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SWITZERLAND
Canton of Zurich: Switzerland’s
Economic Powerhouse
The Canton of Zurich is a key driver of Switzerland’s
economy, and the city of Zurich, although relatively small
by global standards, is Switzerland’s biggest city as well as
the canton’s economic and cultural centre. Around two
million people live in the canton, representing one quarter
of Switzerland’s total population. The Canton of Zurich
is made up of 171 communes divided into 13 districts, all
governed by a 180-member Cantonal Parliament.
Economic success story
Factors that have contributed to the Canton of Zurich’s
economic success are favourable conditions for
companies; moderate taxes which are among the lowest
in Europe; a highly qualified local workforce; exceptional
transport infrastructure; speedy local, regional
and international travel connections (including
the world’s densest public transport network); and
excellent quality of life.
Internationally renowned universities (including
the Swiss Federal Institute of Technology ETH, the
University of Zurich and the Zurich University of
Applied Sciences Winterthur) are further advantages.
Companies located in Zurich can also benefit from
clusters of dynamic companies in the financial services,
life sciences, and information and communications
technology sectors, among others.
Much more than financial services
Zurich is particularly well known for its financial
services, and has combined tradition and innovation
in keeping the local financial sector strong in spite
of the global crisis. Other leading sectors include life
sciences, a relative newcomer to the canton which is
already thriving, particularly concerning medical technology.
The Zurich area is also developing a reputation
for its innovative companies producing high-tech
niche products, for example in the automotive and
space industries. Creative activities are also developing
rapidly in Zurich and now employ more than 53,000
people and generate annual turnover of more than
€11.5 billion.
President cites canton’s research strengths
Commenting on the canton’s economic success, Regine
Aeppli, President of the Government Council of the
Canton of Zurich, explains, “Zurich is one of Europe’s
foremost financial locations, and is home to many large
international concerns and firms. Within Switzerland,
Zurich is considered an economic motor, and it is an
internationally renowned centre for academic research.
Private research centres have also established themselves
here – for example, the IBM Research Laboratory in
Rüschlikon, the Microsoft Development Centre, and the
European research laboratory of the Internet company
Google. The synergy between research and commerce
attracts a great deal of young talent and expertise from
all over the world.”
Companies which have chosen Zurich for their international
headquarters include Baxter Healthcare, Cititrust
(Switzerland), Dow Europe, General Motors Europe,
H.B. Fuller Europe, IBM Zurich Research Laboratory,
Hewlett-Packard International, Millenium Biologix, XL
Insurance Global Risk, Kraft Europe, Vasco Data Security
and many others.
Mayor focusing on sustainability
Zurich continues to diversify its economy. Corine Mauch,
Mayor of the city of Zurich since March 2009, strongly
supports Zurich’s sustainability efforts and welcomes
the support for climate change which local citizens have
demonstrated. She says, “Zurich voters have anchored
sustainability in the city constitution. It is an obligation
for us to develop our city in a sustainable way. We
must also diversify our economy and strengthen sectors
other than the predominant financial industry. Life
sciences and ‘Clean Tech’ are two clusters with future
potential.”
The mayor points out proudly that Zurich reduced its
carbon emissions by 8.3% between 1990 and 2006, and
its citizens have voted to reduce their emissions from
six tonnes per person in 1990 to one tonne per person
in 2050. Not surprisingly, Zurich has been awarded the
gold standard in the European Energy Awards for the
past several years.
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