2020 wasn’t bad, and 2021 looks to be much better – that’s the upshot of this year’s American Chamber of Commerce in Germany Transatlantic Business Barometer.
According to the annual survey, despite the coronavirus restrictions, more American subsidiaries in Germany increased than decreased their revenues, workforces and investments. A majority expect to increase revenues and investment in the coming year, and a plurality of 46 percent say they’re hiring.
Those aren’t the only positive signs for the future. 62 percent of US businesses said they would be expanding their activities in Germany, 63 percent rated investment conditions in Germany very good or good, and a whopping 74 percent expect conditions to improve in the next three to four years.
One factor driving the optimism is the expectation of greater internationalism from the Biden administration in the United States. Members anticipate improvements across the board, and in particular in the areas of energy and climate, digital policy, and healthcare and life sciences.
„The joint vaccine development of our members BioNTech and Pfizer has proven how strong the transatlantic will for cooperation and collaboration is,” commented AmCham Germany President Frank Sportolari in a statement. “It is imperative that we build on this effort.“
Respondents were also asked various aspects of Germany as a business location. A perfect 100 percent said the quality of employees was good to very good, while 91 percent praised the quality of R&D and 89 percent Germany’s potential as a sales market.
All in all, the barometer forecasts sunny skies ahead for German-American business relations.
“It’s very encouraging that despite all the challenges last year business for the vast majority of US companies in Germany remained stable or even improved,” says Germany Trade & Invest CEO Robert Hermann. “For a variety of reasons, the mood is looking up, and everyone involved is viewing 2021 with optimism.”
Read the 2021 AMCham Germany Transatlantic Business Barometer here