Germany Trade & Invest (GTAI) informs to ease uncertainty about Brexit
Germany Trade & Invest (GTAI) and with it, HEALTH MADE IN GERMANY, are ready to handle what the United Kingdom's withdrawal from the European Union (EU), or Brexit, brings. In a referendum held in June 2016, the British electorate voted by a narrow majority to leave the EU. On March 29, the British government led by Prime Minister Theresa May, invoked Article 50 of the Lisbon Treaty, formally triggering the start of Britain's bid to withdraw from the EU.
The unprecedented procedure is producing a great deal of ambiguity in Britain and among Britain's trading partners. The economic development agency of the Federal Republic of Germany, GTAI, is addressing this uncertainty by supplying information on the process as it unfolds. Before Article 50 was invoked, GTAI had already set up a special website to address the Brexit issue. Now it has inaugurated an English-language web page called "Brexit – Change and Opportunity."
The English-language site provides links to information about the causes of the UK leaving the EU, what Britain seeks to gain from Brexit, and the legal framework for the process. What is more, GTAI also presents the consequences that Brexit is likely to have for the British economy.
More importantly for businesses and investors, the web page provides an overview of the ongoing negotiations and their ramifications as well as perspective on how the foreign investment landscape could be affected. This offering will be updated frequently as Brexit develops. The page additionally features selected news articles about the impact of Brexit. Among the titles are "EU considers leeway for banks," "UK venture capital market stays strong," and "Hedging strategies."
Within this section is an article about a report by the international investment consulting firm Ernst & Young (EY). In the study, EY forecasts that Germany will become Europe's number one foreign direct investment location after Britain leaves the EU. The report is based on interviews with, among others, more than 250 senior business executives representing firms with foreign investments in Europe.
The agency has also convened the "GTAI Task Force," which will follow the two-year negotiation process, report on it regularly and address questions about the Brexit situation as they arise.