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City Guide - Geneva - Business | ||
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Business Business Profile: Geneva is a thriving industrial, financial and business capital, with unemployment at just 6.1% (1999). The presence of over 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, Compaq, Elizabeth Arden, Hewlett Packard, IBM, Iomega, Levi Strauss, Motorola, Reuters and Shiseido. Geneva's industrial sector employs nearly 40,000 people. Areas of expertise include precision machinery and engineering, clock- and watch-making, fine jewellery production, electrical and electronic industries, automation and computer science, building industry, perfume industry, chemical and pharmaceutical industry, and the graphic arts. Several scientific research groups have their headquarters in Geneva, the most important being the European Centre for Nuclear Research (CERN) and the Battelle Institute. Geneva's industrial strength is built on the city's reliable network of banking and finance, which date back to the days of Calvin. Today, there are 138 Swiss banks, 77 foreign banks and 233 financial companies. Geneva is world-famous for its private banks, tailored to manage large sums of money - 120 of the banks manage about SFr1200 billion, representing 14% of worldwide transactions. Geneva is third in the world for the number of its annual congresses, meetings and fairs. Major international events include the Motor Show, Commercial Vehicle Show, Exhibition of Inventions and Book Fair. Business Etiquette: Business hours are Monday to Friday 0730-1700 (with one or two hours for lunch). Genevois are punctual people, so promptness pays. Company structures remain hierarchical, particularly within the financial sector. It is, therefore, wise to approach those at the top. Meetings are commonly held over lunch and dinner, but rarely breakfast, and Genevois appreciate an invitation to a top restaurant. Since English is widely spoken - although an attempt to speak French is always appreciated - business cards do not need to be translated. Suits should be worn, but without ostentation. A little introductory chit-chat should be expected but overly personal topics and humour are best avoided. During meetings Genevois like to stick to business, humour is considered inappropriate and does not cross cultural barriers easily. Business relationships and negotiations tend to develop slowly and visitors should adopt the local pace. |