Business confidence around prospects for investment and growth in Europe is riding high despite recent economic and geopolitical challenges, according to new research among GCs across Europe and the U.S.
For its report released today – Europe’s Opportunity Outlook – European law firm association ADVANT surveyed or interviewed more than 800 GCs in France, Germany, Italy and the United States, and found that four out of five (82%) GCs said their company views continental Europe as attractive for corporate investment and commercial growth. Meanwhile, two-thirds (66%) report their organization has made Europe more of a priority in light of recent geopolitical and regulatory risks.
Looking further ahead, a significant majority (83%) believe their organization is likely or very likely to expand or invest further within existing European markets in the next three to five years. A similar proportion (82%) say they are likely to expand into new or additional markets in the region.
Surprisingly, American GCs are even more bullish on Europe than Europeans themselves. A higher proportion of U.S. GCs (87%) believe Europe will benefit from global business expansion into the continent when compared with Italy (69%), France (71%) and Germany (76%).
However, the findings also underscore that EU policymakers must accelerate the push to further enhance Europe’s competitiveness in order to unlock more investment into Europe in GCs’ eyes. One in five GCs (20%) singled out the need for simplification and greater harmonization of trading rules as the most important change they thought the EU should make to increase its attractiveness for foreign businesses and investment.
And while the EU’s legal and regulatory system overall is viewed very favourably, particularly for its reliability and stability, a significant minority of GCs (12%) are concerned that regulators fail to fully understand the commercial realities faced by businesses operating in Europe. Artificial intelligence (AI) and cybersecurity were identified by GCs as key areas requiring urgent legal or regulatory attention or reform at the EU level (by 41% and 38% of survey respondents, respectively).
ABOUT ADVANT
ADVANT is comprised of leading European lawyers, and is uniquely positioned to deliver a distinctive advantage to clients navigating the complex commercial landscape of Continental Europe. For more information, please visit advantlaw.com.
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