Business
Business Profile
Copenhagen’s role as a traditional north European transport and trade hub has been strengthened by the economic rise of the Baltic States of Estonia, Lithuania and Latvia, as well as by the democratisation of Eastern Europe. The completion of the fixed road link across the resund to Sweden has further cemented Copenhagen’s strength in the region.
Greater Copenhagen is home to 41% of companies registered in Denmark and these companies account for 44.5% of total turnover of all Danish companies and 42% of national exports. In 2002, GDP per capita in Copenhagen was 36,400, as compared to a national GDP per capita of 29,400. Unemployment in the city, at a rate of 6.4%, is only slightly higher than the national average of 5.7%.
Denmark’s strong economy is characterised by a balanced state budget, low interest rates, low inflation and a stable currency. The generous state welfare system results in high taxes but also provides an excellent climate for education and research. The 980,000-strong workforce in the Greater Copenhagen region tends to be well educated, computer literate and multi-lingual. The IMD/World Economic Forum consistently votes the Danes as the best workforce in Europe. A recent Price Waterhouse Coopers study concluded that the city is the most favourable place in Northern Europe to establish an e-business centre, owing to favourable labour and property costs.
Copenhagen’s business strengths lie particularly in energy, design, information technology, biotechnological and medical research, telecommunications, environmental technology and tourism. A recent medico-health sector development is the cross-border initiative with Skane Regional Federation Council, to promote foreign investment in pharmaceutical, biotechnology and medical technical industries. The project is centred on the so-called Medicon Valley, which brings together a high concentration of academic institutions, industry and investment organisations. International companies based here include Pharmacia & Upjohn, Astra Draco and Gambro. Medicon Valley is a company in the resund region, which is the new up-and-coming business district (website: www.orestad.dk).
Denmark leads the world in terms of environmental awareness, with a high proportion of GDP devoted to environmental protection. The first European ministry of the environment was established here in 1975 and the EU Environment Agency is still here today. The Union of International Associations lists Copenhagen as the eighth most popular congress venue in the world.
Business Etiquette
Business hours are Monday to Friday 0800-1700 and punctuality for appointments is essential. The dress code is relatively formal – a tie for men and suits for both men and women. Business contacts should shake hands on arrival and departure with business cards exchanged after introduction. Most Danes, particularly those in the international business community, speak excellent English and often speak German and French too.
Business visitors are well looked after, with the provision of lunch, taxis and accommodation, as necessary, and often provided with a day programme too. Nearly all meetings are non-smoking venues but it is not inappropriate for moderate alcohol consumption over a business lunch or dinner.
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Business