德国大西洋两岸贸易晴雨表2024（英文）

AmChamGermany

TRANSATLANTIC

BusinessBarometer

2024

Howcompaniesrate

GermanyandtheU.S.asinvestmentlocations

AmchamGERMANY

TheAmChamGermanyTransatlantic

BusinessBarometerisanexclusive

surveyamongU.S.investorsin

GermanyandGermaninvestorsin

theU.S.

Thesurveyprovidesawell-founded

analysisofinvestmentsentiment

aswellasabusinessassessmentof

bothcountries.

Forover18years,U.S.companies

havebeensurveyedaspartof

theAmChamGermanyBusiness

Barometer.

Asintheprevioussevenyears,GermancompaniesintheU.S.werealsosurveyedthisyear.

TransatlanticBusinessBarometer20243

HowU.S.companiesviewGermanyasaninvestmentlocationin2024

Germanyinearly2024.TheongoingweakeconomicgrowthinGermanyisevidentinoursurvey.In2023,onlyabouthalfofthesurveyedcompaniesreportedrevenuegrowth.Bycontrast,expectationsfor2024arebetter-almosttwothirdsofthecompaniessurveyedexpectrevenuetorise.

Asabusinesslocation,Germanyhasonceagainbecomelessattractive.Lessthanoneinthreecompaniesstillratethelocationasgoodorverygood.U.S.companiesarealsolessoptimisticaboutthecountry'sfuture,criticizingthehighcostsinGermanyinparticular.

1

AroundhalfoftheU.S.companiessurveyedinGermanywereabletoincreasetheirrevenuein2023

Employmentandinvestmentdemonstrateroughlybalancedlevelsofincrease,stabilityanddecrease.

Howdidtheyear2023turnoutforyourcompanyinGermany?[%]

26%

20%

Revenue

54%

Employees

Investments

35%

30%

35%

38%27%

35%

nIncreasewConsistentDecrease

4TransatlanticBusinessBarometer2024

2Improvedgrowthprospectsforthecurrentyear

AroundtwothirdsofU.S.companiesinGermanyexpecttheirrevenuetoincreasein2024.Foremploymentandinvestments,aroundoneinthreecompaniesexpectsanincrease.

Howwillyourrevenue,employeesandinvestmentsinGermanydevelopin2024?[%]

Revenue

64%23%13%

EmployeesInvestments

32%42%26%

39%37%24%

IncreaseConsistentDecrease

Theexpectationsfor2024surpasslastyear'sactualoutcomes

Followinglastyear'slowerresultsacrossallcategoriescomparedtopreviousyears,expectationsforrevenue,employmentand

investmentsarehigheragainin2024.

Percentageofcompaniesthatexperiencedanincreaseinrevenue,numberofemployeesandinvestmentsfortherespectiveyear

(2017–2023)oranticipatethisin2024

77%

38%

30%

54%

44%

42%

64%

55%

47%

42%

32%

45%

61%

68%

36%

50%

75%

64%

58%

.55%.

60%

51%

45%

39%

32%

30%

42%

28%

15%

0%

20172018201920202021202220232024

RevenueEmployeesInvestments

TransatlanticBusinessBarometer20245

3

Forthefirsttimesincethebeginningofthesurvey,lessthanhalfofU.S.companiesplantoexpandtheiractivitiesinGermany

However,onlyafewU.S.companiesareplanningtoreducetheiractivitiesinGermany.

Willyouexpand,maintainorreduceyouractivitiesinGermanyoverthenextthreetofouryears?

49%

planon

expandingtheiractivities

2023:53%

37%

planon

maintainingtheirpresentactivities

2023:35%

14%

planonreducingtheiractivities

2023:12%

6TransatlanticBusinessBarometer2024

4

Germanyisbecominglessattractiveasabusinesslocation

FewerthanoneinthreeU.S.companiesstillconsiderGermany

agoodbusinesslocation.Lookingahead,thereisanurgentneedforaction:lessthanthreeintenrespondentsexpectthelocationconditionstoimprove.

HowwouldyouratethecurrentinvestmentconditionsinGermany?

42%

Badornot sogood2023:38%

31%

Verygoodorgood

2023:34%

27%

Neutral

2023:28%

HowwillinvestmentconditionsinGermanydevelopoverthenextthreetofouryears?

