Business Profile
Geneva is a flourishing financial, industrial and business capital, with unemployment at just 4.8% – although this is higher than the national average, which stood at 2.4% in 2001. The existence of more than 100 consulates, diplomatic missions and international chambers of commerce, in addition to Geneva’s favourable social climate, encourages foreign companies to establish their European or international headquarters in Geneva. Among the multinational companies present are AT&T, Elizabeth Arden, Hewlett Packard, Compaq, Iomega, IBM, Levi Strauss, Motorola, Reuters and Shiseido.
Geneva’s industrial sector employs almost 40,000 people, 15.1% of the workforce. Areas of expertise consist of clock and watch making, precision machinery and engineering, electrical and electronic industries, fine jewellery production, perfume industry, building industry, automation and computer science, chemical and pharmaceutical industry, and the graphic arts. Service industries account for about 85% of the workforce. A number of scientific research groups have their headquarters in Geneva, the main ones being the European Centre for Nuclear Research (CERN) and the Battelle Institute.
Geneva’s industrial strength is built on city’s consistent network of banking and finance, which dates back to the days of Calvin. Today, there are 138 Swiss banks, 233 financial companies and 77 foreign banks. Geneva is world famous for its private banks, tailored to manage large sums of money – 120 of the banks manage about SFr1200 billion, representing 10% of worldwide transactions. Geneva is third in the world for the number of its annual congresses, fairs and meetings. Major international events include Motor Show, the Commercial Vehicle Show, Exhibition of Inventions and Book Fair.
Although economic growth was more than 3% in 2000, it fell to roughly 1.3% in 2001. Nevertheless, continuing diversification has rendered Geneva less sensitive to international business cycles than it was at the beginning of the 1990s.
Older businesses, especially the banks, are situated south of the river in the Old Town. A new business district of Geneva-Meyrin (within the Golden Triangle) is a 5-minute drive from the Palexpo exhibition and congress centre, the international airport and Genève-Cointrin, or 15 minutes from the city centre.
Business Etiquette
Genevois are punctual people, so promptness pays off. Company structures remain hierarchical, predominantly within the financial sector. It is; therefore, wise to approach those at the top level. Meetings are commonly held over lunch and dinner but seldom breakfast, and Genevois appreciate an invitation to a top restaurant.
Suits should be worn but with modesty. Since English is widely spoken – although an attempt to speak French is always appreciated – business cards don't need to be translated. A little introductory chit-chat is usually expected but overly personal topics should be avoided. During meetings, Genevois like to stick to business – humour is considered to be inappropriate and does not cross cultural barriers easily. Business negotiations and relationships tend to develop slowly and visitors should adopt the local pace. If invited to a Genevois’ home, gift of unwrapped flowers is appropriate, although red roses, chrysanthemums and white asters should be avoided, as these are traditionally associated with death.
Business hours are Monday to Friday 0730-1700 (with 1 or 2 hours for lunch). |
