Toralf Haag, CEO of Voith Group, criticizes Germany's aggressive shift from traditional energy to renewables, saying it lacks sufficient incentives, support, and is hampered by bureaucracy.
- Jul 24, 2023, 9:00 AM CDT
A Federal Association of Medium-Sized Businesses survey revealed that 26% of medium-sized company directors are considering closing their businesses, while 22% are considering moving their operations abroad.The German economy is losing its DNA as a place to do business, and foreign investors are staying away and focusing their attention on emerging markets as a result, a leading CEO has claimed.
“There are ambitious goals, but only insufficient incentives and support to be able to achieve these goals. What we need is less bureaucracy, faster approval procedures and faster implementation. The way it is currently running, it will not work in the long run,” he told the newspaper. He explained that his company has had to hire 30 new administrative staff in the last two years alone solely to handle new regulatory obligations introduced due to more red tape.
“We now see almost every day that industrial companies are no longer investing in Germany but in other regions of the world. Administration and engineering may remain in Germany, but production, which is particularly valuable for an economy, is increasingly taking place elsewhere.
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