Les sociétés multinationales basées à Genève et Vaud

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1 Les sociétés multinationales basées à Genève et Vaud Un moteur de croissance en danger! Étude conjointe de la Chambre de Commerce américano-suisse et du Boston Consulting Group Juin 2012 Genève, Suisse

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3 AVIS AU LECTEUR Cette recherche reprend au stade où nous l avions laissée il y a trois ans, quand nous avons examiné (dans le cadre de trois études successives) la relation entre les sociétés multinationales et la Suisse. Notre première étude, réalisée en 2006 et intitulée Les entreprises étrangères en Suisse : le secteur oublié*, présentait les entreprises étrangères comme un secteur encore modeste, mais en forte croissance, à l intérieur de l économie suisse. Notre seconde étude, Les entreprises multinationales en mouvement : comment la Suisse va gagner la bataille!**, réalisée en 2007, racontait le succès de la Suisse dans ses efforts pour attirer des multinationales tout en soulignant la vulnérabilité de l économie suisse à l égard des multinationales si celles-ci devaient se délocaliser ailleurs. Et notre troisième étude, publiée en 2009, Créative la Suisse? Promouvoir un centre de compétences pour l innovation!*** a étudié comment la Suisse pourrait améliorer son attractivité pour les multinationales, c est-à-dire en conservant sa position de meilleur site pour l innovation. Dans la présente étude, nous mettons l accent sur Genève et Vaud, des cantons qui possèdent deux des économies les plus solides de Suisse. Elle illustre la relation, bénéfique pour les deux parties, entre les multinationales et la Suisse, et les enjeux élevés qu implique cette relation. Genève, Vaud et alentours, une région connue sous le nom d «Arc lémanique», a offert un environnement propice aux multinationales, entre autres grâce à sa bonne qualité de vie, sa main d œuvre hautement qualifiée et l accent mis sur l innovation. Les multinationales représentent un élément vital pour les économies de ces cantons, contribuant à plus de 40% de leur PIB en 2010 (plus élevée que la contribution des multinationales à l ensemble de l économie suisse, qui se monte à 36%). Les multinationales ne représentent pas seulement le moteur de la santé économique et de l emploi, elles contribuent aussi de manière significative à l économie du savoir et aux communautés locales.

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5 Tandis que la relation entre ces deux cantons et les multinationales se sont approfondies, apparaissent les premiers signes d un changement défavorable de direction. De nombreux facteurs, qui ont rendu cette région attirante pour les multinationales, sont en déclin. En outre, la concurrence globale pour attirer les multinationales s intensifie du fait que de nombreux pays sont en train d améliorer leurs conditions cadres et les solutions qu ils offrent aux multinationales. A la lumière de ces développements, Genève et Vaud ne peuvent pas se permettre de considérer comme acquis le fait que leur succès passé auprès des multinationales se poursuivra à l avenir. Il n y a pas de place pour l autosatisfaction. Il est vital que Genève et Vaud entament une action politique afin d accroître leur compétitivité en tant que place d affaires idéale pour les entreprises multinationales. Cette étude propose quatre mesures essentielles en ce sens. Nous sommes convaincus que notre étude constituera une contribution opportune et judicieuse à la résolution de cette question. Vos commentaires et impressions seraient hautement appréciés. Martin Naville CEO, Chambre de Commerce américano-suisse Elmar Wiederin Président, associé senior et directeur général, The Boston Consulting Group (Suisse) Philip Schulze-Smidt Associé et directeur exécutif, The Boston Consulting Group (Suisse) Emre Ozcan Consultant, The Boston Consulting Group (Suisse) * Foreign Companies in Switzerland: The Forgotten Sector, 2006 ** Multinational Companies on the Move: How Switzerland Will Win the Battle!,2007 *** Creative Switzerland? Fostering an Innovation Powerhouse!, 2009

