadening the horizons of the Principality beyond its borders and engaging a global interest in the workings and offerings of his home state.  

Touching down in Macao, often referred to as the Las Vegas of Asia, on 16th April, Genta has begun a flying tour of prominent Asian destinations, including Hong Kong and nine Chinese cities in the Guangdong province, with the purpose of courting potential investors and building new business relationships. 

WHIRLWIND TOUR 

The first stop of the tour saw Genta meet with representatives of the mega-casino owners Galaxy Entertainment Group, a company that already has ties with Monaco through its 5% stake in Monte-Carlo Société des Bains de Mer (SBM). The two entities are said to have explored new business opportunities, as well as cultural endeavours, together. 

During the next stage of the visit, Genta will be partly joined by Monaco’s Ambassador to China, Marie-Pascale Boisson, and the pair are set to meet with key players in an array of Chinese cities. 

When compared with other European nations, Monaco has a notably different approach to Chinese investors. The Principality has always shown itself to be open to new connections and has publicly embraced Chinese culture.  

See more: Monaco marks the ‘Year of the Dragon’

One perk or perhaps an incentive offered during Genta’s tour will be the opportunity to join the exclusive Monaco Private Label (MPL), a network of just 2,000 business powerhouses from 60 countries. This enticement will be very attractive to many Chinese investors, who are often excluded from these kinds of groups in the West. 

“We hope Monaco can be a European base for many of them,” said Genta.  

RELATIONSHIP WITH CHINA 

Galaxy’s billionaire owner, Francis Lui Yiu Tung, is particularly keen to establish stronger ties with the Principality, saying of the trip that it will, “bring our city-states closer through collaboration in tourism, technology, gastronomy and the arts”. 

For the Chinese, the long and stable political and economic history of Monaco is a draw, as is the fact the nation is increasingly open to doing business overseas and domestically.

 

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Main photo credit: Monaco Communications Department