The continuing development of Monaco

H.S.H. the Prince deploys a consistent ambitious foreign policy and on the international scene Monaco continues to reinforce close trusting ties with many countries.

Looking towards the future and guided by the project “Monaco 2029” Monaco will develop onshore business activities, while cultivating the existing interesting aspects of offshore activities.

Monaco is taking very seriously the goal of making the Principality attractive to investors and residents. In June 2011 H.S.H. the Prince launched the "Conseil stratégique pour l’attractivité" which has been set up to “consider questions related to economic development and future prospects” with a view to “formulate suggestions that would increase Monaco’s attractiveness, augment state revenues and orient public spending toward strategic goals."

In the urban development and transport sector the Principality has plans to manage the effects of the expansion of activity. It has recently invested more than €50 million in 5 new trains to cope with the increasing traffic: 100,000 cars enter and leave the Principality each day, with more than 14,000 people arriving by train, and a further €100 million is being invested in a new tunnel to ease access into the heart of Monaco.

In 2013 the Monaco government invested in a new fleet of 10 electric Smart cars for senior staff. It comes three years after Monaco bought its first 10 environmentally friendly cars. It is estimated that there are 600 electric vehicles being used in the principality - and there are more than 400 recharging points.

Construction has started on the €500 million project for a new hospital.

Whilst it is considered that there is enough space for development until 2020, with the mixed-use Odeon Towers project providing an additional 50,000m², afterwards an extension into the sea of 5-8 hectares will be needed to meet this growth. Construction of a six hectare pensinsula to be located near the Grimaldi Forum also started in 2017.

Public buildings are now be made according to the HEQ (High Environmental Quality) concept which privileges energy efficiency thanks to renewable energy.