AGP Executive Report

Liechtenstein Leadership in Sport: Alexander Ospelt has been elected new president of the International Ski and Snowboard Federation (FIS), narrowly beating Johan Eliasch in a very tight vote—an outcome that also follows a shake-up at the top of the organisation. Made in Europe Push: Stellantis, Volkswagen and Renault are urging EU policymakers to simplify rules and incentives, backing a “Made in Europe” approach with targets for local content—explicitly aimed at countering Chinese EV price pressure. Liechtenstein Finance Spotlight: S&P has reaffirmed Liechtenstein’s Triple-A sovereign rating with a stable outlook, citing low debt, deep reserves and budget surpluses despite a 2025 contraction. Digital Infrastructure & Space: Liechtenstein’s Ka-band spectrum filings are tied to Open Cosmos’ broadband satellite plans, with the firm seeking an ITU deadline extension after launch issues. Cross-Border Trade Framework: India’s Piyush Goyal is in Switzerland to advance the India-EFTA TEPA, with discussions including healthcare and pharma cooperation—covering Switzerland, Norway, Liechtenstein and Iceland. Energy Costs Watch: A new ranking places Liechtenstein among the higher residential electricity price countries in Europe, alongside Ireland, Italy and Germany.

Trade & Investment: India’s Commerce Minister Piyush Goyal met Swiss President Guy Parmelin and reaffirmed commitment to deepen economic ties under the India-EFTA Trade and Economic Partnership Agreement (TEPA), with talks also highlighting healthcare and pharma cooperation. Liechtenstein Leadership in Sport: Liechtenstein’s Alexander Ospelt was elected new president of the International Ski and Snowboard Federation (FIS) in a very tight vote, replacing Johan Eliasch amid governance controversy. Automotive Industrial Policy: Stellantis, Volkswagen and Renault pushed EU policymakers for a “Made in Europe” framework, proposing higher local content requirements and incentives to protect European manufacturing as Chinese EV competition intensifies—explicitly including Liechtenstein in the local-content geography. Energy Costs Watch: A new ranking places Liechtenstein among Europe’s higher residential electricity prices, underscoring cost pressures for households and industry. Digital Infrastructure & Spectrum: Liechtenstein-linked Ka-band filings are tied to Open Cosmos’ request for an ITU deadline extension for its European broadband satellite constellation after launch setbacks. Finance Stability: S&P kept Liechtenstein’s Triple-A rating with a stable outlook, citing low debt, deep reserves and budget surpluses.

Sovereign finance & stability: Liechtenstein kept its AAA sovereign rating, with S&P citing low debt, deep reserves and budget surpluses, while expecting a return to growth in 2027. Digital infrastructure: Liechtenstein-based Gnomon Capital acquired Croatia’s DC North data centre operator, boosting its footprint in European digital infrastructure and colocation services. Private banking model: Neue Bank (Vaduz) highlighted its action-led private-banking approach built on clear accountability, long-term ownership and measurable results. Fintech strategy: A look at Liechtenstein’s fintech push focuses on regulation-led competitiveness, cross-border access and using agility to punch above its size. Energy costs (regional context): A new ranking puts Liechtenstein among Europe’s higher residential electricity prices, underscoring how policy and infrastructure shape household bills. Sports governance (Liechtenstein leadership): Alexander Ospelt was elected new FIS president, narrowly beating the incumbent, as the federation navigates leadership and transparency questions. Trade & pharma ties (EFTA link): India’s Piyush Goyal met Swiss leaders to advance India-EFTA TEPA implementation, with Liechtenstein included in the EFTA framework and pharma cooperation on the agenda. Space & spectrum (Ka-band): Open Cosmos sought an ITU deadline extension for its broadband satellite constellation, citing a force majeure tied to launch issues, with Liechtenstein holding Ka-band spectrum filings.

Automotive Industrial Policy: Stellantis, Volkswagen and Renault are pushing EU lawmakers for “Made in Europe” rules, proposing a framework that would require 70% local content for 70% of EU vehicles, explicitly including Liechtenstein in the eligible footprint. Energy Costs: A new cross-country ranking puts Liechtenstein among Europe’s higher residential electricity prices (about $0.402 per kWh on a 2023–2026 average), highlighting how taxes, fuel access and grid costs shape household bills. Trade & Pharma Cooperation: India’s Commerce Minister Piyush Goyal will visit Berne on June 12–13 to advance the India-EFTA Trade and Economic Partnership Agreement (TEPA), with talks focused on implementation issues and boosting bilateral trade and investment, including with Liechtenstein as part of the EFTA group. Telecom Infrastructure: Liechtenstein-linked Ka-band spectrum filings are tied to Open Cosmos’ request for an ITU deadline extension for its sovereign broadband satellite constellation after launch setbacks. Digital Infrastructure Deal: Liechtenstein-based Gnomon Capital acquired Croatia’s DC North data centre operator, adding capacity and connectivity services as European demand for secure digital infrastructure keeps rising. Sovereign Credit: S&P reaffirmed Liechtenstein’s Triple-A rating with a stable outlook, citing low debt, deep reserves and budget surpluses despite near-term stagnation.

