World Travel Guide

City Guide  - Frankfurt  - Business
Business

Business Profile: Frankfurt ranks with New York, London and Tokyo as one of the world's most important business cities. 40,000 businesses, generating DM90 billion GDP are registered in Frankfurt. In terms of sales, the largest are Hoechst AG, Deutsche Bahn AG, Metalgesellschaft AG, Degussa AG and Phillip Holzmann AG. Manufacturing, including pharmaceuticals, metals, machinery, oil products, boats and beer, contributes DM16.6 billion per annum. The high technology sector is also increasingly important. The city has a total workforce of 560,000, 80% of which is employed in the service sector. Frankfurt airport is the largest workplace in Germany with 57,500 employees involved in more than 400 businesses.

Some 400 banks and 770 insurance companies provide employment for about 56,000 people in Frankfurt and generate business of DM2.89 billion. The city is home to a number of key national and international financial organisations, including the European Central Bank and the Deutsche Bundesbank (German Central Bank). Half of Germany's largest banks (including Deutsche Bank, Dresdner Bank and Commerzbank) also have their headquarters here. The Frankfurter Börse (Stock Exchange) is the most important in the Federal Republic and controls about DM7 trillion (80% of Germany's stock market volume). It is the fourth largest in the world, behind New York, Tokyo and London.

Messe Frankfurt GmbH is one of the largest trade fair organisations, welcoming up to 44,000 exhibitors and 2.7 million visitors annually; the Book Fair alone attracts 8000 exhibitors and 250,000 visitors. The trade fair site covers 400,000 sq metres (4,305,705 sq ft) including 290,000 sq metres (3,121,531 sq ft), in ten halls. In addition, around 50,000 conferences and congresses are held annually at 72 venues in the city. The largest of these - the Festhalle - has seating for 10,000 delegates.

Home to 500 publishing and printing companies, Frankfurt is the mainstay of the German book industry. It is also a centre for media and communications with 2000 companies involved in public relations and marketing, press, film, advertising and telecommunications. Advertising agencies based in Frankfurt have a billing volume of DM4.26 billion. Research flourishes in the city's scientific institutions, including the Paul-Ehrlich Institute, the Max Planck Institutes for Biophysics and Brain Research, the Sigmund Freud Institute, and the Senckenbergishe Nature Research Society.

Business Etiquette: Working hours are generally 0800-1700. Punctuality for both business and social events is extremely important. Frankfurters are impressed with efficiency and strong business sense. These are displayed in their business style: firm handshakes, formal use of business cards, and an appreciation of straight talking. Business contacts must be addressed by their surname and by the formal 'Sie' for 'you'. Academic and other titles should be used wherever applicable. Both men and women are expected to wear suits; men should also wear a tie.



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