Zurich economy is the major driving force behind the development of Switzerland's economy. Zurich is often known as the commercial center of Switzerland. Leading companies like Credit Suisse, Swiss Re, UBS are the financial institutions are headquartered at Zürich, generating a huge amount revenue for the national exchequer. Zurich is the major seat of offshore banking. The activities of the Greater Zurich Economic Area contributes nearly one quarter of the financial sector of the nation. The Swiss Stock Exchange is also situated in Zürich.
Zürich is the leading financial center of the nation and has emerged as a global city. Switzerland's economic center is the Greater Zurich Area with a large number of international companies. The approximate GDP of the Zürich Area is USD 160 billion or USD 45'000 per capita, as estimated in 2005. The stable economy and favorable political conditions of Switzerland have played a key role in the rapid growth of the city as one of the chief commercial and financial centers of Switzerland.
Zurich happens to be one of the most attractive areas for economic investment in Europe. Zurich economy has benefited a lot from the excellent infrastructure, centralized location and the abundance of highly skilled and motivated workforce. The presence of world famous education and research centers have contributed to Zurich economy. These prestigious seats of higher education help to create a pool of professional employees who are adequately qualified
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to serve the various types of industries.
Banking in Zurich is a major financial sector not only in the nation but the entire world. Other than the main banks of UBS and Credit Suisse Group, there are many more private banks with great reputations in the financial industry of Zurich. Insurance companies are a part of the strong financial ground of the city. The best three being Rentenanstalt/Swiss Life, Zurich Financial Services Group and the Winterthur Gruppe. The traditional machine industries such as Sulzer, ABB and Rieter also have a concrete base in this city's economy. The banking and insurance industries in Zurich have resulted in widespread international trade connections. Germany, Russia, France, Italy and the USA are the major trading partners of Zurich. Most of the research and development centers are concentrated in the Zurich area.
One of the prime reasons why many companies are interested set up new offices in Zurich is the low rate of tax. Government of Zurich also provides option to the companies to reduce their tax burden by entering into an agreement with the tax authorities. As a result, large corporations like Google, Microsoft, ABB Ltd., General Motors Europe and IBM all have their offices in Zurich.
The service industry of Zurich plays a major role in Zurich economy by employing nearly four fifths of the work force. Economy of Zurich has been showing a consistent rise thus, contributing to the overall development of Switzerland.
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