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For seven centuries, the Grimaldi Dynasty has been watching over and working for the destiny of the Principality of Monaco.

Source of information: official Principality of Monaco press file.

Monaco: an age-old dynasty

For seven centuries, the Grimaldi Dynasty has been watching over and working for the destiny of the Principality of Monaco.
Throughout history, the Grimaldi have managed to hold on to the independence and sovereignty of the Principality, making Monaco a sovereign State recognised by all.

Monaco: a sovereign state with stable establishments

The Principality of Monaco is a sovereign and independent state within the framework of the general principles of international law and specific conventions with France.
The territory of the Principality is inalienable and the Constitution of 17th December 1962 defines the nature of the Government of the Principality as a Hereditary and Constitutional Monarchy.

The Sovereign is the Head of State and represents the Principality in its relations with foreign powers. For certain issues, the Prince is assisted by consultative assemblies: the Crown Council (7 members
appointed by the Prince) and the State Council (12 members chosen and appointed by the Prince).
Executive power falls under the high authority of the Prince. Leadership of all services is entrusted to the Minister of State, who is assisted by a Government Council composed of 5 departments:

Legislative and budgetary powers are exercised jointly by the Prince and the national Council, which is composed of 24 members.
The members are elected for 5 years by direct universal suffrage. The Prince has initiative of law. The Government Council prepares, on his behalf, Government bills. The national Council votes for laws
and the national budget in open sittings.
The constituted Assemblies and Bodies that contribute to Government action are the State Council, the Crown Council, the Economic and Social Council, the National Council and the City Council

Monaco: a dynamic and diversified economy

During the XXth century, the Principality of Monaco experienced exceptional economic growth. A dynamic hub of economic activity and generator of employment, Monaco draws in several thousand employees every day.
At a very early stage, the Principality chose to distinguish itself through the quality of its amenities. Such dynamics have resulted in economic growth, as well as attracting investors, entrepreneurs and a qualified workforce to the
Today, Monaco provides over 44,000 jobs (public and private) for 32,000 inhabitants. Every day, 28,000 French and 6,000 Italians come into Monaco for work.
The turnover generated within the Principality amounted to almost 11 billion euros in 2005 (in other words, a 12% increase compared to 2004).
One of the main features of the Monegasque economy is its wide range of activities: the retail trade, independent workers, services, industries, tourism, real estate, public works, banks and finance are all activities that govern
Monegasque economic life.
1,166 establishments are involved in the retail trade, representing a turnover of 1.26 billion euros.

The tertiary sector is extremely diverse: from I.T. to telecommunications, from transportation to maritime activities, from banking to the insurance sector, everything is within “easy reach” for any company working in Monaco.
Over 200,000 m2 of land is covered by the industrial sector, representing 105 establishments and 3,470 jobs. Solutions for the development and selection of such companies have been implemented, such as multi-storey factories
and companies chosen for their environmentally friendly activities.
The tourist industry remains a key sector of the Monegasque economy, with over 285,000 visits and 800,000 overnight stays in 2005.
The Grimaldi Forum, a cultural and congress centre, has given new impetus to business tourism by hosting larger and more prominent congresses. The Principality hosted 454 congresses in 2005.
In addition, the restructuring of Port Hercule offers yachts improved berthing facilities and enables luxury cruise-liners to moor.
In 2005, 192 ships called into port, representing a total of 133,000 passengers.

Thanks to the specificities of local constructions, (earthquake-resistant standards, polders, skyscrapers…), the construction industry is a sector of excellence. Construction firms have acquired unequalled know-how in certain areas,
such as underwater and underground works.
The Principality boasts cutting-edge technology, particularly with regard to safety issues.
Banking and finance (with close to 70 banks, financial and management institutions) have shown strong and steady progression in terms of asset management, amounting to 70 billion euros in 2005.
Financial activities are controlled by Siccfin (Financial Channels Information and Control Unit) set up in 1994 to combat money laundering and the financing of terrorism.
This specialized administrative unit is in general responsible for finding, gathering, processing and circulating information about money laundering circuits. Its staff are commissioned and sworn government employees.
The Principality has also strengthened ties with the FATF (The Financial Action Task Force).

Consequently, the Principality of Monaco boasts a true economic base. Its dynamism and propitious environment have led to the setting up of highly competitive companies. The City-State of Monaco is now internationally recognized for its qualified
workforce, reliability and skills, which have resulted in the implementation of major groups in the Principality of Monaco.