Bavaria’s locational advantages – Setting the course for the future
As far as international competition is concerned, Bavaria’s economy is in an excellent position and at the cutting edge of technology. This was the result of the latest study entitled “Bayerns Zukunftstechnologien” (Bavaria’s future technologies), which was conducted by Prognose AG and commissioned by the Bavarian industry association (vbw). To further enhance Bavaria’s leading position as a business location, the study provides politicians, business leaders and scientists with detailed recommendations for action.
Bavaria’s economy is now on a sound footing, winning over investors from all over the world as an ideal location in Germany for their companies. On the one hand, traditional key industries are the main reason behind this success, which have been shaping Bavaria’s economy for a long time: automotive and mechanical engineering, medical technology and the chemical industry. These industries are increasingly complemented with key technologies of the future, especially digitization and ICT, biotechnology, new materials, nanotechnology and aerospace. According to the expert assessment, these and other leading sectors are of central importance for making the Bavarian business location fit for the future and ensuring economic success in the long-term. In particular, the focus should be on digitization and the increasing interconnection of the technologies in order to establish a firm basis for value creation in key industries in Bavaria. The motto: research and development provide the initial impulse for producing innovative goods at locations in Bavaria, Bavaria has already set the course for the future: With the BAYERN DIGITAL strategy for the future, the Bavaria state government is further enhancing Bavaria’s leading role as a high-tech location. Bavaria is becoming the leading location for the blossoming digital era, securing jobs and ensuring sustainable wealth. The goal is to make digitization a success story for both companies and citizens. Furthermore, Bavaria has also created a central hub for digitization with the recently opened Zentrum Digitalisierung.Bayern (ZD.B) in Garching, which holds immense opportunities for the Bavarian economy.
Another important aspect is the active support provided to Bavarian start-ups. Thanks to the Gründerland.Bayern initiative, the newly opened business incubator Werk1 and by providing intensive consulting focusing on the topic of financing, Bavaria is set to become the number one state for start-ups.
In all relevant subject areas, Bavaria is actively shaping the general conditions for economic success, both today and with a view to the future, thus making sure that Bavaria continues to be a top address for investors and entrepreneurs from all over the world. The recommendations for action given in the “Bayerns Zukunftstechnologien” study play a key role in making this happen.
You can find the complete study here.