By Lahem Al Nasser
The German economy is considered the strongest in the Eurozone [15-country bloc that uses the Euro currency] and the level of German exports surpassed China for the fifth year running in 2007, achieving a record export of €969 billion. Its imports amounted to €770 billion, giving Germany a trade surplus of €198 billion. According to the German Foreign Ministry, the Eurozone is Germany’s number one economic partner, and Eurozone imports and exports constitute two-thirds of German trade figures.
Germany managed to acquire this position thanks to its geographical location at the heart of Europe allowing it to attract international companies. Berlin was awarded the title of ‘City of the Future’ in 2006/07 by the fDi [Foreign Direct Investment] magazine affiliated to the Financial Times Group. The award is given annually to the European region or city that offers the best opportunities for foreign investment. Germany is also renowned for the number of its scientific research centres that encourage creativity and innovation. Companies with distinctive brand-names such as Daimler-Benz, BMW, and Siemens invest €250 million into scientific research and development on an annual basis. Due to this cooperation between economic activity and scientific research, Berlin ranked second in the European Innovation Index. The city is also renowned for its social stability and rule of law.
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