Liechtenstein Sovereign Finance: S&P kept Liechtenstein’s Triple-A rating with a stable outlook, citing low debt, deep reserves and budget surpluses even as it flags stagnation risk. Digital Infrastructure Deal: Liechtenstein-based Gnomon Capital bought Croatia’s DC North data centre operator, boosting its footprint in Europe’s fast-growing colocation and connectivity market. Private Banking Model: Neue Bank (Vaduz) pitched a private-banking approach built on agile leadership, disciplined sustainability and clear accountability tied to long-term value. Space & Telecom Regulation: Open Cosmos asked for an ITU deadline extension for its Ka-band broadband constellation, noting Liechtenstein’s spectrum filings are part of the network plan. Trade & Investment Context: Piyush Goyal is set to visit Switzerland to push implementation of the India-EFTA TEPA, explicitly including Liechtenstein, while broader tariff shifts keep cross-border planning in focus.

Data Infrastructure Deal: Liechtenstein-based Gnomon Capital has acquired Croatia’s DC North data centre operator, boosting its digital infrastructure footprint as European demand rises for cloud, secure storage and connectivity. Sovereign Finance: Liechtenstein kept its S&P Triple-A rating, with the agency citing low debt, deep reserves and budget surpluses despite expected stagnation. Trade & Tariffs Watch: The U.S. modified Section 232 metals tariffs, cutting rates for some agricultural equipment, residential HVAC and mobile industrial machinery while expanding duties for items like steel racks and aluminum lithographic plates—effective June 8 through end-2027. Cross-Border Connectivity: EU Council approved talks to extend “Roam Like at Home” to the Western Balkans, potentially easing roaming costs for businesses and travellers across the region that includes Liechtenstein in the EEA roaming area. EU Border Operations: The EU entry/exit system is fully live across 29 countries, with warnings of long queues and disruption lasting up to two years.

Liechtenstein Finance Watch: S&P Global kept Liechtenstein’s Triple-A sovereign rating, citing low debt, deep reserves and budget surpluses, even as it flags stagnation risk. Digital Infrastructure Deal: Liechtenstein-based Gnomon Capital bought Croatia’s DC North data centre operator, betting on rising demand for cloud, secure storage and carrier-neutral colocation. Fintech Cost Pressure: An EY survey of Swiss and Liechtenstein banks says rising operating costs are the biggest income strain, with modernization and legacy core systems still weighing on competitiveness. Trade & Tariffs Ripple Effects: New U.S. Section 232 changes cut some tariffs (agricultural equipment, certain HVAC, some mobile industrial machinery) while adding costs for specific metal derivatives like aluminum lithographic plates and steel racks—an update importers need to reflect in filings. EU Connectivity Move: The EU Council approved talks to extend “Roam Like at Home” to the Western Balkans, aiming to expand roaming-free travel for consumers and support cross-border business.

Sovereign Finance: Liechtenstein kept its Triple-A rating, with S&P citing low debt, deep reserves and budget surpluses even as it flags stagnation risk. Banking & Fintech: An EY barometer finds 57% of Swiss and Liechtenstein banks expect rising operating costs to be the biggest income strain, pushing modernization and intensifying pressure from fintech competition. Crypto Market Access: RULEMATCH won MiCA authorization from Liechtenstein’s FMA to run a crypto trading platform via its Vaduz-based entity, enabling EEA participant onboarding with RFQ trading and flexible settlement. Trade & Tariffs Watch: New U.S. Section 232 changes cut some rates for agricultural equipment, certain residential HVAC and qualifying mobile industrial machinery, while adding duties for aluminum lithographic plates and steel racks—an update importers and brokers need to reflect in filings. EU Border Operations: The EU’s entry/exit system is driving long queues across Europe; Greece is temporarily easing checks for British travellers, while airlines and Frontex warn disruption could last. Regional Connectivity: The EU Council approved talks to extend “Roam Like at Home” to the Western Balkans, expanding roaming benefits that already cover Liechtenstein. Science & Innovation Link: Nevis launched the Caribbean’s first space life sciences experiment with partners including the University of Zurich and the Switzerland and Liechtenstein space center.

