Switzerland has a typical West European mixed economy with a bias towards light and craft-based industries: Swiss precision manufacturing such as watch-making is renowned throughout the world. The country is highly industrialised and heavily dependent on exports of finished goods (in total, exports are equivalent to just under half of Swiss GDP). Lacking raw materials of its own, almost all of these must be imported. In manufacturing, the machinery and equipment industry specialises in precision and advanced technology products: machine tools, printing and photographic equipment, electronic control and medical equipment. There is also a substantial chemical industry, employing 15 per cent of the workforce, which continues to grow steadily. Swiss firms have proved particularly adept at exploiting niche markets across a wide range of industries and products. Although half of the country’s food is imported, the agricultural sector is a strong and major employer. The processed foods industry has a high international profile, particularly in such products as chocolate, cheese and baby foods.
The service sector is dominated by banking, where the particular reputation of the Swiss banking community for discretion has attracted large deposits. The Government has come under some pressure to allow disclosure in the course of criminal and other investigations: recognising the international climate, the Swiss authorities have generally responded more flexibly of late. Switzerland remains one of Europe’s major financial centres. Among other service industries, tourism is of growing importance: Switzerland receives around 11 million visitors annually and the industry contributes around $12 billion to the national economy. The economy has been stagnant during the last two years, largely a reflection of conditions throughout continental Europe; the economy in 2005 was rather slow with growth at 1.8 per cent.
Switzerland is not a member of the European Union, although nearly two-thirds of its exports are sold to EU countries. The government is in the process of negotiating a new set of bilateral agreements with the EU, but the prospect of it joining the Union is as remote as ever. A referendum rejected even membership of the European Economic Area – a body created to reduce the economic barriers between the EU and the European Free Trade Association (EFTA), to which Switzerland does belong. In May 1992, Switzerland gained admission to the IMF and World Bank.

• GDP: US$251.9 billion.
• Main exports: Machinery, chocolate, watches, metals and chemicals.
• Main imports: Chemicals, textiles and minerals.
• Main trade partners: Germany, Austria, France, USA, UK, Spain, The Netherlands and Italy.

Businesspeople are expected to wear suits. Although English is widely spoken, it is always appreciated if a visitor attempts to say a few words in the language of the host. When visiting a firm, a visiting card is essential. Office hours: Mon-Fri 0800-1200 and 1400-1700.

The neutrality, stability and conveniently central location of Switzerland make the country a favourite meeting place for conventions and international organisations. It has an extensive and highly developed network of conference destinations with all the major cities and many of the smaller alpine and lake resorts offering hotels and convention centres which are fully equipped with a complete range of facilities including interpretation and audio-visual services. Each of Switzerland’s main cities has its own Convention Bureau, whilst the Association of Swiss Convention Centres, Swiss Congress, oversees meetings activity throughout the country. The organisation is made up of the 19 leading congress locations in Switzerland and can help with the organisation of a meeting in any region of the country.

OSEC Business Network Switzerland
Stampfenbachstrasse 85, 8035 Zürich, Switzerland
Tel: (1) 365 5770.
Website: www.osec.ch

Economiesuisse Swiss Business Federation
Hegibachstrasse 47, PO Box 1072, 8032 Zürich, Switzerland
Tel: (1) 421 3535.
Website: www.economiesuisse.ch

Switzerland Convention and Incentive Bureau (SCIB)
c/o Switzerland Tourism, Tödistrasse 7, 8027 Zürich, Switzerland
Tel: (1) 288 1271.
Website: www.myswitzerland.com