A record 2,062 foreign companies either expanded their operations or set up shop in Germany last year, according to figures from a government-backed economic development agency.

Germany Trade and Invest (GTAI) credits Brexit among the factors pushing businesses into the arms of Europe’s largest economy, with a 34-per-cent increase in the number of British firms starting operations in Germany since the country voted to pull out of the European Union in the summer of 2016.

In 2018, there were 168 British investment projects in Germany, GTAI said on Monday.

The largest number of investment projects came from the US, however, at 345. In second place was neighbouring Switzerland at 229.

While Brexit seems to be aiding German business prospects, GTAI said the number of Chinese firms set up in Germany fell by 33 per cent since the summer of 2016.

Around one third of foreign companies focussed on marketing and sales, according to GTAI, compared to 17 per cent concentrated on manufacturing and research.

Source: dpa