Berlin (AFP) – Chancellor Friedrich Merz on Monday appointed a “personal representative for investment” charged with bringing new business to Germany as part of efforts to revive the struggling economy. Veteran banker Martin Blessing, 62, will “act as the central point of contact for foreign investors and represent Germany as an investment location internationally,” Merz’s office said in a statement.
His job will be to “promote investment in our country as a clear point of contact internationally and increase Germany’s visibility in the global competition for business locations,” Merz said. Blessing is chairman of the board at Danske Bank, was the CEO of Commerzbank from 2008 to 2016, and has also worked for UBS. He will not be paid for the position, which he said he had accepted because “Germany is a wonderful country to which I owe a great deal.”
Blessing said he wanted to create an “equity story” for Germany — using the term for a business plan used to attract investors. He said he was planning a major conference for investors, but this would not take place before the end of the year. Fixing the struggling economy has been a priority for Merz, from the conservative CDU, since he was elected as chancellor earlier this year.
Europe’s largest economy has been in the doldrums for some time as businesses struggle with high production costs as well as increasingly fierce Chinese competition for key exports. The number of foreign investments in Germany fell in 2024 for the third year running, according to economic promotion agency GTAI. A total of 1,724 foreign companies announced new establishments or expansions last year — down from 1,759 in 2023, 1,783 in 2022, and 1,806 in 2021.
To boost growth, the government plans to spend hundreds of billions of euros in the coming years to upgrade creaky infrastructure and has put forward tax breaks to encourage investment.
© 2024 AFP
