Copenhagen’s
role as a traditional north European transport and trade hub has
been strengthened by the economic rise of the Baltic States
of Estonia, Lithuania and Latvia,
as well as by the democratisation of Eastern Europe. The completion
of the fixed road link across the Øresund
to Sweden has further cemented Copenhagen’s
strength within the region.
Greater Copenhagen is home to 41 per cent of companies registered
in Denmark and these companies account for 44.5 per cent of total
turnover of all Danish companies and 42 per cent of national exports.
In 2002, GDP per capita in Copenhagen was €36,400, as compared
to a national GDP per capita of €29,400. Unemployment in the
city, at a rate of 6.4 per cent, is only slightly higher than the
national average of 5.7 per cent.
Denmark’s strong economy is characterised by a balanced state
budget, low inflation, low interest rates and a stable currency.
The generous state welfare system results in high taxes but also
provides an excellent climate for education and also for research.
The 980,000-strong workforce in the Greater Copenhagen region tends
to be well educated, computer literate and most are multi-lingual.
The IMD/World Economic Forum consistently votes
the Danes as the best workforce in Europe. A recent Price Waterhouse
Coopers study concluded that the city is the most favourable place
in Northern Europe to establish an e-business centre, owing to favourable
labour and the property costs.
Copenhagen’s business strengths lie particularly in energy,
information technology, design, biotechnological and medical research,
telecommunications, environmental technology and tourism. A recent
medico-health sector development is the cross-border initiative
with Skane Regional Federation Council, to promote
foreign investment in pharmaceutical, biotechnology and medical
technical industries. The project is centred on the so-called Medicon
Valley, which brings together a high concentration of academic
institutions, industry and investment organisations. International
companies based here include Pharmacia & Upjohn, Astra
Draco and Gambro. Medicon Valley
is a company in the Øresund region, which is the new up-and-coming
business district (website: www.orestad.dk).
The country leads the world in terms of environmental awareness,
with a high proportion of GDP devoted to environmental protection.
The first European ministry of the environment was established here
during 1975 and the EU Environment Agency is still here today. The
Union of International Associations
lists Copenhagen as the eighth most popular congress venue in the
world.
Business Etiquette
Business hours are Monday to Friday 0800-1700 hrs
and punctuality for appointments is essential.
The dress code is relatively formal with a tie for men and suits
for both men and women. Business contacts should shake hands on
arrival and departure with business cards exchanged after the introduction.
Most Danes, particularly those in the international business community,
speak excellent English and can often speak German and French too.
Business visitors are very well looked after, with the provision
of lunch, taxis and accommodation, as necessary, and often provided
with a day programme too. Nearly all meetings are held in non-smoking
venues but it is not inappropriate for moderate alcohol consumption
over a business lunch or during dinner. |
