Copenhagen Business
| 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, which joined the EU in May 2004, as well as by the democratisation of Eastern Europe. The completion of the fixed road link across the Øresund to Sweden has further cemented Copenhagen’s strength in the region. Greater Copenhagen is home to over 40% of companies registered in Denmark and these companies accounted for almost half of total turnover of all Danish companies and again, almost half of national exports in 2004. Unemployment in the city, at a rate of 6.5%, is only slightly higher than the national average of 5.9%. 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 985,000-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 Øresund 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. |