Logisitics: Swiss group NLC plans to invest 30 million euro in the new Findel free trade zone, the company’s managing director said in a newspaper interview on Tuesday.
The 152 year old firm is one of the world’s largest providers of storage and transportation of artwork. Today NLC serves clients--include auction houses, exhibition centres and galleries around globe--from “freeports” in Geneva and Singapore, its chief Yves Bouvier told the Luxemburger Wort.
Earlier this year, the Luxembourg government pushed to create a free trade zone at the airport, in a bid to boost inward investment and diversify the Grand Duchy’s economy.
Under the law passed by the Chamber of Deputies in July, companies operating inside the freeport would be exempt from paying customs duties and value added tax on valuable items--such as coins, jewellery and wine--warehoused “in transit” for a limited period of time. Such freeports are allowed under European law.
NLC was attracted to Luxembourg’s central geographic location, a company spokesman told Delano.lu. Another plus: the facility will be based directly in the airport, reducing transit times, he said. The company will begin construction as soon as possible and hopes the facility will be operational by the end of 2013 or the beginning of 2014.
The spokesman expects NLC will hire 100 employees when the project is completed.