During the general assembly of 5 October 2016, Luxembourg's Ministry for the Economy made the decision to dissolve the economic interest group Luxembourg for Business (Lfb), as previously mentioned on 1 June this year.

The decision comes at a time of economic development reform. The Lfb’s activities and resources will be integrated into Luxinnovation whose strengthened teams will be able to rely on existing specialised expertise in the sector, especially in terms of specific knowledge of different economic sectors. Furthermore, as a result of this expansion and the implementation of supplementary marketing and communication endeavours, Luxinnovation will carry out new promotional and prospection tasks as well as in the sector of business development and market studies.

This new merging will from here on be called Luxembourg for Business and Innovation. This reform forms part of a new promotion and prospection strategy which will be supervised and approved by the Trade and Investment Board. The Minister for the Economy and His Royal Highness the Hereditary Grand Duke of Luxembourg preside over this board which involves the presidents of the Chamber of Commerce, Fedil, Luxinnovation and the Chamber of Trades, as well as representatives of various ministries.

The Head of Sector Development- CleanTech and Materials & Production Technologies, Georges Schaaf, has joined Luxinnovation in an effort to fully fulfil the company’s greater role. His role involves promoting and developing two key sectors of the national economy. In addition, the renowned digital expert Eric Busch will take on the position of Head of Sector Development - Digital Economy on 1 November 2016.