José Manuel Durao Barroso, former President of the European Commission from 2004 to 2014, visited Andorra on Thursday, October 27th, for the first Andorran Financial Summit. Barroso met with some members of the government, and in his speech, during the Gala dinner, he highlighted Andorra’s efforts in tax reforms.

Goldman Sachs’ current non-executive president praised the country’s reforms, given the demands of a globalized economy. In this sense, the former European leader stated that “investors do not seek likeable destinations; they seek stability and the system’s credibility “.

 With regards to Andorra’s position in the European Union, Barroso said he was aware of its specific characteristics and stressed that the country “is taking the right steps” in the process of transparency and tax standardization. Consequently, “you can face the future with confidence, to generate prosperity for your people”, he said.

 Over 200 representatives from international financial entities participate in the first Andorran Financial Summit

The Head of the Government, Antoni Martí, opened the Andorra Financial Summit, organized by Govern d’Andorra, and highlighted, before over 30 international financial institutions, the country’s reforms to become a recognized financial centre, with the capacity to attract investment.

In this sense, Economy, Competitiveness and Innovation Minister, Gilbert Saboya, presented the main attractions of the Andorran economy in his speech “Opportunities created by change”. Saboya stressed that “the central axis of its action is economic opening and diversification”, providing Andorra with assets that make it very competitive when it comes to investing, combined with the quality of life on offer in the Principality.

The Finance Minister, Jordi Cinca, presented the adaptation of the financial system to international regulation standards, in favour of transparency and tax cooperation that is already positioning Andorra as a serious and attractive place to lead the country towards economic opening, access to the single European market and growth.

 The event also featured presentations by the head of the Financial Intelligence Unit (UIFAND), Carles Fiñana; the general director of the Andorran National Institute of Finance (lNAF), Ramón López; and legal expert Luis Viñuales, partner at Uría y Menéndez.