As the mass manufacturing industry in Monaco faced a downturn due to limited space and relocation to low-cost countries, the non-polluting industries that require little space have taken the forefront. The Monegasque authorities have been eagerly awaiting high-value added industries that can thrive in the territory's constraints of lack of space and logistics management. A gradual shift is taking place as old industries employing several dozen or even hundreds of people are being replaced by lighter industries employing only a few or a few dozen people.
One of the successful players in the cosmetology industry is Aspeta laboratories, manufacturing and distributing dermo-cosmetic products entirely in Monaco for over 80 years. Exsymol, another industry specialized in designing and manufacturing cosmetic active ingredients, is located in the Fontvieille district. TechniPharma, a pharmaceutical laboratory launched in 1956, specializes in producing ENT, gastro-enterology, and oncology drugs. Serp laboratory, which has been based in Monaco since 1943, produces medicines marketed in various countries.
The food industry is also one of the pillars of the manufacturing industry, with Monaco Gourmet Production (MGP) group, Costa group, Maison Mullot, Santo Gelato company, L'atelier du glacier, and the Rossi ice cream parlour among the successful players.
The clothing industry is on a good dynamic, with the MC Company/Banana Moon group manufacturing swimwear and beach accessories, and Bettina specializing in knitwear for French luxury houses. The repair and installation of machinery and equipment, including electrical and electronic equipment such as home automation or security systems, and the installation of refrigeration equipment for industry, are also prominent.
Retaining this type of business in Monaco is crucial for demonstrating a virtuous facet of the country and bringing many activities, such as temporary work, cleaning, consulting, or service activities and supply of goods. The government has increased financial aid to keep industrialists on Monegasque soil, including the industrial bonus and marketing aid. Overall, the manufacturing industry in Monaco contributes significantly to the country's economy and state coffers through VAT, corporate tax, employment and social contributions, and customs duties on imports.
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