Handbook of Research on European Business and Entrepreneurship
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Handbook of Research on European Business and Entrepreneurship

Towards a Theory of Internationalization

Edited by Léo-Paul Dana, Isabell M. Welpe, Mary Han and Vanessa Ratten

This unique Handbook illustrates how entrepreneurs across Europe tackle internationalization. This timely and important book identifies patterns and builds a theory of international entrepreneurship in Europe.
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Chapter 27: Monaco’s Forgotten Glitter: Industrial SMEs and their Worldwide Appeal

Martine Spence


Martine Spence Introduction Nestled between the Mediterranean and the Alps, the Principality of Monaco is best known for its Formula One car racing, its casinos and its luxurious holiday resorts. Overshadowed by the tourism and financial sectors, the country is also home to a welldiversified and thriving industrial base that has overcome the liability of smallness related to its location. The second-smallest country in the world after the Vatican, Monaco occupies an area of two square kilometres, borders France along 4.4km and possesses 4.1km of shoreline. With no arable land or natural resources and all available space used efficiently by buildings, roads or tunnels, some of it even regained from the sea, making the country a model of architectural and productive capacity ingenuity and enabling its high-density population of 16 440 inhabitants per square kilometre (Gouvernement de Monaco, 2003). Although much has been written about what made Monaco famous, the objectives of this chapter are to focus on the country’s industrial sector, the strategies used to overcome the challenges presented by its location and, more specifically, on its international trade activities. The first section will present a brief overview of Monaco’s place in the world, followed by a summary of the industrial sector’s main features. The country’s solutions to attract industrial firms is discussed next. Finally, the contribution of Monegasque SMEs to international trade is analysed. Monaco economy and industrial sector The country’s geographical location and historical development counterbalance, to a certain extent, its liabilities due to...

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