Luxembourg can still attract foreign companies. The latest proof of this is Tuesday's announcement by economy minister Etienne Schneider, that Russian company Sodrugestvo has moved its administrative headquarters from Denmark to Luxembourg in January 2012.

Created in 1994, Sodrugestvo's main fields of activity are the production and transportation of cereals and other types of food as well as the trituration (a grinding process) of soya and rapeseed. The company, which employs 1,350 people worldwide has built its own port in the Russian enclave of Kaliningrad and has a fleet of 1,825 specialised cereal train wagons. Its main installations are in Russian, Brazil, the US and Denmark.

Since 2000, Sodrugestvo has grown at a rate of 15 % per year, the company's turnover in 2011-2012 is estimated at 1,8bn $.

The company decided to move its administrative headquarters from Denmark to Luxembourg after it felt that Danish law wasn't adapted to a growth model like Sodrugestvo's.

Around 12 people will be working at the new headquarters in the Grand Rue, right in the centre of Luxembourg-City. As the company's general director Stéphane Frappat said, one is hoping to hire more people at a later stage.