Sovereign Finance: Liechtenstein kept its Triple-A rating, with S&P citing low debt, deep reserves and budget surpluses as buffers against uncertainty. Banking & Regulation: Swiss banks and Liechtenstein peers face rising operating costs as the biggest income strain, while a Zurich finance summit will tackle AI, competition and smarter rules. Crypto Markets (MiCA): RULEMATCH received MiCA authorization from Liechtenstein’s FMA to run a crypto trading venue via its Vaduz-based entity, with RFQ trading and post-trade clearing/settlement. Trade & Industry: New U.S. Section 232 tariff changes start June 8, cutting rates for some agricultural equipment, HVAC and selected machinery, while adding duties for items like steel racks and aluminum lithographic plates—an input-cost swing for manufacturers. EU Connectivity: The EU is moving to extend “Roam Like at Home” to the Western Balkans, covering calls, texts and data without extra roaming charges.

Section 232 Tariff Reset: The U.S. temporarily cut duties on certain agricultural equipment, selected residential HVAC systems, and some mobile industrial machinery to 15% (from 25%), while also adding aluminum lithographic plates and steel racks into the derivative tariff net; the changes take effect June 8 and run through Dec. 31, 2027, with new customs filing instructions. Swiss Investment Push: After a tariff framework lowered Swiss rates from 39% to 15%, Swiss firms poured $27B into the U.S. in early 2026, with pharma leading the commitments (Roche $50B; Novartis $23B). Liechtenstein Finance & Crypto: RULEMATCH received MiCA authorization from Liechtenstein’s FMA to run a Vaduz-based crypto trading venue with EEA onboarding and post-trade clearing/settlement. Banking Cost Pressure: An EY survey of Swiss and Liechtenstein banks found rising operating costs are the top income strain, driven by modernization needs. Science & Innovation: Nevis launched the Caribbean’s first space life sciences experiment, developed with the University of Zurich and the Switzerland-and-Liechtenstein space center.

Section 232 Tariff Relief (Metals Derivatives): The U.S. cut Section 232 tariffs on selected agricultural equipment and HVAC items from 25% to 15% through end-2027, while also adding aluminum lithographic plates and steel racks to the derivative list—effective June 8, with CBP CSMS guidance for importers and brokers to avoid wrong duties. Swiss Investment Push (Tariff Deal Spillover): Swiss firms are accelerating U.S. spending after a framework that lowered Swiss tariffs from 39% to 15%, with Roche and Novartis leading a reported $27B already deployed toward a $200B, five-year commitment that also covers Liechtenstein via the customs union. Crypto Market Expansion (Liechtenstein): RULEMATCH received MiCA authorization from Liechtenstein’s FMA to run a Vaduz-based Europe trading, clearing and settlement venue for crypto-assets, starting with an RFQ model. EU Connectivity Talks (Roam Like at Home): The EU Council approved talks to extend Roam Like at Home to the Western Balkans, expanding the no-extra-roaming-charges zone that already includes Liechtenstein. Fintech & Payments (Money20/20): Lianlian DigiTech showcased AI-driven cross-border payments at Money20/20 Europe in Amsterdam, focusing on efficiency, risk control and global fund connectivity.

MiCA Crypto Market in Vaduz: RULEMATCH says it has received Liechtenstein FMA authorization to run a MiCA-compliant crypto trading platform via its Vaduz-based entity, with trading starting using an RFQ model and post-trade clearing and settlement for EEA participants. Space Science Collaboration: St. Kitts and Nevis launched the Caribbean’s first space life sciences experiment on May 31 from Sweden, developed with the University of Zurich and the Centre for Space and Aviation Switzerland and Liechtenstein, studying how microgravity and hypergravity affect human immune cells and gene expression. U.S. Metals Tariff Shuffle: A new U.S. Section 232 proclamation eases duties on certain agricultural equipment and selected machinery while adding or adjusting tariffs for other metal derivative products, with changes taking effect June 8 and lasting through 2027—important for manufacturers and importers tied to metals supply chains. EU Roam Like at Home Expansion: The EU Council approved talks to extend “Roam Like at Home” to the Western Balkans, which would expand no-extra-roaming-charge mobile use across a wider region that already includes Liechtenstein in the current framework.

