Japanese and Chinese companies strengthen status of Munich
The city of Munich has a lot to offer aside from the world-famous Oktoberfest and the Bayern Munich soccer club. Hosting a vibrant mix of businesses and industries, from biotechnology to information communications technology and engineering to automotive, the city is among Europe's most important business hubs.
Munich is not only home to major conglomerates. Through innovation centres such as the Munich Technology Centre, the city serves as an incubator for start-up businesses.
"The diverse structure of the corporate community, in which large corporations rub shoulders with medium-sized businesses and small start-ups, helps keep the Munich economy crisis-proof," says Dieter Reiter, CEO of the Department of Labour and Economic Development and Munich city councillor.
"The Munich mix creates a special atmosphere, where international corporate players and respected research organisations exercise a magnetic pull on highly qualified, well-educated labour and young companies. Few large cities rival Munich in combining business with pleasure and traditional values with modern dynamism."
Attracting many Japanese investors, the city is the second-largest location for Japanese companies in Germany. To bridge cultural differences, the city established an international Japanese school and a service network specifically dealing with Japanese companies.
As for investments from China, the city aims to work with Chinese delegations in projects to smoothen their entry.
Among these projects is the Munich-Chinese Economic Cooperation, an event where Shanghai and Guangzhou delegations immerse in Munich's business environment.
Foreign companies receive this warm welcome because of the role played by policies that encourage growth. Through the city's Point of Single Contact, prospective investors can receive information about the necessary rules and paperwork for starting a business in the city. The city is also investing Euro3.56 billion (HK$36.5 billion) in education, infrastructure, housing and culture from 2011 to 2015, signifying Munich's mission of securing its socio-economic future.