6 TABLE DES MATIÈRES Synthèse La Suisse et les multinationales : un scénario gagnant-gagnant La Suisse : toujours en tête du peloton La contribution vitale et grandissante des multinationales à l économie suisse Priorité partagée pour l innovation Genève, Vaud et les multinationales: un scénario gagnant-gagnant renforcé Genève et Vaud : des places d affaires idéales pour les multinationales Les multinationales de Genève et Vaud: un moteur de croissance économique L impact des multinationales: au delà des aspects économiques Pas de place pour l autosatisfaction : la concurrence s exacerbe Le recul de l attrait de Genève et Vaud L attrait économique de Genève et Vaud ensemble La chasse mondiale aux multinationales s intensifie Les coûts en cas de départ des multinationales

7 Il est urgent d agir: quatre mesures essentielles Etablissement de task forces interdépartementales à Genève et Vaud afin de faire face aux préoccupations immédiates des multinationales Renforcement de la coopération entre Genève et Vaud pour mettre au point une stratégie commune concernant les multinationales Création et encouragement de pôles d excellence sectoriels Développement d une stratégie détaillée afin d attirer les multinationales asiatiques Méthodologie Cette étude est publiée par

8 SYNTHÈSE La Suisse constitue une place d affaires idéale pour les sociétés multinationales. La Suisse offre toute une palette d avantages aux multinationales: une situation centrale en l Europe, un environnement politique et fiscal stable, une infrastructure bien développée, une bonne qualité de vie, une main d œuvre hautement qualifiée et plurilingue, un système fiscal attrayant et un gouvernement attentif au secteur des affaires, sans compter l accent mis depuis longtemps sur l innovation et l investissement dans la R&D. En outre, lorsqu il s agit d attirer des multinationales, la Suisse possède non seulement le savoir-faire nécessaire, mais elle fait office de référence. Ces trois dernières années, le Rapport sur la compétitivité mondiale du World Economic Forum a classé la Suisse au premier rang des économies les plus compétitives du monde. Les bénéfices sont mutuels entre les deux parties la Suisse offre un environnement d affaires avantageux aux multinationales et celles-ci en retour, contribuent de manière importante à l économie suisse. Les chiffres en témoignent. En 2010, les multinationales représentaient 36% du PIB total de la Suisse. Et plus de 30% des 129 milliards de dollars de croissance supplémentaire du PIB créée en Suisse entre 2000 et 2010 provenaient de nouvelles arrivées ou de l expansion de multinationales. Durant cette période, la part du PIB due aux multinationales étrangères a crû de 9% à 14%, avec une croissance annuelle de 8% (comparativement à la moyenne nationale de 3%). En termes de création d emplois, les multinationales étrangères ont dépassé la moyenne nationale qu elles ont multipliée par six et sont responsable de la création d un emploi sur deux. De même, presque 75% de l investissement dans la R&D en Suisse proviennent des multinationales. Il ne fait aucun doute que les multinationales contribuent massivement à la robuste croissance du PIB de la Suisse, à son taux de chômage bas et à sa réputation de leader mondial de l innovation. Dans les cantons de Genève et Vaud, les bénéfices mutuels sont encore plus prononcés : les multinationales représentent plus de 40% du PIB et contribuent de manière significative à la création de richesse, à l emploi et à la vie culturelle de ces cantons. Une fois encore, les chiffres révèlent l étendue des bénéfices économiques que les multinationales apportent à l Arc lémanique. En 2010, elles ont contribués à hauteur de 43% au PIB genevois et de 41% au PIB vaudois, contre 35% et 33% respectivement en Plus encore, entre 2000 et 2010, les multinationales ont contribué à 67% de la croissance du PIB à Genève et à 63% dans le canton de Vaud. En outre, durant la même période, les multinationales étrangères 8 Multinational Companies in Geneva and Vaud: Growth Engine at Risk!

