In a conference held at MonacoTech, key stakeholders involved in Monaco's major infrastructure projects discussed how substantial investments are transforming the economic landscape of the principality.

Guillaume Rose, Executive Director of the Monaco Economic Board, opened the session on May 13, highlighting the critical role of iconic venues such as the Casino and the surrounding area in Monaco's identity and economy.

Currently, one-third of the principality's budget is allocated to infrastructure projects, a strategic choice that has been shown to generate a multiplier effect on the local economy.

Céline Caron Dagioni, Government Counselor-Minister of Equipment, Environment, and Urban Planning, emphasized that investments in infrastructure not only enhance public finances through VAT, social contributions, and corporate taxes, but also support local businesses involved in these projects.

"One euro of public procurement translates into multiple income sources for the state, ensuring its social model," she stated.

Three significant projects were central to the conference discussions:

Revitalization of the Carré d'Or: This iconic district, which includes the Casino, has undergone a transformation since its inception in 2014. Olivier Bernard, Director of Property Development for Monte-Carlo SBM, reported that renovations have increased the average room rate at the Hôtel de Paris from €380 to €740 within ten years, with rental revenues surging from €28 million to €135 million.

These upgrades now generate an additional €20 million in annual VAT.

Mareterra: This land reclamation project has been completed six months ahead of schedule and reflects a century-long vision for territorial development.

Coordinated with the government, the initiative has involved 300 companies and over 5,000 employees.

Guy-Thomas Levy-Soussan, Chief Executive of the project, highlighted the balance between economic ambition and environmental concerns.

Future of the Princess Grace Hospital Center (CHPG): Serving as Monaco's third-largest employer, the CHPG engages in €25 million worth of annual purchases from local suppliers.

Director Benoite Rousseau de Sevelinges presented the advantages of this new facility as a key asset for attracting affluent international clientele, while enhancing healthcare services for residents.

In related diplomatic activities, Prince Albert II represented Monaco at the 6th Summit of the European Political Community in Tirana, Albania, on May 16. This informal forum included leaders from both EU and non-EU countries.

His participation focused on issues such as competitiveness, energy, and connectivity amidst a tense geopolitical climate, underscoring the importance of regional cooperation in addressing current crises.

During the summit, the Prince engaged in conversations with high-ranking officials from the European institutions, including Ursula von der Leyen, Roberta Metsola, and Antonio Costa, to discuss Monaco-EU relations and environmental priorities.

The upcoming Blue Economy and Finance Forum in Monaco, scheduled for June 7-8, was mentioned as part of ongoing discussions related to maritime issues.

Additionally, Prince Albert II expressed solidarity with Ukraine, meeting with President Volodymyr Zelensky, and concluding his visit with bilateral talks with Albanian Prime Minister Edi Rama, who was recently re-elected for a fourth term.

Discussions included common Mediterranean challenges and Albania's aspirations for EU membership by 2030.