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1、How companies rateGermany and the U.S.asinvestment locationsAmCham GermanyTRANSATLANTIC Business Barometer20232Transatlantic Business Barometer 20233Transatlantic Business Barometer 2023The AmCham Germany Transatlantic Business Barometer is an exclusive survey among U.S.investors in Germany and Germ
2、an investors in the U.S.The survey provides a well-founded analysis of investment sentiment as well as a business assessment of both countries.For over 17 years,U.S.companies have been surveyed as part of the AmCham Germany Business Barometer.As in the previous six years,German companies in the U.S.
3、were also surveyed this year.Coverillustration polygraphus/iStock4Transatlantic Business Barometer 2023Germany in early 2023.Increased energy costs and geopolitical uncertainty as a result of the Russian invasion of Ukraine continue to dominate events in Germany.Nevertheless,more than two-thirds of
4、U.S.companies in Germany reported an increase in revenue in 2022.However,the outlook for the current year is subdued and one in three U.S.companies rate the conditions for doing business in Germany as good.In particular,the respondents see negatives in the cost burden for companies,digital infrastru
5、cture and the availability of skilled workers.How U.S.companies view Germany as an investment location in 2023IncreaseConsistentDecrease1U.S.COMPANIES IN GERMANY COMPANIES WITHSTOOD DIFFICULT EXTERNAL CIRCUMSTANCES How did the year 2022 turn out for your company in Germany?%RevenueEmployeesInvestmen
6、tsThe past year was robust for many U.S.companies in Germany despite the war in Ukraine,inflation and the shift in interest rates.6824995Transatlantic Business Barometer 2023SUBDUED OUTLOOK FOR THE CURRENT YEAR2EXPECTATIONS FOR 2023 BELOW LAST YEARS GOOD RESULTSRevenueInvestmentsEmployees
7、 RevenueEmployeesInvestmentsIncreaseConsistent DecreaseHow will your revenue,employee numbers and investments in Germany develop in 2023?%Percentage of companies that experienced an increase in revenue,number of employees and investments for the respective year(20172022)or anticipate this in 2023Onl
8、y about half of U.S.companies in Germany expect revenue growth in 2023.After last year turned out better than previous years at least in terms of revenue expectations for both revenue and employees are decreasing.53232440273342431575%60%45%30%15%0%20022342%33%53%58%77%64%55%45%
9、61%68%51%36%50%42%28%44%42%55%32%47%42%6Transatlantic Business Barometer 2023MAJORITY OF U.S.COMPANIES WILL CONTINUE TO COUNT ON GERMANY IN THE FUTURE 3Will you expand,maintain or reduce your activities in Germany over the next three to four years?35%plan on main-taining their present activities2022
10、:33%53%plan on expanding their activities2022:61%12%plan on reducing their activities2022:6%Slightly more than half of the U.S.companies would like to expand their activities in Germany over the next three to four years.7Transatlantic Business Barometer 2023GERMANY LOSES ATTRACTIVENESS AS A BUSINESS
11、 LOCATION4How would you rate the current investment conditions in Germany?How will investment conditions in Germany develop over the next three to four years?Only one in three U.S.companies still sees Germany as a good business location.A look into the future also reveals a need for action:Around a
12、quarter of those surveyed expect conditions in the country to deteriorate further.34%Very good or good2022:59%38%Bad or not so good2022:8%28%Neutral2022:33%38%Conditions will improve2022:43%26%Conditions will worsen2022:16%36%Conditions will stay the same2022:41%8Transatlantic Business Barometer 202
13、3GERMANY CHECK:EXCELLENT WORKFORCE,HIGH COSTS5How would you rate the following investment conditions?%Quality of employeesOverall reliability of politicsAvailability of skilled employeesMarket opennessQuality of R&DVisa issuanceQuality of supplier networksQuality of infrastructure(transportation,ene
14、rgy,etc.)Potential as a sales marketThe quality of the workforce,supplier networks and the high quality of R&D are highly valued by U.S.companies.However,almost half of all respondents see difficulties around the availability of skilled employees.Furthermore,companies see the most urgent need for im
