Companies pledge to invest over $700 billion in Germany over the next 3 years
The economy has shrunk for the past two years and is expected to stagnate this year. Chancellor Friedrich Merz 's administration has made revitalizing it a top priority since it took office May 6.
It has launched a program to encourage investment and set up a 500 billion euro fund to pour money into Germany's creaking infrastructure over the next 12 years. It is promising to cut red tape and speed up the country's lagging digitization.
On Monday, Merz welcomed representatives of an initiative titled 'Made for Germany' to the chancellery to send a signal of confidence from and to private investors. The group currently includes 61 companies from across the economy, among them industrial conglomerate Siemens and financial giant Deutsche Bank.
'The investments by the initiative are a very powerful signal that we are now experiencing a shift in sentiment and consolidating it," Merz said. 'The message ... is very clear: Germany is back. It's worth investing in Germany again. We are not a location of the past, but a location of the present and above all the future.'
He stressed that private investment is crucial to encouraging growth.
The overall figure pledged Monday includes at least some already planned investments. Merz said the plans include investments in new facilities and in modernizing infrastructure, in research and development.
Deutsche Bank CEO Christian Sewing praised the new government as being 'determined to end the reform backlog that has slowed us down for too long.' But he said that it still needs to do more, and the companies 'encouraged' the government 'to continue the course of reform.'
'Our priorities are clear: We want economic growth, we want to strengthen Germany's competitiveness, we want to defend or further expand our technological leadership and we want to bring our infrastructure into the digital age,' Siemens CEO Roland Busch said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
17 minutes ago
- The Independent
Liverpool secure signing of sought-after French forward
Liverpool have completed the signing of French forward Hugo Ekitike from Eintracht Frankfurt for an initial fee of £69m, potentially rising to £79m. The 23-year-old has signed a six-year contract at Anfield after successfully passing his medical. Liverpool secured Ekitike despite late interest from Manchester United and a rejected £70m bid from Newcastle United. The club views Ekitike as a multi-functional forward with the potential to become one of the world's best, comparing his talent to Erling Haaland and Kylian Mbappé. This transfer marks Liverpool's fourth major summer signing, bringing their total spending to £250m, with potential add-ons increasing it to £300m.
BreakingNews.ie
17 minutes ago
- BreakingNews.ie
Liverpool complete signing of striker Hugo Ekitike from Eintracht Frankfurt
Liverpool have completed the signing of striker Hugo Ekitike from Eintracht Frankfurt. A deal was reached between the two clubs on Monday for the 23-year-old to join Arne Slot's Premier League champions, which the PA news agency understands to be for a guaranteed £69million plus a potential £10million in add-ons. Advertisement The striker, who scored 22 goals for Frankfurt in all competitions last season, flew to England on Tuesday to undergo a medical ahead of the deal's completion and will now travel to Asia to join his new Liverpool team-mates on their pre-season tour. PA understands Newcastle and Manchester United had been interested in Ekitike, whose capture continues Liverpool's summer spending spree. Florian Wirtz arrived from Bayer Leverkusen in an initial £100m deal that could rise to £116m, while Jeremie Frimpong also joined from the German club in a £29.5m switch and Milos Kerkez left Bournemouth for £40m. Giorgi Mamardashvili has also linked up with Liverpool after agreeing a move from Valencia last August, along with fellow goalkeepers Armin Pecsi and Freddie Woodman. Advertisement
Telegraph
17 minutes ago
- Telegraph
Iraqi who argued he cannot be deported because he is divorced, wins appeal after legal error
An Iraqi who entered the UK illegally has won an appeal after arguing he cannot be deported because he is divorced. In claims disputed by the Home Office, he said he divorced a 'prominent' politician's daughter and brought 'dishonour' upon their family. The Iraqi said it would breach his human rights to send him back to Iraq because he was at risk of an 'honour feud'. The Iraqi, who was granted anonymity, has won an appeal at an upper immigration tribunal for his case to be reheard after it was initially rejected by the Home Office and lower court. The Iraqi entered Britain 'clandestinely' in 2020 after travelling through Turkey and across Europe before arriving by boat in the UK. He submitted his application for asylum the following day. The court was told that his 'claim for asylum is based upon a claimed risk of being a victim of an honour-based crime'. 'He alleges that he fled Iraq due to threats from his former father-in-law, a prominent and influential politician affiliated with the Patriotic Union of Kurdistan. 'According to the [Iraqi], he was accused of bringing dishonour upon [his ex-father-in-law's] family by divorcing his daughter,' the court was told. It was accepted that he was married and went through a divorce, but the Home Office 'did not accept that he had experienced problems from his ex-father-in-law'. The Home Office issued a deportation order but the Iraqi, who had a child with his ex-wife, appealed the decision. His challenge was dismissed by a lower tribunal as the judge questioned 'the credibility of the marriage itself'. The First-tier Tribunal said there was a 'disparity in social status' between his ex-wife – the daughter of a powerful politician – and him, a 'minimally educated taxi driver from a marginalised tribe'. A claim by the Iraqi that he had also been the victim of a 'violent' attack linked to the honour feud and stabbed 17 times was dismissed as implausible by the judge, partly because it was 'unsubstantiated' by any medical evidence. The judge said the asylum claim appeared a 'complete fabrication'. The Iraqi appealed to the upper tribunal where the judge Sara Anzani said the lower court was wrong to question the marriage and divorce certificates and said the Iraqi was not given a chance to respond to their doubts. Judge Anzani said: 'These concerns about the reliability and authenticity of the marriage and divorce certificates were not previously raised by the [Home Office], nor were they put to the [Iraqi] during the hearing. 'I find that the Judge's failure to raise his concerns about the authenticity and reliability of the marriage and divorce certificates, concerns not previously identified by the [Home Office], deprived the [Iraqi] of a fair opportunity to address the Judge's doubts. 'The Judge's findings on the marriage and divorce certificates contribute to his overall assessment of the [Iraqi's] credibility, and the ultimate finding that [his] claim was fabricated. 'Consequently, this procedural error is material and permeates the entirety of the Judge's decision'. Judge Anzani concluded that the case must be heard afresh at the First-tier Tribunal again, but not by the previous judge.
