World City Guide

Business

Business Profile
Geneva is a thriving industrial, financial and business capital, with unemployment at just 4.8% – although this is higher than the national average, which stood at 2.4% in 2001. The presence of over 100 consulates, diplomatic missions and international chambers of commerce, in addition to Geneva’s favourable social climate, encourages foreign companies to establish their European or international headquarters in Geneva. Among the multinational companies present are AT&T, Compaq, Elizabeth Arden, Hewlett Packard, IBM, Iomega, Levi Strauss, Motorola, Reuters and Shiseido.

Geneva’s industrial sector employs nearly 40,000 people, 15.1% of the workforce. Areas of expertise include precision machinery and engineering, clock- and watch-making, fine jewellery production, electrical and electronic industries, automation and computer science, building industry, perfume industry, chemical and pharmaceutical industry, and the graphic arts. Service industries account for 85% of the workforce. Several scientific research groups have their headquarters in Geneva, the most important being the European Centre for Nuclear Research (CERN) and the Battelle Institute.

Geneva’s industrial strength is built on the city’s reliable network of banking and finance, which dates back to the days of Calvin. Today, there are 138 Swiss banks, 77 foreign banks and 233 financial companies. Geneva is world-famous for its private banks, tailored to manage large sums of money – 120 of the banks manage about SFr1200 billion, representing 10% of worldwide transactions. Geneva is third in the world for the number of its annual congresses, meetings and fairs. Major international events include the Motor Show, Commercial Vehicle Show, Exhibition of Inventions and Book Fair.

Although economic growth was above 3% in 2000, it fell to approximately 1.3% in 2001. However, continuing diversification has rendered Geneva less sensitive to international business cycles than it was at the beginning of the 1990s.

Older businesses, especially banks, are located south of the river in the Old Town. A new business district of Geneva-Meyrin (within the Golden Triangle) is a five-minute drive from the Palexpo exhibition and congress centre, the international airport and Genève-Cointrin, or 15 minutes from the city centre.

Business Etiquette
Business hours are Monday to Friday 0730-1700 (with one or two hours for lunch). Genevois are punctual people, so promptness pays. Company structures remain hierarchical, particularly within the financial sector. It is, therefore, wise to approach those at the top. Meetings are commonly held over lunch and dinner but rarely breakfast, and Genevois appreciate an invitation to a top restaurant. Suits should be worn but without ostentation. Since English is widely spoken – although an attempt to speak French is always appreciated – business cards do not need to be translated. A little introductory chit-chat is usually expected but overly personal topics are best avoided. During meetings, Genevois like to stick to business – humour is considered inappropriate and does not cross cultural barriers easily. Business relationships and negotiations tend to develop slowly and visitors should adopt the local pace. If invited to a Genevois’ home, a gift of unwrapped flowers is appropriate, although red roses, chrysanthemums and white asters should be avoided, as these are traditionally associated with death.