15、provement in financial burdens and digital infrastructure.94650 426643063838243619459Transatlantic Business Barometer 2023Very good/goodNeutralBad/not so goodQuality of digital infrastructureStartup environment and entrepreneurshipPredictability of investment conditionsR&D regu
16、latory environmentCorporate taxationEconomic and industrial policyEnergy costsLabor costsEnergy costs have generally been a pressing issue in Germany.In the wake of the war in Ukraine,the importance of this issue has increased even further and has been extended to include the aspect of energy securi
17、ty.2242632323933443535938532 Transatlantic Business Barometer 2023U.S.COMPANIES SEE ROOM FOR IMPROVEMENT IN TRANSATLANTIC TRADE AND BUSINESS RELATIONS 6How would you rate transatlantic trade relations in the following areas?%U.S.companies feel that transatlantic trade and busin
18、ess relations could be enhanced.Companies see the most urgent need for action in the areas of trade liberalization,digital policy and taxes.How would you rate transatlantic business relations in the following areas?%Very good/goodNeutral Bad/not so goodVery good/goodNeutral Bad/not so goodProgress i
19、n transatlantic trade liberalizationCoordinated position towards multilateral institutions(e.g.WTO)Common approach towards discriminatory trade practicesTariffsNon-tariff trade barriers62553226Digital policyTaxEnergy&climateHealthcare&life sciencesAerospace&defense49
20、562821Transatlantic Business Barometer 2023U.S.COMPANIES REMAIN CALM IN THE FACE OF POTENTIAL TRADE-DISTORTING MEASURESTRANSATLANTIC SOVEREIGNTY:COOPERATION ON ECONOMIC POLICY AND SECURITY ISSUES IS THE TOP PRIORITY 78How concerned are you about the potential impact of trade-distorting me
21、asures discussed in times of general global uncertainty(e.g.discussions about the U.S.Inflation Reduction Act and respective rebalancing measures by the EU)?%In your view,which three of the following actions must be pursued the most in order to strengthen transatlantic sovereignty?1%Only a minority
22、of U.S.companies in Germany are concerned about measures that could affect trade.U.S.companies in Germany see stronger joint positioning on economic policy issues and greater cooperation on strategic security issues as the most important areas for transatlantic action.1 Respondents could specify thr
23、ee areas.Strong joint transatlantic positioning on economic policy issuesTransatlantic collaboration on strategic security issuesCommon transatlantic digital regulationCreation of a Digital Transatlantic Economic ZoneAbolition of all trade barriersCreation of an energy partnershipEstablishment of a
24、joint transatlantic semiconductor strategy676145423636Very concernedSomewhat concernedLess/not concernedNeutral Transatlantic Business Barometer 2023INCREASED ENERGY PRICES HAVE LITTLE IMPACT ON CURRENT BUSINESS ACTIVITIES IN GERMANY9What consequences will the rise in German energy prices
25、 have on your current operations in Germany?%What consequences will the rise in German energy prices have on your planned investments in Germany?%While the vast majority of U.S.companies do not expect any changes in their business operations as a result of the energy crisis,the outlook for future in
26、vestments is more complex.One-third of companies plan to reduce or halt investment activity,while 9%intend to increase investments,e.g.in the area of energy modernization.81%No change in operations19%Decrease in operations0%Increase in operations9%Increase planned investments6%(Temporary)halt of pla
27、nned investments27%Reduction of planned investments58%No impact on planned investments13Transatlantic Business Barometer 202314 Transatlantic Business Barometer 2023The U.S.in early 2023.The current mood in the U.S.is dominated by infla-tion and the monetary policy of the U.S.Federal Reserve.Neverth
28、eless,German companies in the U.S.can look back on a sound year in 2022,and expectations for the current year are also moderately positive.In general,the majority of German companies continue to regard the U.S.as a good business location.In addition to transatlantic business relations,companies see
