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Zurich,
Business
Business Profile: The economic centre of Switzerland, Zurich is renowned for its role in international finance, and in a country of banks it is home to the headquarters of most Swiss banks (including the Schweizerische Nationalbank). Of the region’s 400 banks and offices, 95 represent foreign banks. Zurich has the world’s largest trade in gold and the fourth largest stock market. Other significant industries are insurance, tourism, machine and textile industries, trade and light industry. In total, the service sector accounts for 77% of employment – financial services and insurance alone account for more than one fifth of employment. Per capita GDP is one of the highest in Europe and unemployment is typically low at 2.5%, although higher than the national average at 1.9%. The estimate for 2002 was that Zurich’s unemployment would rise, seeing as the city was especially hit by the closure of Swissair and continuing problems in the telecommunications industry.
The focus of the city’s financial power is Bahnhofstrasse and the Paradeplatz. This area is also literally the country’s centre of wealth – vaults holding gold and silver lie below the street. The city is a popular destination for international conferences and conventions, with high‐class facilities and an enviable setting in terms of the lovely Old Town and spectacular scenery within easy reach. With two conference centres at the airport, the Kongresshaus (tel: (01) 206 3636) in the city centre, and the Messe trade fair centre (tel: (01) 318 7111) in the suburb of Oerlikon, the city is well equipped to receive large groups. The proximity of the airport to the city means that a number of companies are situated in the area –the location of the new Messe between the centre and the airport is hardly a coincidence. Zurich is also a strong draw for high‐tech companies and is an important research centre with partnerships between the two universities and private companies. Major corporations in the area include Crédit Suisse, Swiss Re, General Motors, Dow Chemical,
IBM and UBS. The well‐trained and highly educated workforce is reflected in the demand for high‐quality goods and an enviable standard of living.
Business Etiquette: It is always important to address Swiss colleagues by their surnames (including any academic or honorary titles) and to use the polite Sie form, rather than the informal du, until familiarity has been established. Punctuality is important and business cards are widely used. Do not be surprised by Zürchers’ apparent brusqueness – they believe in speaking the truth, even if it is not pleasant. If invited to a Zürcher’s home, guests should bring a small gift of flowers (these should be unwrapped) or chocolates. Business attire tends to be somewhat casual but is more conservative in financial institutions where business suits should definitely be worn. Business hours are typically Monday to Friday 0800‐1200 and 1400‐1700.
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