9 ont été, à Genève, les principaux moteurs de l emploi qu elles ont permis d accroître de 8% (contre une moyenne cantonale de 2%) ; et elles ont accru l emploi dans le canton de Vaud de 7% par an (contre une moyenne cantonale de 1%). Dans les deux cantons, les multinationale ont créé deux-tiers de l ensemble des nouveaux emplois entre 2000 et En outre, elles aident les entreprises locales à acquérir leurs biens et services. Et leur contribution va bien au-delà de la création d emplois et de richesse: elles s engagent au sein de la communauté, à qui elle apportent un bénéfice additionnel, à travers du sponsoring d événements culturels et sportifs, leur soutien aux organisations caritatives et leur travail bénévole dans les écoles, entre autres activités. Toutefois, à la lumière des changements qui rendent l Arc lémanique moins attrayant qu auparavant pour les multinationales, il n y a pas de place pour l autosatisfaction. La forte attractivité du «paquet économique» global offert aux multinationales une combinaison de coûts, de productivité et de fiscalité est en train de s éroder. La force du franc suisse a réduit la compétitivité des opérations suisses pour de nombreuses multinationales en accroissant encore leurs coûts locaux déjà élevés. Les secteurs tournés vers l exportation en sont particulièrement affectés. Et Genève et Vaud, deux cantons tournés vers l exportation, sont sous pression. La productivité de la main d œuvre suisse est également à la traîne, avec l un des taux de croissance les plus bas des pays de l OCDE. En outre, les régimes fiscaux sont attaqués de toutes parts. L Union européenne et les Etats-Unis font pression sur la Suisse pour harmoniser les régimes d imposition des entreprises. Ces changements se produisent à une époque où la concurrence régionale et globale s intensifie pour les multinationales. C est une pratique habituelle pour ces dernières de déplacer leurs unités d affaires afin de rester compétitives. Tous les cinq ans environ, les multinationales réévaluent les sites optimaux pour leurs différentes unités et fonctions, augmentant ainsi la pression sur les gouvernements. Ce qui les incite à utiliser des méthodes agressives pour attirer puis retenir les multinationales étrangères dans leurs pays. Il en résulte une escalade globale entre les places d affaires pour devenir toujours plus attrayantes. Si Genève et Vaud perdent la bataille pour attirer les multinationales, les conséquences risquent d être douloureuses. En raison de la concentration élevée de multinationales à Genève et Vaud, ces deux cantons seront plus défavorablement The Boston Consulting Group 9

10 affectés que les autres cantons suisses si les multinationales devaient y réduire leur présence, ou carrément quitter le pays. Une diminution du nombre de multinationales présentes à Genève et Vaud pourrait miner la prospérité de ces cantons, affaiblir leur capacité à innover et déboucher sur un exode du personnel très qualifié et des investissements. Les conséquences d une telle évolution se déploieront à long terme. Elles seront significatives et difficiles à corriger. L augmentation rapide de nouveaux emplois dans les cantons de Genève et Vaud (24'000 environ pour chaque canton durant cette dernière décennie), pourrait se transformer en diminution tout aussi rapidement. La récente décision de Merck Serono de fermer son siège de Genève montre à quel point ce type de changement peut intervenir de manière soudaine et brutale. Nous recommandons quatre mesures essentielles afin d améliorer encore l attrait de Genève et Vaud pour les multinationales. Nous lançons un appel aux autorités politiques et aux associations économiques de Genève et Vaud afin qu elles mettent en œuvre les quatre mesures suivantes, destinées à maintenir et à améliorer la réputation des ces cantons en tant que places d affaires favorites des multinationales. 1. Etablir des task forces interdépartementales à Genève et dans le canton de Vaud afin de répondre aux préoccupations immédiates des multinationales. Des dirigeants de multinationales de Genève et Vaud ont identifié sept domaines clés où ils aimeraient voir des améliorations ; la plupart d entre eux dépassent les limites des différents départements au sein des gouvernements cantonaux de Genève et Vaud. Ces domaines sont (1) les investissements dans les infrastructures, (2) l assouplissement des règles de l immigration concernant la main d œuvre hautement qualifiée, (3) les processus administratifs, (4) la compétitivité fiscale, (5) la mise à disposition de logements à prix abordables, (6) la sécurité des personnes, (7) un environnement stable et ouvert aux entreprises. A la lumière de l immense importance de ces questions pour les économies de Genève et Vaud, nous recommandons la création d une task force interdépartementale à cet effet dans chaque canton, et ce afin de résoudre ces questions d une manière coordonnée et efficace. 2. Renforcer la coopération entre Genève et Vaud de manière à créer une stratégie conjointe concernant les multinationales. Car aussi bien leurs opérations que les problèmes qu elles ont identifiés, traversent souvent les frontières cantonales. Et de fait, la plupart des solutions impliqueront Genève et Vaud. Il y aura donc beaucoup à gagner d une coopération étroite entre ces deux cantons. Pour cette raison, nous recommandons que les deux task forces cantonales coordonnent très étroitement leurs travaux et résolvent ensemble les questions les plus importantes. 10 Multinational Companies in Geneva and Vaud: Growth Engine at Risk!

