Germany Attracts Pre-Covid Levels of Foreign Business Projects
(Bloomberg) -- Germany has almost recaptured its pre-pandemic rate for attracting foreign investment.
About 1,800 international companies set up shop last year through greenfield investments, expansions and relocations, according to a report by Germany Trade & Invest. That's up 7% from 2020, with investments from the U.S. and European Union behind half of the projects.
“Investment amounts were comparatively modest due to a number of factors,” said Robert Hermann, who heads the agency. “But international companies' interest in being part of Europe's largest economy has persisted through the coronavirus pandemic.”
Amid long-held fears of an impending decline in industrial jobs, the research offers encouragement to German efforts to boost its attractiveness as a hub for making electric vehicles and technology.
The report, based on data from the country's 16 states, estimates overall investment volume of well in excess of 7 billion euros ($7.4 billion), though exact details aren't available. It doesn't include more than 21 billion euros of expansions announced this year by Intel and Northvolt.
©2022 Bloomberg L.P.
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