Crypto & Regulation: RULEMATCH says it has MiCA authorization from Liechtenstein’s FMA to run a Vaduz-based crypto trading venue, with onboarding for EEA participants via RULEMATCH Europe AG. EU Connectivity: The EU Council approved talks to extend “Roam Like at Home” to the Western Balkans (WB6), with Liechtenstein already inside the current RLH footprint. Trade Policy Shockwaves: The US is reshaping Section 232 metals tariffs—easing some rates for agricultural equipment and selected machinery while keeping the broader protectionist structure intact; separately, Trump’s renewed tariff push tied to forced-labor claims is roiling Asia’s already-stressed economies. Industry & Markets: India expects nine recent free trade agreements—including with EFTA (Switzerland, Iceland, Liechtenstein, Norway)—to be operational within 9–10 months, aiming to deepen supply-chain integration. Science & Tech Collaboration: A St. Kitts and Nevis space life-sciences experiment launched from Sweden, developed with the University of Zurich and CSA (Switzerland and Liechtenstein), highlighting Liechtenstein-linked research partnerships.

Crypto Market Access: RULEMATCH says it has received MiCA authorization from Liechtenstein’s FMA to run a Vaduz-based crypto trading venue, with onboarding for EEA participants via RULEMATCH Europe AG, starting with an RFQ model and flexible settlement cycles. EU Connectivity: The EU Council has approved talks to extend “Roam Like at Home” to the Western Balkans, expanding roaming-free calling and data beyond the current EU/EEA footprint that already includes Liechtenstein. Trade & Tariffs: The U.S. eased some Section 232 metals-related duties for specific equipment and added new derivative products to the tariff lists, while broader tariff litigation and Section 301 forced-labor proposals continue to reshape import costs. Industry Policy Watch: India expects nine recent FTAs—including the EFTA deal covering Switzerland, Iceland, Liechtenstein and Norway—to become operational within 9–10 months, with Oman’s CEPA starting June 1 and duty-free access for most tariff lines. Liechtenstein Link in Tech/Finance: The week’s coverage also highlights Liechtenstein’s role as a regulatory and financial hub, from MiCA market infrastructure to cross-border EU integration.

Crypto & Markets: RULEMATCH says it has MiCA authorization from Liechtenstein’s FMA to run a Vaduz-based crypto trading venue, with onboarding for EEA participants via RULEMATCH Europe AG, starting with an RFQ model and post-trade clearing/settlement. Fintech & Payments: Lianlian DigiTech showcased its AI-driven cross-border payments push at Money20/20 Europe in Amsterdam, focusing on AI for efficiency, risk control, and global fund connectivity. EU Connectivity: The EU Council approved talks to extend “Roam Like at Home” to the Western Balkans, with Liechtenstein already inside the current RLH footprint. Trade Policy Watch: The U.S. modified Section 232 metals tariffs, cutting duties on certain agricultural and HVAC equipment to 15% and adjusting derivative product coverage, while broader protectionist uncertainty remains. Industry & Compliance: The EU’s Entry/Exit System is fully operational across Schengen, with biometric checks affecting travel flows for Liechtenstein-linked routes. Health & Pharma: CinnaGen became the first Iranian pharma firm to win EU approval for its osteoporosis drug Zandoriah, while BMS secured an expanded EU label for Opdivo in advanced classical Hodgkin lymphoma. Space & Education: St. Kitts and Nevis launched a first space life sciences experiment developed with Switzerland and Liechtenstein’s CSA, studying gravity effects on immune cells.

Crypto Market Access in Liechtenstein: RULEMATCH says it has MiCA authorization from the Liechtenstein FMA to run a Vaduz-based crypto trading venue, with onboarding for EEA participants via RULEMATCH Europe AG and RFQ trading plus post-trade clearing/settlement. EU Connectivity for the Region: The EU Council approved talks to extend “Roam Like at Home” to the Western Balkans (including North Macedonia), aiming to let travelers use calls and mobile data abroad without extra roaming charges. Trade Policy Shockwaves: The U.S. is reloading tariff pressure after Supreme Court setbacks, while also issuing targeted Section 232 tariff reductions on certain metals-derivative inputs and specific equipment categories—raising new compliance questions for cross-border manufacturers. Healthcare Regulation: CinnaGen became the first Iranian pharma firm to win EU approval for an osteoporosis medicine (teriparatide/Zandoriah) under EMA biosimilar guidelines. Industry & Media in the DACH Region: RTL Group completed its €68m acquisition of Sky Deutschland, expanding sports and entertainment reach across Germany, Austria, Switzerland, Luxembourg, Liechtenstein, and South Tyrol.