11 3. Promouvoir des pôles d excellence sectoriels. En encourageant l établissement de pôles d expertise, Genève et Vaud se distingueraient des autres places d affaires et se mueraient en leaders mondiaux dans des domaines choisis. La présence de pôles sectoriels forts renforcerait les liens des multinationales dans la région, permettraient d attirer de nouvelles multinationales dans les mêmes secteurs et contribueraient à l incubation et au développement de nouvelles start-up(s). Pour cette raison, les administrations publiques, les élus et les différents services genevois et vaudois devraient consentir des efforts supplémentaires afin de cultiver les pôles les plus prometteurs tels que l ingénierie de précision, le négoce de matières premières et les sciences de la vie (à Genève), ainsi que la technologie médicale, les sciences de la nutrition et les technologies de l information (dans le canton de Vaud), en sus des pôles, bien établis dans ces cantons, des secteurs du luxe, de la chimie fine et de la gestion de fortune. 4. Développer une stratégie détaillée pour attirer les multinationales asiatiques. Ces dernières renforcent rapidement leur présence mondiale et un nombre de plus en plus important d entre elles réfléchissent à établir leurs unités de gestion, de R&D et de marketing en Europe, en particulier dans les secteurs de la high-tech, du négoce et de la chimie, très importants pour Genève et Vaud. Du fait que les attentes des multinationales asiatiques pourraient être différentes de celles des entreprises américaines ou européennes, les procédés actuellement destinés à attirer des multinationales à Genève et Vaud pourraient ne pas être optimaux. Une stratégie détaillée est nécessaire afin de saisir l opportunité que représentent les multinationales asiatiques. Il est essentiel que cette stratégie soit holistique afin de créer un portefeuille de multinationales bien équilibré qui permettrait de répartir les risques et de promouvoir une croissance durable. The Boston Consulting Group 11

