The celebration of the FJD's anniversary in Belval was the occasion for Krombach to take a look back at his time at the helm of the association as the end of his term--set for October 2022--approaches. He also revisited the seven taboos of Luxembourg leaders which he defined at the start of his term and which he spoke about at length
How have the issues facing young leaders changed over the last 45 years?
Georges Krombach. - The country has fundamentally changed, we have a more international ecosystem. For us, it is still difficult to recruit non-Luxembourgers. Especially in large groups like Amazon or ArcelorMittal, because people don't stay in Luxembourg as long.
There are also all the start-up companies that operate a bit on the side of all the professional federations.
There is a lack of women. We have 17% women (compared to 12% in 2021, editor's note). This is not representative of the economic fabric. Many don't dare to get involved. However, my board of directors has equal representation. It is generally women who encourage other women to join the federation.
Beyond that, we have a good growth rate. We have 600 members today (compared to 580 in 2021, editor's note), we have a growth rate of 3.5% per year. 35% are under 45 years old (compared to 38% in 2021. You have to be 45 or younger to join the federation, but you can remain a member after reaching this age limit).”
How much does membership at the FJD cost?
“The company has to be older than three years, whether it is in the private or parastatal sector. The price is €180, which has not changed for 25 years.”
The efficiency of short routes
What message does the FJD want to get across today?
“To give responsibilities to young people, in family businesses or groups where successions are taking place. This is not comparable to the 1970s, when the seniors had the knowledge. Today, it is the young people who have it, with the new technologies. If you put young people in management, the whole company will benefit. The efficiency that exists in Luxembourg thanks to these 'short cuts' is also emphasised. The fact that everyone knows each other can move the country forward.”
How is entrepreneurship faring after the covid crisis, followed by the war in Ukraine?
“It depends on the sector. The financial and legal sectors are doing very well. Manufacturing, industry and gastronomy are doing badly. But we are very happy with the results of the tripartite meeting with the postponement of the index bracket, which allows us to plan better. The anniversary was an important step for us to review.”
Several ministers were present at the event: the new environment minister Joëlle Welfring, finance minister Yuriko Backes, minister of equality between women and men Taina Bofferding and deputy prime minister François Bausch. What does this represent?
“It is a sign of recognition for us, and a sign that in Luxembourg, dialogue works. Between two beers and petits fours, we talk about our troubles and desires. It's not like in France or Germany, where it's a minefield.”
Politics was one of the seven taboos of entrepreneurs that you mentioned at the beginning of your mandate as president of the FJD…
“Yes, they (the ministers, editor's note) still said to us 'go into politics, young people'. But young people today have more to lose than to gain by entering politics, their every step is scrutinised. In the end, the country also has more to lose with these political games, because no one moves anymore.”
No second term
Your one-year term ends in October. Is it renewable?
“It's renewable once, but after one year you're exhausted.”
So you're not going to run again?
“No, Antoine Clasen will replace me. It is the secretary who replaces the president normally.”
You wanted to castigate the seven taboos of entrepreneurs (ambition, failure, diversity, money, education, internationalisation and politics). What is your assessment of your mandate so far?
“We have addressed the seven taboos in round tables. It's mainly to wake up young people, to tell them that taboos are not taboos, you just have to dare to go out of your comfort zone. They asked themselves why not go international, or into politics, like . It was not because of our federation that she did it, but we comforted such people either way. Above all, we talked about ambition, the major theme of the year. Together, people regained confidence in the energy of their generation to start again, to offer new markets or services. I think this was good for everyone. We also had twice as many events as last year.”
You also wanted to make the environment more conducive to entrepreneurship. Would you say that this has been achieved?
“I think that the exit from covid has helped to speed up a lot of things. Now, leaders have to deal with the international economic environment.”
This story was first published in French on . It has been translated and edited for Delano.