The announcement was made during a chamber plenary meeting on Wednesday morning. It marks a change in direction for a man who intended to run as an MEP and previously served as board of directors to publishing house Saint-Paul Luxembourg effective 27 March, and a symbolic one for the chamber which has been led by the industrial chief for 15 years.

Among the new objectives and priorities for his five-year term, Frieden outlined supporting companies in the face of digitalisation, developing the Chamber of Commerce's actions in favour of European and international trade, and recruiting and training the workforce that grand-ducal companies need. “I will ensure that I am the president of all sectors,” Frieden said in his speech.