12 SWITZERLAND AND MNCs: A WIN-WIN SCENARIO When it comes to attracting multinational companies (MNCs), Switzerland not only has the know-how, it also sets the standard. The benefits flow both ways Switzerland provides an advantageous business environment for MNCs, and MNCs make major contributions to the Swiss economy. Underlying these mutual benefits is a shared focus on R&D and innovation. Switzerland: Still at the Head of the Pack As aptly attested to in a recent ad by the Azerbaijan Investment Office, "We're not Swiss, but we're perfect," Switzerland has become the "Harrods" of business locations for MNCs a standard against which countries interested in attracting foreign investment and developing businesses measure themselves. Indeed, the World Economic Forum's Global Competitiveness Report has ranked Exhibit 1 Switzerland Remains the Most Competitive Economy Global competitiveness index: Top Finland 1. Finland 1. Finland 1. Finland 1. Switzerland 1. US 1. US 1. Switzerland 1. Switzerland 1. Switzerland 2. US 2. US 2. US 2. US 2. Finland 2. Switzerland 2. Switzerland 2. US 2. Sweden 2. Singapore 3. Canada 3. Sweden 3. Sweden 3. Sweden 3. Sweden 3. Denmark 3. Denmark 3. Singapore 3. Singapore 3. Sweden 4. Singapore 4. Denmark 4. Taiwan 4. Denmark 4. Denmark 4. Sweden 4. Sweden 4. Sweden 4. US 4. Finland 5. Australia 5. Taiwan 5. Denmark 5. Taiwan 5. Singapore 5. Germany 5. Singapore 5. Denmark 5. Germany 5. US 6. Norway 6. Singapore 6. Norway 6. Singapore 6. US 6. Finland 6. Finland 6. Finland 6. Japan 6. Germany 7. Taiwan 7. Switzerland 7. Singapore 7. Iceland 7. Japan 7. Singapore 7. Germany 7. Germany 7. Finland 7. Netherlands 8. Netherlands 8. Iceland 8. Switzerland 8. Switzerland 8. Germany 8. Japan 8. Netherlands 8. Japan 8. Netherlands 8. Denmark 9. Sweden 9. Norway 9. Japan 9. Norway 9. Norway 9. UK 9. Japan 9. Canada 9. Denmark 9. Japan 10. NZ 10. Australia 10. Iceland 10. Australia 10. Australia 10. Netherlands 10. Canada 10. Netherlands 10. Canada 10. UK 11. Ireland 11. Japan 11. UK 11. Netherlands 11. Japan 11. Korea 11. Hong Kong 11. Hong Kong 11. Hong Kong 11. Hong Kong 12. UK 12. Netherlands 12. Netherlands 12. Japan 12. Netherlands 12. Hong Kong 12. UK 12. Taiwan 12. UK 12. Canada 13. Hong Kong 13. Germany 13. Germany 13. UK 13. Germany 13. Canada 13. Korea 13. UK 13. Taiwan 13. Taiwan 14. Denmark 14. NZ 14. Australia 14. Canada 14. NZ 14. Taiwan 14. Austria 14. Norway 14. Norway 14. Belgium 15. Switzerland 15. UK 15. Canada 15. Germany 15. UK 15. Austria 15. Norway 15. Australia 15. France 15. Norway Source: World Economic Forum Global Competitiveness Report 12 Multinational Companies in Geneva and Vaud: Growth Engine at Risk!

13 Switzerland the most competitive economy worldwide for the past three years ( ). (See Exhibit 1.) Many other international benchmarking studies also place Switzerland at or near the top of their rankings, including the Economist Intelligence Unit's Business Operations Risk Index, the International Institute for Management Development's World Competitiveness Score, and the Heritage Foundation's Economic Freedom Index. The secret to Switzerland's success is hardly news. Switzerland offers an ideal mix of advantages to MNCs: a central location in the heart of Europe, a stable political and fiscal environment, well-developed infrastructure, a high quality of life, sustained investment in R&D, a highly skilled workforce, an attractive tax system, and a business-friendly public and government. Since the mid-1990s, Switzerland has enjoyed robust economic growth, especially compared with other European OECD countries. While Switzerland's average annual real GDP growth rate (around 2.0 percent) has been lagging behind those of South Korea (4.4 percent) and Ireland (4.3 percent), Switzerland has outperformed its neighbors such as France (1.8 percent) and Germany (1.5 percent). Service industries constitute the largest share of Switzerland's GDP growth, offsetting the drop in agriculture and below-average growth in manufacturing. In 2010, 72 percent of Swiss GDP came from service industries (compared with 1 percent from agriculture and 27 percent from manufacturing). In terms of 2010 GDP per capita, Switzerland maintained its top position in Europe (coming in third after top-ranking Luxembourg and Norway) and placed sixth in the world after the United States, Hong Kong, and Singapore. (See Exhibit 2.) At around $43,000, GDP per capita in Switzerland was 25 percent higher than that in the United Kingdom and Germany, and almost 50 percent higher than the euro zone average. While the global financial crisis that began in 2008 has adversely affected the competitiveness of the Swiss economy (especially due to the recession in Europe and the increasing value of the Swiss franc), Switzerland has, by and large, coped with the crisis better than most of its peers. In 2010, Switzerland's unemployment rate (4 percent) was one of the lowest among OECD countries, and it was considerably lower than that of the euro zone average (10 percent) and the unemployment rate in the United States (9 percent). Further, Switzerland's unemployment rate The Boston Consulting Group 13