39%

Conditionswillworsen2023:26%

29%

Conditionswillimprove2023:38%

32%

Conditionswillstaythesame2023:36%

TransatlanticBusinessBarometer20247

5

Germanycheck:

Outstandingworkforcebuthighcosts

U.S.companieshighlyvaluethequalityofemployees,R&Dand

suppliernetworks.However,thesurveyedcompaniesstillperceiveanurgentneedforactionregardingenergycostsanddigitalization.Additionally,almosttwo-thirdsofrespondentsratedeconomic

andindustrialpolicypoorly.

Howwouldyouratethefollowinginvestmentconditions?[%]

Qualityofemployees

QualityofR&D

Qualityofsuppliernetworks

Visaissuance

Potentialasasalesmarket

Marketopenness

Qualityofinfrastructure

Overallreliabilityofpolitics

R&Dregulatoryenvironment

Predictabilityof

investmentconditions

Availabilityofskilledemployees

Startupenvironmentandentrepreneurship

Economicandindustrialpolicy

Qualityofdigitalinfrastructure

Laborcosts

CorporatetaxationEnergycosts

84%8%8%

3%

75%22%

61%

39%

58%26%16%

53%31%16%

50%37%13%

45%16%39%

34%16%50%

32%30%38%

26%21%53%

24%39%37%

24%31%45%

18%21%61%

13%26%61%

8%33%59%

5%45%50%

5%11%84%

nVerygoodorgoodwNeutralNotsogoodorbad

8TransatlanticBusinessBarometer2024

6

U.S.companiesaresignificantlymoreconcernedabouttrade-distortingmeasuresthaninthepreviousyear

SevenintenU.S.companiessurveyedexpressconcernsaboutthepotentialimpactoftrade-distortingmeasures,asignificantincreasefromlessthanoneinfivelastyear.

Howconcernedareyouaboutthepotentialimpactoftrade-

distortingmeasuressuchasprotectionistpoliciesthatarebeingdiscussedintimesofglobaluncertainty?[%]

8%

22%

Veryconcerned2023:17%

Notornotveryconcerned2023:42%

21%

Neutral2023:41%

49%

Quiteconcerned

2023:0%

7

Theenvironmentforinnovationandresearch&develop-mentinGermanyisperceivedaspredominantlyfavorable

MorethanhalfofU.S.companiesconsidertheframeworkconditionsforinnovationtobeverygoodorgood.

WhatisyouroverallassessmentoftheinnovationandR&DenvironmentinGermany?

3%

Verypoororpoor

40%

Neutral

57%

Verygoodorgood

TransatlanticBusinessBarometer20249

8

ThequalityofGermanresearchinstitutionsishighlyvaluedbyUScompanies

However,thereisroomforimprovement,particularlyintermsofregulatoryhurdlesandgovernmentsupportforR&D.

HowwouldyouassessthefollowingfactorswithregardtothegeneralR&DandinnovationenvironmentinGermany?[%]

86%14%

Qualityofresearchinstitutions

Easeofestablishingandmaintainingtransatlanticresearchcooperations

EaseofaccessingskilledtalentforR&Dandinnovation

RegulatoryobstaclesimpedingR&Dactivitiesandinnovations

GovernmentalsupportforR&D

50%6%

44%

28%

28%44%

49%

11%40%

41%

24%35%

VerygoodorgoodNeutralNotsogoodorbad

9

U.S.companiesinGermanyexhibitfavorableconditionsforenhancingtheirinnovationcapabilities

Mostmanagementandemployeesarepreparedforinnovationsinbusinessprocesses,thoughthereisstillroomforimprovementinhandlinglegacyprocessesandincustomers'opennessto

innovativeofferings.

Howdoyouperceivethefollowingprerequisitesforenhancinginnovationcapacitywithinyourowncompany?[%]

Management'srecognitionofthesignificanceofinnovationinbusinessprocesses

Employees'willingnesstoembraceinnovationinbusinessprocesses

Capabilitytonavigateandmodernizelegacyprocesses

Customers'opennesstoinnovativeofferings

3%

81%16%

72%9%19%

57%21%22%

59%17%24%

PromoterNeutralObstacle

10TransatlanticBusinessBarometer2024

10

MorethaneveryfourthU.S.companysurveyedplanstoexpanditsR&DandinnovationactivitiesinGermany

AroundhalfofU.S.companiesintendtokeeptheirR&DactivitiesinGermanyconstant.