29、room for improvement above all in the availability of skilled employees,visa issuance and the reliability of politics.How German companies view the U.S.as an investment location in 20231GERMAN COMPANIES IN THE U.S.SOUND BUSINESS YEAR 2022How did the year 2022 turn out for your company in the U.S.?%M
30、ore than half of German companies in the U.S.increased their revenue last year.In terms of employees and investment,the past year was also sound for the vast majority of companies.RevenueEmployeesInvestmentsIncreaseConsistentDecrease5828515Transatlantic Business Barometer 2023MODERATELY P
31、OSITIVE EXPECTATIONS FOR THE CURRENT YEAR2More than two-thirds of German companies in the U.S.expect revenue to rise in the current year,and around half of them expect investment and employment to increase.ECONOMIC RECOVERY CONTINUESAfter the slump in 2020,the proportion of companies reporting risin
32、g revenue,investments and employees has increased in the years since.Revenue and employment are expected to increase further in the current year.RevenueEmployeesInvestmentsHow will your revenue,employee numbers and investments in the U.S.develop in 2023?%IncreaseConsistent DecreaseRevenueInvestments
33、Employees70255Percentage of companies that experienced an increase in revenue,number of employees and investments for the respective year(2017-2022)or anticipate this in 2023.75%60%45%30%15%0%70%20021953%50%53%59%59%25%52%58%56%37%35%13%41%47%46%39%32%14%33%47%16 Tra
34、nsatlantic Business Barometer 2023CONTINUOUS GROWTH3Will you expand,maintain or reduce your activities in the U.S.over the next three to four years?Three out of four of the German companies surveyed intend to further expand their activities in the U.S.in the medium term.0%plan on reducing their acti
35、vities2022:0%26%plan on main-taining their present activities2022:11%74%plan on expanding their activities2022:89%17Transatlantic Business Barometer 2023DOING BUSINESS IN THE U.S.:EVEN BETTER IN THE FUTURE4How would you rate the current investment conditions in the U.S.?How will investment condition
36、s in the U.S.develop over the next three to four years?The majority of German companies already view the U.S.positively as a business location,and almost two-thirds of those surveyed even expect the conditions there to improve further.74%Very good or good2022:78%9%Bad or not so good2022:0%17%Neutral
37、2022:22%63%Conditions will improve2022:58%8%Conditions will worsen2022:5%29%Conditions will stay the same2022:37%18 Transatlantic Business Barometer 2023U.S.CHECK:ATTRACTIVE BUSINESS LOCATION WITH FEW WEAKNESSES5The many strengths of the American market are highly valued by German companies.In parti
38、cular,the potential as a sales market and energy costs are viewed positively.Quality of digital infrastructureEconomic and industrial policyR&D regulatory environmentQuality of R&DCorporate taxationQuality of supplier networksPotential as a sales marketStartup environment and entrepreneurshipEnergy
39、costsHow would you rate the following investment conditions?%9646130970 237422613419Transatlantic Business Barometer 2023German companies in the U.S.see potential for improvement in the availability of skilled employees,the overall reliability of politics and visa issuance.Qual
40、ity of employeesLabor costsOverall reliability of politicsMarket opennessQuality of infrastructure(transportation,energy,etc.)Availability of skilled employeesPredictability of investment conditionsVisa issuanceVery good/goodNeutralBad/not so good528223052262248352723505622221730353520 Tr
41、ansatlantic Business Barometer 2023TRADE AND BUSINESS RELATIONS MUST BE INTENSIFIED 6How would you rate transatlantic trade relations in the following areas?%38German companies in the U.S.would like to see further progress in transatlantic trade relations.Transatlantic trade liberalization and coord
42、ination with multilateral institutions are progressing too slowly.How would you rate transatlantic business relations in the following areas?%Very good/goodNeutral Bad/not so goodVery good/goodNeutral Bad/not so goodCoordinated position towards multilateral institutions(e.g.WTO)Progress in transatla
43、ntic trade liberalizationTariffsCommon approach towards discriminatory trade practicesNon-tariff trade barriers82171 429678385483854134938Healthcare&life sciencesEnergy&climateTaxDigital policyAerospace&defense4074538221Transatlantic Business Barometer 2023GERMAN COMPANIES VIEW