14 Exhibit 2 Switzerland Is Still One of the Wealthiest Economies Swiss GDP per capita is ~1.5x more than that of Euro zone 2008 crisis ended Switzerland's high pace growth of early 2000s GDP (PPP) per capita, Swiss GDP (PPP) per capita, % ~1.5x % 4.2% Luxembourg Norway US Hong Kong Singapore Switzerland Ireland Netherlands Australia Austria Sweden Germany UK France Japan Euro (F) Source: EIU; BCG increased only marginally since 2008 (0.8 percentage point) compared with the euro zone average (up 2.5 percentage points) and the unemployment rate in the United States (up 5.0 percentage points). In addition, Switzerland was running an almost zero-deficit budget in 2010, and its public debt (around 40 percent of its GDP) was one of the lowest among OECD countries. At around 11 percent, its government expenditures (as a percentage of 2010 GDP) barely changed since 2000, compared with an increase of 6 percentage points in the Netherlands (to 28 percent of GDP) and 5 percentage points in the United Kingdom (to 24 percent of GDP). The MNCs' Vital and Growing Contribution to the Swiss Economy Since 2000, the Swiss economy has become increasingly international, primarily thanks to MNCs. Switzerland's export and imports combined reached 100 percent of its GDP. Foreign direct investment (FDI) inflows and outflows, which increased substantially between 2000 and 2010, are strong evidence of the increasing presence and assets of foreign MNCs in Switzerland. In 2010, FDI "stock per capita" in Switzerland ($73,000) was one of the highest in the world following Hong 14 Multinational Companies in Geneva and Vaud: Growth Engine at Risk!

15 Exhibit 3 FDI per Capita into and out of Switzerland Is Among the Highest in the World Showing the Importance of MNCs to the Swiss Economy FDI stock 'at home' per capita, 2010 FDI stock 'abroad' per capita, 2010 (USD k) (USD k) Hong Kong Belgium Switzerland Singapore Ireland Sweden Austria Netherlands Norway France UK Germany Hong Kong Switzerland Belgium Ireland Netherlands Norway Austria Sweden Singapore France UK Germany Note: FDI stock cumulative as of 2010YE Source: OECD; BCG Kong ($142,000) and Belgium ($83,000). (See Exhibit 3.) It was roughly 25 percent more than that in Singapore ($59,000) and more than double that in the Netherlands ($35,000). Swiss MNCs also have strengthened their investments abroad: Switzerland's FDI stock per capita abroad ($116,000) is the second highest in the world after Hong Kong ($127,000); it is double that of the Netherlands ($53,000) and triple that of Singapore ($35,000). Also, Switzerland ranks at the top in terms of the number of Global Fortune 500 companies (1.9) per million inhabitants only Luxembourg, which is home to one such company, has a better ratio. Perhaps the best testament to the growing "multinational density" in the Swiss economy is the increasing contribution of MNCs to Swiss GDP and employment growth. In 2010, MNCs accounted for 36 percent of the total Swiss GDP 14 percent from foreign MNCs located in Switzerland and 22 percent from Swiss MNCs. 1 (See Exhibit 4.) More than 30 percent of the $129 billion in additional GDP created in Switzerland between 2000 and 2010 came from new entries or expansions of MNCs. During that time, the share of GDP contributed by foreign MNCs increased 1 For the purposes of this study (as in our previous studies), we divided Switzerland-based MNCs into two categories: foreign and Swiss. Foreign MNCs are companies with operations or regional headquarters in Switzerland and global headquarters abroad (such as Procter & Gamble and Medtronic). Swiss MNCs are companies with global headquarters in Switzerland but with more than 25 percent of revenues coming from international operations and more than 25 percent of total staff located abroad (both measures apply cumulatively). Examples of Swiss MNCs are Nestlé and Tetra Pak. All other companies in this study are categorized as domestic companies. The Boston Consulting Group 15

