BOSTON, April 25, 2013 /PRNewswire/ --
A keynote speech in Boston this week gave heavy credence to Thursday's prognosis of accelerating German economic growth from Germany's Federal Ministry of Economics and Technology (BMWi).
Dr. Jürgen Friedrich, CEO of Germany Trade & Invest (GTAI), spoke at the 'Venture Investing in Germany' event in Cambridge, Mass. On Thursday, an event attended by several prominent CEO's and venture capitalists, and hosted by GTAI, in co-operation with the German-American Business Council (GABC) and the German Private Equity and Venture Capital Association (BVK).
He stressed the importance of Germany's Mittelstand, the small-to-medium enterprises in Germany accounting for 99.6% of Germany's companies and around 80 % of Germany's social insurance-deductible employment. Also stressed was the current start-up boom in Germany, particularly the capital city Berlin, which is becoming a hub for media and telecommunications innovations such as the picture sharing app EyeEm.
But it was the hidden champions who were the headline act, illustrated by Dr. Friedrich as the foundation for Germany's stability during the global economic crisis. Pointing out 8.8% growth, a huge R&D spend (nearly twice as much as large companies on average) and a 33% increase in employment. Dr. Friedrich said they were examples of successful investment, thereby encouraging investment into the new batch.
"These are the next generation of hidden champions, the foundations of Germany's and Europe's future success," said Dr. Friedrich.
"It is our hope that people from outside our borders, or even Europe's borders, will see the benefits in these companies, understand the advantages of their location in the European market and the geographical centre of Europe, follow others' leads in seeing the potential these companies possess, and invest in them."
Germany Trade & Invest is the foreign trade and inward investment promotion agency of the Federal Republic of Germany. The organization advises foreign companies looking to expand their business activities in the German market. It provides information on foreign trade to German companies that seek to enter foreign markets.
Germany Trade & Invest
SOURCE Germany Trade and Invest