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Business opportunities for British companies in NRW

The British Brexit referendum result presents many companies with the challenge of rethinking their European strategies. At an investor seminar held in London in the middle of June, NRW.INVEST presented the benefits of NRW as a business location.

Around 70 representatives of British companies and multipliers interested in investment were present at the event organized by the German-British Chamber of Industry and Commerce. Together with the Economic Development Agency of Düsseldorf, the international law firm Herbert Smith Freehills, the HR consultants Fischer HRM and Landesbank Helaba, NRW.INVEST examined the topic "Opportunities and Challenges of Doing Business in NRW" and the most important factors concerning relocation. The focus of the program was on the topics personnel recruiting, banking, legal and fiscal framework conditions as well as cultural differences between Germany and the United Kingdom, which were discussed with a view to NRW as a business location. "In an exchange with the companies we want to monitor developments, provide our service and work on solutions," said Michael Kordus, Head of the Western Europe Division at NRW.INVEST.

The ties between the UK and NRW are very close for historical reasons. Within Germany, the federal state which was originally founded by the British military government is the most important trading partner for the British. More than 1,500 British companies have already settled in NRW with their German or European headquarters.

With regard to Brexit, the number of international companies in NRW could still rise significantly. According to a survey conducted by Ernst & Young at the beginning of the year, one in seven companies active in the UK is planning to outsource business areas out of the country, with 54 percent citing Germany as their preferred destination outside of the UK.