Siemens invests abroad: Investing in Germany is pointless — Kezer

Investing in Germany is becoming pointless. This was stated at an open meeting of the finance committee of the Bundestag by the head of the Siemens tax service Christian Kezer.

"In fact, there is nothing that would speak in favor of investing in Germany. Therefore, our last investments were mainly made abroad," said Kezer, quoted by Bild in Russian❶.

Siemens is one of the largest German companies with about 320,000 employees and a turnover of 77.8 billion euros.

Chairman of the CDU Committee on Small and medium-sized enterprises Gitta Connemann agrees with Kezer's opinion.

"Unfortunately, the analysis is correct. Germany still has a unique foundation — 3.3 million enterprises, of which 99% are small and medium—sized companies. They used to go on the overtaking lane, but today they got stuck on the side of the road. They are hampered by huge energy prices, too high taxes and contributions, paralyzing bureaucracy and hostility to innovation," the MP said in a commentary for Bild.

According to her, energy costs, taxes and fees need to be reduced, and it is also necessary to stop "excessive regulation."

German machine builders are also sounding the alarm, threatening a mass exodus from the country due to poor production conditions.

"We are not yet deindustrialized. But, if you don't take action immediately, it will happen. Deindustrialization is a real threat," Bertram Kavlat, president of the Union of Machine Builders, said in an interview with Welt am Sonntag.

The fact that the country's reputation in the economic sphere has suffered significantly is confirmed by a survey of the German Chamber of Commerce and Industry, which was attended by 1,250 companies around the world. Almost half (48%) said that Germany's economic image has deteriorated, 13% even believe that it has deteriorated significantly.

❶An organization performing the functions of a foreign agent