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Belgium,
Business Profile
Economy: The economies of Belgium and Luxembourg have been unified since 1921, when the two governments signed a Convention of Economic Union; this is distinct from the Benelux Union (which includes The Netherlands) and the EU (Belgium being a founder member of both). The country’s traditional industries of steel, motor vehicles and textiles suffered from the recession of the 1980s. While important, these no longer play the central economic role of the past. Coal mining ceased when the last mine was closed in 1992. Nuclear power accounts for almost two-thirds of Belgium’s energy consumption; the remainder is generated from imported fuel products. Manufactured goods and machinery are the largest export sectors, with the major markets inside the EU – including France, Germany, The Netherlands and the UK. These are also Belgium’s main source of imported goods. Belgium relies particularly heavily on export earnings – 70 per cent of GDP is exported, one of the highest proportions in the world. Successive Belgian governments have been keen proponents of the process of European integration, including the introduction of a single European currency, which Belgium adopted upon its inception in 1999. The Verhofstadt government has managed to reduce Belgium’s high unemployment level to around 7 per cent, while keeping inflation below 2 per cent. Growth is sluggish at present, at just over 1 per cent.
Business: Suits should always be worn and business is conducted on a formal basis, with punctuality valued and business cards exchanged. Transactions are usually made in French or English. Office hours: Mon-Fri 0830-1730.
Commercial Information: The following organisations can offer advice: Chambre de Commerce et d’Industrie de Bruxelles, 500 avenue Louise, B-1050 Brussels (tel: (2) 648 5002; fax: (2) 640 9328; e-mail: info.ccib@ccib.irisnet.be; website: www.500.be); or Voka - Chamber of Commerce Antwerp-Waasland), Markgravestraat 12, B-2000 Antwerp (tel: (3) 232 2219; fax: (3) 233 6442; e-mail: annemarie.devreese@kvkaw.voka.be); website: www.kvkaw.voka.be); or Belgian-Luxembourg Chamber of Commerce in Great Britain, Riverside House, 27-29 Vauxhall Grove, London SW8 1SY, UK (tel: (0870) 246 1610; fax: (0870) 429 2148; e-mail: info@blcc.co.uk; website: www.blcc.co.uk); or Belgian Foreign Trade, rue Montoyer 3, B-1000 Brussels (tel: (2) 206 3511; fax (2) 203 1812; e-mail: info@abh-ace.org; website: www.abh-ace.org). The Flanders Foreign Investment Office (FFIO) is an agency of the Flemish government and promotes Flanders as an investment location for foreign businesses. For further information, contact FFIO Headquarters, Gaucheretstraat 90, B-1030 Brussels (tel: (2) 504 8871; fax: (2) 504 8870; e-mail: flanders@ffio.be; website: www.ffio.com).
Conferences/Conventions: There is an extensive range of meeting venues throughout the country. In 1994, Belgium was the seventh most popular conference destination, whilst Brussels was the third most popular city. For more information or assistance in organising a conference or convention in Belgium, contact the Flanders-Brussels Convention Bureau, Grasmarkt 61, 1000 Brussels (tel: (2) 504 0355; fax: (2) 504 0480; e-mail: congres@meetingpoint.be; website: www.meetingpoint.be); or Brussels International (Tourist Information Bureau), Hôtel de Ville, Grand-Place, B-1000 Brussels (tel: (2) 513 8940; fax: (2) 513 8320; e-mail: tourism@brusselsinternational.be; website: www.brusselsinternational.be).
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