Howlikelyareyoutoexpandyourcompany'sR&DandinnovationactivitiesinGermany?[%]

55%

28%

17%

VerylikelyNeutral

orlikely

Veryunlikelyorunlikely

TransatlanticBusinessBarometer202411

12TransatlanticBusinessBarometer2024

HowGermancompanies

viewtheU.S.asaninvestmentlocationin2024

TheU.S.inearly2024.TheeconomicsituationintheU.S.hasseena

noticeableimprovementrecently,avoidingarecessionanticipatedbymanyobservers.Similarly,GermancompaniesintheU.S.havehada

successfulyear2023,withpredominantlypositiveexpectationsforthecurrentyear.GermancompaniesholdalargelyfavorableperceptionoftheUnitedStatesasabusinesslocation,evidencednotonlybytheirfavorableassessmentsoflocationfactorsbutalsobytheirinvestmentactivities.However,respondentsaremorecriticalofthegeneral

reliabilityofpoliticsandlaborcosts.

1

GermancompaniesintheU.S.recordedastrongfinancialyearin2023

MorethanhalfofthesurveyedGermancompaniesintheU.S.wereabletoincreasetheirsalesinthepastyear.ManycompaniesintheU.S.alsoincreasedtheirinvestmentsandexpandedtheirworkforce.

Howdidtheyear2023turnoutforyourcompanyintheU.S.?[%]

22%

17%

Revenue

61%

Employees

Investments

25%

15%

60%

70%15%

15%

nIncreasewConsistentDecrease

TransatlanticBusinessBarometer202413

2

Expectationsforthecurrentyeararehigh

ThevastmajorityofsurveyedGermancompaniesexpect

increasingrevenueandrenewedinvestmentgrowthintheU.S.thisyear.Incomparison,theshareofrespondentswhoplan

toincreasetheirworkforceisslightlylower.

Howwillyourrevenue,employeesandinvestmentsintheU.S.developin2024?[%]

Revenue

EmployeesInvestments

70%21%9%

45%45%10%

60%20%20%

nIncreasewConsistentDecrease

Continuingpositiveeconomicdevelopmentin2024

Afterasuccessfulyear2023,theGermancompaniessurveyed

aregenerallypositiveaboutthecurrentyear2024.Themajorityexpectanotherstrongincreaseinrevenue.However,theshareofcompanieslookingtoexpandtheirinvestmentsandemploymentwilldecreasecomparedto2023.

Percentageofcompaniesthatexperiencedanincreaseinrevenue,numberofemployeesandinvestmentsfortherespectiveyear

75%

60%

45%

30%

15%

0%

(2017–2023)oranticipatethisin2024

56%

59%59%58%

●

70%

61%

70%

●

60%

45%

33%

32%

35%

37%

25%

52%

47%

53%

41%

47%

39%

46%

14%

13%

60%

20172018201920202021202220232024

RevenueEmployeesInvestments

14TransatlanticBusinessBarometer2024

3ContinuousexpansionofactivitiesintheU.S.

70%ofthecompaniessurveyedintendtofurtherexpandtheiractivitiesintheU.S.inthemediumterm.

Willyouexpand,maintainorreduceyouractivitiesintheU.S.overthenextthreetofouryears?

70%

planon

expandingtheiractivities

2023:74%

20%

planon

maintainingtheirpresentactivities

2023:26%

10%

planonreducingtheiractivities

2023:0%

TransatlanticBusinessBarometer202415

4

TheU.S.asabusinesslocation:Positiveassessment,mixedexpectations

ThevastmajorityofGermancompaniesarepositiveabouttheU.S.asabusinesslocation,althoughsignificantlyfewercompaniesthanlastyearseeanimprovementahead.

HowwouldyouratethecurrentinvestmentconditionsintheU.S.?

10%

Badornotsogood

10%

Neutral2023:17%

2023:9%

80%

Verygoodorgood

2023:74%

HowwillinvestmentconditionsintheU.S.developoverthenextthreetofouryears?

26%

Conditionswillworsen2023:8%

42%

Conditionswillstaythesame2023:29%

32%

Conditionswillimprove2023:63%

16TransatlanticBusinessBarometer2024

5

U.S.check:

Attractivelocationwithfewweaknesses

ThemanystrengthsoftheAmericanmarketarehighlyvaluedbyGermancompanies.Inparticular,thepotentialasasalesmarketandthestartupandentrepreneurshipenvironmentareviewedfavorably.Thereisroomforimprovementintermsofpolitical

reliabilityandlaborcosts.

