Novartis, UBS and even Zurich Insurance: the bosses of large Swiss companies praised Donald Trump’s methods after his speech at the Davos Economic Forum. Just like the American president, they have been critical of Europe’s economic policy and are calling on it to “wake up”.
Donald Trump distinguished himself Thursday afternoon at the 55th World Economic Forum (WEF) in Davos with a speech laden with invectives against European countries and calls for protectionism and deregulation.
In Switzerland, his virtual intervention attracted the big Swiss bosses, who praised the dynamism of the American president and called on Europe to imitate him.
>> Our follow-up to the 55th World Economic Forum in Davos: Donald Trump’s return will have overshadowed other global issues at Davos
>> Watch Donald Trump’s message to European businesses during his speech at the WEF in the 7:30 p.m. channel:
Europe criticized
On the American television channel CNBC, they denounced European rules that were too restrictive. “Europe must decide whether it wants to continue to sit on its hands and add more regulations or whether it will finally become more competitive and pro-innovation,” accused Novartis CEO Vasant Narasimhan.
“Europe has always been behind the United States. In a world that is accelerating, with a lot of innovation, it must wake up,” added the boss of Zurich Insurance Mario Greco.
On the occasion of a round table at the WEF on the stability of the global financial system, the director of UBS Sergio Ermotti also praised the United States, which knows, according to him, “how to get out of the crises and restart quickly.
Few worries
For his part, the director of the Swiss-American Chamber of Commerce Rahul Saghal shares the enthusiasm of these big bosses. “It will be more complex for certain companies if there are customs tariffs, but we will see a reduction in bureaucracy, regulation and perhaps also taxation,” he estimates on Friday in 7:30 p.m. of the RTS.
-The manager also predicts numerous investments in artificial intelligence, aviation and even defense, sectors “where Switzerland is very strong”.
The customs taxes promised by Donald Trump only “partially worry” Rahul Saghal, because “many Swiss companies are already investing enormously in the United States”. According to the director, not all products will necessarily be affected by these taxes.
>> The interview with Rahul Saghal in the 7:30 p.m.:
Questioned on Friday morning, the State Secretariat for the Economy (Seco) assured that Switzerland benefits from favorable conditions for investors. These conditions “remain very good in many areas. Investors are supported by economic promotion services, in order to develop the multiple aspects of an establishment and to make the process as simple and efficient as possible”, he responds with writing.
Faced with threats from Donald Trump, who on Thursday invited companies from around the world to set up in the United States to benefit from advantageous taxation, the speech of the new tenant of the White House could well encourage Swiss bosses to strengthen their presence across the Atlantic.
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