Switzerland attracts fewer firms but gains more jobs

The American biotech firm Biogen is setting up a production plant in the Swiss canton of Solothurn Keystone

The number of foreign firms that set up shop in Switzerland dropped by almost 4% in 2015 compared to the year before. However, the number of jobs created by such firms increased by 38%. 

A total of 264 companies established themselves on Swiss soil in 2015 compared to 274 in 2014. But these firms created 1,082 new jobs for the country compared to 780 the year before – a respite from the steady decline over the past four years. 

“This reinforces the image of promoting a Swiss economy based on value added rather than large-scale arrivals,” said the Conference of Cantonal Economic Directors on Monday. According to their statement, there is an increasing trend in the number of life sciences companies choosing Switzerland as a destination. 

Switzerland Global Enterprise, the promotion agency entrusted with the task of enticing firms to the Alpine nation, had been asked by the cantons to focus on value addition and innovation instead of quantitative targets. 

Each year, Switzerland spends CHF5.4 million ($5.6 million) to promote the country as an ideal economic destination for foreign firms.