44、 TRADE-DISTORTING MEASURES WITH CONCERN7How concerned are you about the potential impact of trade-distorting measures discussed in times of general global uncertainty(e.g.discussions about the U.S.Inflation Reduction Act and respective rebalancing measures by the EU)?%The vast majority of German com
45、panies in the U.S.are concerned about measures that could affect trade.1 Respondents could specify three areas.Less/not concernedSomewhat concernedVery concernedNeutralTRANSATLANTIC SOVEREIGNTY:COOPERATION ON ECONOMIC POLICY AND THE REMOVAL OF TRADE BARRIERS IS IN THE FOREGROUND8In your view,which t
46、hree of the following actions must be pursued the most in order to strengthen transatlantic sovereignty?1%7German companies in the U.S.also see joint transatlantic positioning on economic policy issues as a top priority.The removal of trade barriers and transatlantic cooperation on securi
47、ty issues are particularly important from the perspective of German companies.Strong joint transatlantic positioning on economic policy issuesAbolition of all trade barriersTransatlantic collaboration on strategic security issuesCommon transatlantic digital regulationCreation of an energy partnershi
48、pEstablishment of a joint transatlantic semiconductor strategyCreation of a Digital Transatlantic Economic Zone4503881722 Transatlantic Business Barometer 2023ENERGY PRICES MAKE THE U.S.MORE ATTRACTIVE FOR GERMAN COMPANIES9In light of the recent rise in energy prices in Germany,does the U.S.s energy
49、 security make your parent company more inclined to relocate production to the U.S.?%One-third of German companies indicated that they are(more)inclined to relocate parts of their production to the U.S.due to the energy supply security and the price situation in the U.S.35%Very/somewhat inclined to
50、relocate to the US56%No change9%Very/somewhat disinclined to relocate to the US23Transatlantic Business Barometer 2023About AmCham GermanyThe American Chamber of Commerce in Germany(AmCham Germany)is the voice of transatlantic business.We strive to enhance global economic and trade relations built o
51、n a strong foundation of American and German partnership.We actively support and promote our members interests through our global networks in business,politics and AmChams worldwide.AmCham Germany enables cross-cultural understanding,cooperation and new investment through our commitment to transpare
52、nt dialogue,unrestricted trade and a competitive and open business climate.About Roland BergerRoland Berger is the only management consultancy of European heritage with a strong international footprint.As an independent firm,solely owned by our Partners,we operate 51 offices in all major markets.Our
53、 3000 employees offer a unique combination of an analytical approach and an empathic attitude.Driven by our values of entrepreneurship,excellence and empathy,we at Roland Berger are convinced that the world needs a new sustainable paradigm that takes the entire value cycle into account.Working in cr
54、oss-competence teams across all relevant industries and business functions,we provide the best expertise to meet the profound challenges of today and tomorrow.About the participantsA total of 57 member companies from AmCham Germany partici-pated in the survey,whose reponses were incorporated into th
55、e Business Barometer.Thirty-three U.S.companies with locations and revenue of at least 36 billion in Germany as well as 24 German companies with locations and revenue of at least 97 billion in the U.S.participated in this years Transatlantic Business Barometer.The survey was conducted in January and
56、 February 2023.22_2028_FLYPublishers Roland Berger GmbHDr.Christian KrysSederanger 180538 Munich+49 89 9230-AmCham Germany Daniel AndrichGeneral ManagerBrsenplatz 13-1560313 Frankfurt am Main+49 69 929104-0presseamcham.dewww.amcham.deThis publication has been prepared for general guidance only.The reader should not act according to any information provided in this publication without receiving specific professional advice.Roland Berger GmbH shall not be liable for any damages resulting from any use of the information contained in the publication.2023 ROLAND BERGER GMBH.ALL RIGHTS RESERVED.