Ambassador participates in the session of the Executive Club Luxembourg

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On May 12 on the invitation of the President and members of the Board the Russian Ambassador Mark Entin attended the regular session of the Executive Club Luxembourg.
The key moment of the meeting was presentation by David Arendt: «Why a Freeport in Luxembourg”? Mr.David Arendt — future director general of the Freeport Luxembourg. Currently he is responsible for its construction. The opening ceremony of the «Freeport» is scheduled on September 17, 2014.
Freeport Luxembourg is expected to become a logistics high -level hub, a highly secure storage with special terms of conservation and optimal preservation of pieces of art, precious metals, diamonds, jewelry, fine wines, books and valuable manuscripts. This «Fortress» of 20,000 m2 represents a four floors (including underground one) building with its investment project around € 55 million and will be built near the freight center of the Luxembourg airport.
During the meeting Mr. David Arendt spoke on the key benefits of this new idea: created as an exact copy of the Singapore Freeport, Freeport of Luxembourg will be unique in the European Union place with ideal location in the heart of Europe to store precious goods in conditions of high security.
In addition, all goods stored in the Freeport will be exempt from charging VAT or customs duties during its stay. The VAT of 6% will be paid in Luxembourg only in case when goods origin from non-EU countries will leave the Freeport to stay somewhere in EU, in some European country.
The meeting was very successful. The representatives of the diplomatic corps, political leaders, leaders of financial institutions as well as representatives of the Luxembourg business community attended the event.