Germany attracted 540 foreign direct business investments in the first ten months, only one fewer than in all of 2020 according to figures from Germany Trade & Invest (GTAI).
“There has been a lot of interest in Germany despite the lockdown in the country that stretched into May,” GTAI Director of Investment Consulting Achim Hartig told the Frankfurter Allgemeine Zeitung newspaper. “Companies consciously have Germany in their sights as a potential destination during the corona pandemic.”
The largest number of business expansions to Germany came from the United States, followed by the United Kingdom. Hartig sees a connection between the robust German FDI numbers and Brexit.
“Brexit is forcing companies out of the UK,” he said. “Often, they can’t find personnel, and then there are the customs duties and trade restrictions. With the UK having left the EU, many businesspeople from countries like India or Japan are locating their projects in continental Europe. Germany is profiting from that.”