A Milestone For Monaco

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Luiz F. Costa Macambira   CEO

Chinese President Prince Albert Monaco

Gaétan Luci/ Prince's Palace Monaco 

The first ever visit to Monaco by a Chinese head of state on March 24 was historic, marking the deepened political trust and unique cooperation between the two countries since diplomatic ties began in 1934.

The images of President Xi Jinping’s motorcade arriving at the palace courtyard where Prince Albert stood poised with Princess Charlene at his side, show our country’s rising prominence in the global political scene.

“Monaco is a European country with distinct charm, as well as unique international influence in the fields of environmental protection, culture and sports,” said Chinese vice foreign minister Wang Chao.

Managing a population of 1.4 billion, Xi Jinping realizes the health issues brought on by air and water pollution and his government is setting up a platform for sustainable development to combat climate change through innovation.

When Trump announced in June 2017 the U.S. withdrawal from the Paris climate accord—what Secretary General Ban Ki-moon referred to as “a scientifically-wrong decision” and “squarely on the wrong side of history”—it left a vacant spot in world leadership which the Chinese have been keen to fill.

At the closing ceremony of CleanEquity Monaco on March 15, and in the presence of conference cofounder Prince Albert, China announced that a Fund of Funds, sponsored by the country’s green industry funds and state-owned enterprises, will contribute no less than $1 billion USD to the Innovator Capital Sustainable Finance & Investment Corporation structure and its sustainable technology programs. China has a GDP of $13.6 trillion and the Forbes World’s Billionaires 2019 lists 98% of the country’s 324 billionaires as self-made. Monaco may not have the same number of resident billionaires yet, but we do have the most per capita.

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Luiz F. Costa Macambira   CEO

Luiz is the Publisher and CEO of the Forbes Monaco magazine and website. Launched in November 2018, Forbes Monaco is part of the Forbes family, with its 7 million readers and 71 million monthly website visitors worldwide.