Updated: Oct 8, 2022
It has long become an unmissable annual event where to take stock on the latest trends of the Monegasque economy and its close relations with the entire world. A parterre made by top government representatives and qualified experts animates a series of round tables of great interest for those who invest in the Principality or will do it and for all entrepreneurs and startups that make up its ecosystem. Monaco Business 2022, under the High Patronage of H.S.H. Prince Albert II of Monaco, at its 10th edition, was held on the 4th October 2022 at the Sea Club within the Méridien Beach Plaza Hotel. A full immersion day through a dedicated exhibition area and a relevant conference section to foster entrepreneurship in a particularly complicated transitional historical moment. Everything was done very professionally as in the best tradition by the will of Maurice Cohen, founder of this win-win B2B initiative that gathered about 55 leading companies being based in Monaco.
Particular attention has been given this year to the proximity and human approach of doing business with an increasingly remarkable focus on sustainability. MONACŒCOART® attended the event to collect live information and feedbacks.
As highlighted by Pierre Dartout, Minister of State, who opened the morning section, entrepreneurs must maintain high optimism despite the forecasts of the world performance are not encouraging for the coming months.
As highlighted by Pierre Dartout, Minister of State, who opened the morning section, entrepreneurs must maintain high optimism despite the forecasts of the world performance are not encouraging for the coming months. Increasing attractiveness, building on successful models and correcting risks are then the watchwords for the Monaco’s business environment. The digital sector will continue to play a fundamental role in the Principality with an important return of tourism driven by major events. Thus, the Prime Minister encouraged not to indulge in “feelings of unease” despite the consequences of the war in Ukraine, the economic crisis, the risk of recession and the increase in inflation expected in 2023. The Monegasque government has already set to work to keep energy prices at reasonable levels for all, inviting businesses and households to reduce their energy consumption to the bare minimum.
"In Monaco we can count on a top-quality ecosystem and the special focus on the energy transition twinned with the digital one is making the Principality progressing at a higher speed to keep high its resilience", Frédéric Genta, Interdepartmental Delegate for Attractiveness and Digital Transition.
Frédéric Genta, Interdepartmental Delegate for Attractiveness and Digital Transition at Gouvernement Princier, reiterated the good-vibes-oriented message: “In Monaco we can count on a top-quality ecosystem in all the sectors represented and the special focus on the energy transition twinned with the digital one is making the Principality progressing at a higher speed adapting to the needs and appeal of the moment to keep high its resilience”. He also wished the further implementation of carpooling services like Klaxit, the innovative App supported by Monaco’s Government within Extended Monaco aimed at boosting the reduction of traffic with environmental benefits.
The energy issue is currently under the spotlight as a strategic element to ensure economic development. Pierfranck Pelacchi, Deputy Director General SMEG, the major energy and gas supplier in Monaco stressed: “To keep energy attractive we are operating at two levels in opposite directions: 1. we are trying to be totally invisible at the time of conclusion of contracts, through the intermediation of real estate agencies and our technicians with human touch, and 2. extremely visible in promoting the energy transition via an equitable consumption of energy allowing users to monitor their performances to reduce the impact on nature”.
As for the macroeconomic dimension, Christophe Barraud, Chief Economist and Strategist at Market Securities, remarked some points related to the circular economy: “Theory and practice operate on two different planes: the climate issue is urgent and energy efficiency is pivotal but in this very moment most of the governments of the civilized world are affected by a relevant loss of purchasing power. Therefore, despite the strong will to act sustainably, it will be difficult to achieve such a goal worldwide in the short term”. Economic forecasts show that the willingness to pay more expensive goods and services because they respect the environment will decrease with the advance of the crisis.
This does not mean that green products and services will be downgraded. The yachting industry, for example, is showing a real boom, including the most luxurious sector in the face of the exponential increase of millionaires. The Monaco Yacht Show, just concluded, showed this tendency fueled by research, high technology, entrepreneurship and Knowledge. Chloé Zaied, founder of Hynova Yachts with many years of experience as a ship captain, has just unveiled EPHYRA, the conscious yachting experience, a revolutionary hydrogen naval integrated system which meets all the needs of a luxury clientele self-producing the zero-emission fuel through a network of comfortable service stations.
"I do believe that oceans are an incredible source of energy", Chloé Zaied, founder of Hynova Yachts.
“I have been spending most time of my life in making people, notably visitors of Parc National des Calanques (iconic South France national marine park), aware of the marine environment that must be respected. So, I thought we should go further. I therefore conceived a new way of moving in neighbouring areas empowered by one of the same elements of sea water to make my eco-message even stronger. Facing the current crisis, I do believe that oceans are an incredible source of energy”, she stated.
Monaco Business Exhibit Area boosted certified 'green' businesses.
Monaco Business, as well, launched some interesting businesses based in Monaco, surfing the wave of the global Circular Economy.
MONACŒCOART® selected some of them that are gaining popularity at an international level.
Net0 (Net Zero) is a comprehensive digital accounting tool to manage your carbon emissions (Scope 1, 2 and 3) through a set of certified calculations in line with the international neutral certificates and SDGs (Sustainable Development Goals), encouraging any user to become carbon neutral in business.
Dmitry Aksenov, the Co-Founder of Net0, underlined: “The software device is able to manage, reduce and disclosure your carbon footprint giving some tips to implement your performance. It is addressed to companies, governments or other bodies that are operating in various countries since it is available in multiple languages. Any stage is automatic, customized and totally dematerialised using Cloud technologies, so it does not require any specialist on site. We have just joined Monaco Tech so we are excited to be here for the first time”.
Green Coffee Monaco is becoming one of the most popular Monegasque company in the beverage sector, with a special passion for good coffee from South America and a unique line of infusions made of green coffee (non-roasted coffee beans) which have beneficial properties on your health. “We started as a start-up with the aim at using top-ranked and chemical-free blends resulting from a totally sustainable production cycle, from sources to coffee capsules and cups that are fully compostable, up to designing an energy-efficient digitalised coffee machine”, emphasised Carina Luis y Prado, the Managing Director.
Monaco Recycling has created an innovative global waste management solution for the end of life of special materials on Monaco’s territory. Fully authorized to lead cross-border transport of hazardous and non-hazardous waste and manage the appropriate logistics and traceability in all stages (monitoring, recycling, recovery or destruction).
Kromyk by Alexandre Maniloff, novel marketing and communication company focused on the creation of personalized logos, gadgets, printing and installation of professional stands is pushing its articles made of natural bamboo wood and other recyclable materials with sustainable certification to reinforce the engagement of any brand.
In conclusion, Monaco Business 2022 acted more than ever as an incubator for a new sustainability-oriented high-tech business ecosystem dedicated to customers and users, without forgetting the importance of keeping the human side.
Photo >> Mustapha Hamdi been awarded the Prix de Numérique by Pascal Rouison, Deputy Minister and Responsible for the Interministerial Delegation in charge of the Digital Transition (4th October 2022, Sea Club, Méridien Beach Plaza Hotel) - © Monaco Communication
Prix de Numérique (Digital Award), 5th edition.
Monaco Business ended with a special aknowledgement celebrating computer creativity. The Prix de Numérique 2022 (2022 Digital Award), at its 5th edition, was awarded to InnoDeep by Mustapha Hamdi a Monaco Tech startup who developed a remote platform operating in the field of healthcare that allows users to accelerate the access to radiological and medical examinations . Created in partnership with the Chambre Monegasque du Numérique (Monaco Digital Chamber) the project rewards a smart idea on new technologies. ***
To know more about Monaco Business please visit: Monaco Business
By Maurice Abbati