EY gives Germany top billing
Germany leads Europe in EY’s Attractiveness Survey 2017
May 31, 2017
Berlin (GTAI) - Germany has been voted Europe’s most attractive business location in EY’s s annual attractiveness survey, joining China and the USA in the global top three business locations. The survey was conducted among 505 decision-makers around the world, and included a special section analysing the impact of Brexit on international business both in the UK and elsewhere. Around 100 of the surveyed executives counted Germany within his or her global top three. Europe’s largest economy has continuously gained in popularity since 2008. This is unlikely to change; 43% of the executives thought that Germany would continue to become more popular over the next few years.
“This is terrific recognition of Germany as a business location,” said Dr. Benno Bunse, CEO of federal economic development agency Germany Trade & Invest (GTAI). “That Germany continues to achieve such recognition within the business world, even in uncertain economic times, is a huge compliment paid to us from the surveyed executives.”
Although the response to Brexit was still largely one of ‘wait and see’ or ‘it’s too early to gauge the impact’, the UK is still less positively received than it was before the global financial crisis. “Many companies do not yet have a comprehensive view of the tax (VAT pre-financing and exact scope of custom duty), administrative (customs and VAT requirements) and regulatory consequences [of Brexit], and have only just started thinking about the possible consequences,” reads the report. “Logistics and supply chain, manufacturing, innovation and R&D activities may well be redrawn as clarity emerges about the detail of the UK’s separation from the EU.” However one side-effect of Brexit was clear: one in five companies surveyed is looking at relocating or redistributing work away from the UK as a consequence.
“It remains to be seen how Germany is affected by the United Kingdom’s decision to leave the EU, but Germany continues to offer the most attractive European alternative to investors and business people alike,” concluded Dr. Bunse.