16 Exhibit 4 MNCs Have Generated Almost One-Third of Swiss GDP Growth Development Breakdown of Swiss GDP Annual GDP growth GDP increase Share in GDP increase GDP in bn CHF Total 3% 129 bn % 28% % 24% 14% Foreign MNCs 8% 39 bn 30% 22% Swiss MNCs < 1% 1 bn 1% 31% % 67% 65% Domestic companies 3% 89 bn 69% Note: GDP in current year prices Source: BfS; SNB; BCG Exhibit 5 Foreign MNCs' Annual Employment Growth Beat the National Average by a Factor of Six Development Full time equivalent employees in Switzerland (in k) Annual employment growth Change in employment (in k) 4,000 3,000 3,211 7% 23% 3,246 8% 22% 3,246 9% 21% 3,350 9% 20% 3,517 10% 18% 3,545 11% 18% Total Foreign MNCs Swiss MNCs 1% 6% -2% ,000 1,000 70% 70% 70% 71% 72% 71% Domestic companies 1% Source: SNB; BfS; Handelszeitung; ORBIS database; BCG 16 Multinational Companies in Geneva and Vaud: Growth Engine at Risk!

17 from 9 percent to 14 percent with an annual growth of 8 percent (compared with the national average of 3 percent). In terms of employment, foreign MNCs have outpaced the national average by a factor of six and are responsible for the creation of every second job in Switzerland. (See Exhibit 5.) Between 2000 and 2010, virtually all new jobs in manufacturing and 40 percent of new jobs in services in Switzerland were created by foreign MNCs. In 2010, these MNCS employed around 15 percent of the total manufacturing workforce and 8 percent of the service workforce in Switzerland. In addition, foreign MNCs created jobs in high-productivity sectors. For example, in manufacturing, the highest wage increases between 2000 and 2010 were in the chemicals, electronics, and precision engineering sectors, in which foreign MNCs have been dominant. Similarly, in services, the highest wage increases have been in financial services, telecommunications, and R&D, in which foreign MNCs have increased their presence most significantly. Most of the foreign MNCs in Switzerland are of European or American origin. Of the available jobs at foreign MNCs, 81 percent are at European and 14 percent are at American MNCs. But the presence of Asian MNCs is increasing. Asian MNCs in Switzerland have had the highest job growth rate since 2003 (double that of European MNCs in Switzerland), followed by South American and Central American MNCs. U.S.-based MNCs have had almost flat job growth during the same period. Also, it is a myth that foreign MNCs in Switzerland are all large; in 2010, around 40 percent of them had direct investment stock valued below CHF 10 million. The contributions to GDP by Swiss MNCs in Switzerland declined from 28 percent in 2000 to 22 percent in 2010 (although the pace of decline has recently slowed). Further, between 2000 and 2010, Swiss MNCs provided fewer jobs in Switzerland. While Swiss MNCs have grown their employment abroad, the number of people they employ in Switzerland has decreased by 2 percent annually since Many Swiss MNCs have moved some of their business units and production sites to more advantageous locations that are closer to bigger markets, resources, and low-cost production locales. Nonetheless, Swiss MNCs continue to play an important role in the Swiss economy. The Boston Consulting Group 17

