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| City Guide - Munich - Business | ||
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Business Business Profile: Since World War II, Munich has developed into one of Germany's leading economic and industrial cities. GDP per capita was DM88.000 in 1994, compared to DM40.900 for Germany as a whole. Production accounts for more than half of the city's annual turnover of DM390,700 million, with wholesale and retail trade contributing DM70,800 million and DM16,200 million respectively. The city's major industries include mechanical engineering, electronics (Siemens), automotive assembly (BMW and Audi), aerospace (Deutsche Aerospace), precision mechanics, optics and construction. Munich's world-famous breweries produce 5.6 million hectolitres (123 million gallons) of beer per year and employ 2400 people. The media sector, including 1500 publishers, one national newspaper, four regional newspapers, the state broadcasting corporation and a film-studio, employs over 100,000 people and generated a turnover of DM25.100 million in 1995. Revenue from tourism has an annual net value of DM6.400 million. In recent years there has been substantial growth in high-tech industries, especially microelectronics, computer software and hardware. The city is a centre of medical research, biochemistry, bio-genetic and medical technology. Also significant are communications technology, instrument engineering and new materials. Measured in terms of premium revenue, Munich leads the world as a centre of insurance. The city is home to 280 domestic and foreign insurance companies, which provide employment for 30,000 people. Among these are the headquarters of four of Europe's leading insurers: Allianz (direct insurance), Münchener Rück (reinsurance), DAS (legal insurance) and DKV (health insurance). Munich is the country's second most important banking city (after Frankfurt) - 73 credit institutions have their national headquarters in Munich, including Bayerische Vereinsbank, Bayerische Hypotheken- und Wechsel-Bank and the Bayerische Landesbank. The favourable economic climate and impressive industrial calibre of the city, combined with its numerous tourist attractions, make Munich a popular congress, trade fair and incentive destination. Business Etiquette: Business hours are Monday to Friday 0900-1800 and Saturday 0900-1400. Some offices close early on Fridays at 1400. Punctuality is absolutely essential. Although Bavarians may appear more relaxed than their counterparts in the north, they will regard lateness as rude and incompetent. A smart appearance is also important and it is wise to enquire as to the dress code if socialising with business contacts outside work. The usual greeting in both business and social settings is a firm handshake. Business contacts should be addressed by their surname prefixed by Herr for a man or Frau for a woman. Where applicable, academic titles should always be used. Germans are known for straight talking and they will expect business counterparts from other countries to be similarly direct. |
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