Howwouldyouratethefollowinginvestmentconditions?[%]

Potentialasasalesmarket

Startupenvironmentandentrepreneurship

Qualityofdigitalinfrastructure

QualityofemployeesEnergycosts

QualityofR&D

Marketopenness

Predictabilityof

investmentconditions

Economicandindustrialpolicy

R&Dregulatoryenvironment

Qualityofsuppliernetworks

Qualityofinfrastructure

Corporatetaxation

Availabilityofskilledemployees

Visaissuance

Laborcosts

Overallreliabilityofpolitics

5%

85%10%

20%

80%

75%25%

74%26%

65%35%

63%37%

55%30%15%

53%21%26%

5%

50%45%

47%42%11%

45%45%10%

45%35%20%

40%45%15%

35%25%40%

35%35%30%

20%40%40%

5%

30%65%

nVerygoodorgoodwNeutralNotsogoodorbad

TransatlanticBusinessBarometer202417

6

Germancompaniesexpresssignificantconcernregardingtrade-distortingmeasures

ThevastmajorityofGermancompaniesareevenmoreconcernedaboutthepotentialimpactoftrade-distortingmeasuresthanU.S.companies.Fourintencompaniesarequiteconcerned,andeverysecondcompanysurveyedisevenveryconcerned.

Howconcernedareyouaboutthepotentialimpactoftrade-

distortingmeasuressuchasprotectionistpoliciesthatarebeingdiscussedintimesofglobaluncertainty?[%]

5%

Notornotveryconcerned2023:4%

5%

Neutral2023:8%

40%

Quiteconcerned2023:50%

50%

Veryconcerned2023:38%

7

Germancompaniesperceivetheenvironmentforinnovationandresearch&developmentintheU.S.ashighlyfavorable

Morethanthree-quartersofthosecompaniessurveyedindicatethattheU.S.isagoodorevenverygoodlocationforinnovation.

WhatisyouroverallassessmentoftheinnovationandR&DenvironmentintheU.S.?

6%

Badornotsogood

16%

Neutral

78%

Verygoodorgood

18TransatlanticBusinessBarometer2024

8VerygoodR&DconditionsintheU.S.

Germancompaniescommendthequalityofresearchinstitutionsandtheeaseofestablishingresearchcollaborations.However,

accesstotalentintheresearchfieldandregulatoryobstaclesareratedlessfavorably.

HowwouldyouassessthefollowingfactorswithregardtothegeneralR&DandinnovationenvironmentintheU.S.?[%]

Qualityofresearchinstitutions

Easeofestablishingandmaintainingtransatlanticresearchcooperation

EaseofaccessingskilledtalentforR&Dandinnovation

RegulatoryobstaclesimpedingR&Dactivitiesandinnovations

GovernmentalsupportforR&D

79%21%

79%21%

53%36%11%

5%

53%42%

74%26%

nVerygoodorgoodwNeutralNotsogoodorbad

9

Excellentprerequisitesforimprovingtheabilitytoinnovate

Themajorityofmanagement,employeesandcustomersintheU.S.arereadyforinnovationsinbusinessprocessesandproducts,whilemostGermancompaniesconsiderthecapabilityofmodernizing

legacyprocessesasanobstacle.

Howdoyouperceivethefollowingprerequisitesforenhancinginnovationcapacitywithinyourowncompany?[%]

Management'srecognitionofthesignificanceofinnovationinbusinessprocesses

Employees'willingnesstoembraceinnovationinbusinessprocesses

Capabilitytonavigateandmodernizelegacyprocesses

Customers'opennesstoinnovativeofferings

84%16%

5%

79%16%

5%

47%48%

6%

69%25%

PromoterNeutralObstacle

TransatlanticBusinessBarometer202419

10

OneinthreecompaniesplanstoexpandR&DandinnovationactivitiesintheU.S.

However,themajorityofcompaniessurveyedplantokeeptheirinnovationactivitiesintheU.S.constant.

Howlikelyareyoutoexpandyourcompany'sR&DandinnovationactivitiesintheU.S.?[%]

42%

32%

26%

Veryunlikelyorunlikely

VerylikelyNeutral

orlikely

20TransatlanticBusinessBarometer2024

AboutAmChamGermany

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(AmCham