18 Exhibit 6 Switzerland Is Still the Best Place for Innovation European innovation scoreboard GCR innovation index EIU innovation index Global innovation index 1. Switzerland 1. Switzerland 1. Japan 1. Switzerland 2. Sweden 2. Sweden 2. Switzerland 2. Sweden 3. Denmark 3. Japan 3. Finland 3. Singapore 4. Finland 4. Finland 4. USA 4. Hong Kong 5. Germany 5. Germany 5. Sweden 5. Finland 6. United Kingdom 6. USA 6. Germany 6. Denmark Source: EU Innometrics (2010); WEF ( ); EIU (2009); INSEAD (2011) Exhibit 7 Switzerland Invests Heavily in R&D and It Shows Total expenditure on R&D as percentage of GDP 3.5% 3.0% Switzerland 2.5% 2.0% 1.5% Spain 15 Belgium 117 UK Singapore Germany France Netherlands 147 United States Austria 1.0% Hungary 9 67 Italy Ireland 0.5% Patents per million habitants 0.0% ,000 1,500 2,000 2,500 Total expenditure on R&D per capita (USD) Source: International Institute for Management Development (IMD); EIU (2010); BCG 18 Multinational Companies in Geneva and Vaud: Growth Engine at Risk!

19 A Shared Focus on Innovation Switzerland's success in attracting and retaining MNCs is no doubt related to its exceptional performance in innovation, as evidenced by its top rankings in many highly regarded international studies. (See Exhibit 6.) Four factors are essential to creating a highly favorable environment for innovation and allowing Switzerland to sustain its strong R&D position: By a large margin, R&D investment in Switzerland is the highest in the world on a per capita basis. (See Exhibit 7.) It is 50 percent higher than that in the United States and Austria Switzerland's closest competitors on this front. Swiss laws and policy regarding the protection of intellectual property are outstanding, as reflected in the fact that Switzerland holds the highest number of patents worldwide and a leadership position in basic scientific research. Switzerland is home to some of the world's best universities and research institutions, which produce highly skilled experts and perform cutting-edge research. There are long-standing tradition and strong platforms for collaboration among universities and MNCs that facilitate the exchange of ideas, the flow of investments, and the creation of winning products and services. While Switzerland's strong position in R&D has helped to increase the competitiveness of Swiss MNCs and attract foreign investment, MNCs are a major contributor to this success. For example, in 2010, Swiss government support and public funding for R&D were among the lowest in an international comparison. (See Exhibit 8.) While the United States, France and Belgium spent more than 0.2 percent of GDP on R&D, and the United Kingdom and the Netherlands spent around 0.1 percent, Switzerland spent 0.04 percent. The private sector in Switzerland contributes 75 percent of the funding for R&D, and 95 percent of that private sector investment is contributed by MNCs which means that almost 75 percent of the R&D investment in Switzerland comes from MNCs. Thus, the increasing presence of MNCs in Switzerland and their investment in R&D is a key ingredient of Switzerland's well-sustained success in innovation. In other words, Switzerland has created a virtuous cycle: MNCs invest handsomely in R&D to make the Swiss economy the most competitive. This, in turn, attracts new MNCs to come to Switzerland and helps MNCs already in the country to expand their businesses in Switzerland especially in areas that require high levels of innovation. The Boston Consulting Group 19

20 Exhibit 8 Swiss Government Spending on R&D Is Low Compared with That of Other Countries That Have a Strong Focus on Innovation Government funding on R&D as % of GDP United States France Belgium Austria UK Netherlands Germany Switzerland Indirect government support through R&D tax incentives Direct government funding of business enterprise R&D Note: 2010 data except US and Switzerland (2008) Source: OECD; BCG What is most striking about Switzerland's performance as measured by the Global Competitiveness Report is how the country has moved from a mediocre position (fifteenth in 2002) to the top (in 2011) and managed to stay there. This is the virtuous cycle at work: As Switzerland has attracted more MNCs and created an ideal business environment for them, MNCs have expanded their presence and investments in Switzerland. But this virtuous cycle is increasingly under threat due to many factors, including growing global competition over MNCs, which have the ability, experience, and incentive to periodically reevaluate the locations of their operations. How can Switzerland retain its position at the head of pack? What measures should it take to ensure that the virtuous cycle it has created remains intact? 20 Multinational Companies in Geneva and Vaud: Growth Engine at Risk!

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