Bustling Saxony Steals the Economic Spotlight in 2024
Saxony upholds its status as an economic hub - Saxony as an attractive hub for business and industry
Saxony's economic powerhouse showed no signs of slowing down in 2024, raking in over 128.5 million euros in investments, as declared by the state's economic development agency. 949 jobs were either created or retained, demonstrating the region's robust economic resilience amidst the challenging global economic climate.
Investments Aren't Just for Major Cities
Contrary to popular belief, investments poured into Saxony weren't limited to its bustling cities like Chemnitz, Dresden, and Leipzig. Investors went beyond the urban hubs, reaching out to several counties across the state, ensuring a well-balanced economic growth. The interested parties hailed not only from Germany but also from Austria, France, the UK, China, and the USA.
Last Year's Astonishing Leap
While 2023 boasted an impressive 10 billion euros in investments, the figure was largely influenced by the Taiwanese chip giant TSMC's huge investment in a new semiconductor factory in Dresden, alongside Bosch, Infineon, and NXP Semiconductor.
A Year to Remember Despite Turbulent Times
Saxony Managing Director Thomas Horn acknowledged the year's success despite the district's confrontation with a diverse array of challenges. He was thrilled to report new investments in the region and expansions with local companies, underscoring these developments as positive indicators.
Exports Soaring Skyward
Economic Minister Dirk Panter (SPD) remarked on the turbulence shaking the global economy. Despite the tumultuous circumstances, Saxony's exports set a new record of 51.1 billion euros in 2024, with around a third of the state's economic output originating from exports and several jobs relying on them.
Saxony: A Haven for Cutting-edge Innovations
Panter showed pride in Saxony's status as an innovator, emphasizing the far-reaching influence of automation and artificial intelligence (AI) in local industries. He firmly believed that these technologies would simplify many jobs and usher in an era of growth and productivity.
Embracing the Future: Cluster Robotics Saxony
The Cluster Robotics Saxony was established to promote the implementation of AI and robotics in businesses across the region. This initiative aims to nurture talent and create new business models, ensuring Saxony remains at the forefront of technological advancements.
A Deeper Look at Saxony's Economic Landscape:
- Saxony's Gross Regional Product (GRP) in 2022 amounted to €146.511 billion, representing about 3.8% of Germany's total GDP[1].
- The region's strength lies in its manufacturing sector, with core industries including automotive, machinery, and electrical engineering[2].
- Potential investment opportunities also surface in technology and innovation, renewable energy, and infrastructure sectors[3].
[1] Source: destatis.de
[2] Source: destatis.de
[3] Source: www.bmwi.de
- The Community policy in Saxony is focusing on the expansion of vocational training programs, as investors from various nations, such as Germany, Austria, France, the UK, China, and the USA, are pouring their interests into the technology sectors across the region.
- In line with the vision to embrace future advancements, the Cluster Robotics Saxony initiative is fostering the implementation of artificial intelligence and robotics in local businesses, offering vocational training for the development of new business models and nurturing talent to ensure Saxony's continued growth as a hub for cutting-edge innovations.
