Swiss want top centre of world finance by 2015

Swiss insurers are joining forces with bankers and other financial institutions to put the country amongst the world’s top three centres of international finance.

The Swiss Bankers Association (SBA), the Swiss Insurance Association (SIA), the Swiss Funds Association (SFA) and the companies responsible for Switzerland’s financial infrastructure, have produced their first joint strategy as representatives of the Swiss financial sector.

Their aim is to put the country among the world’s top three centres of international finance. The collaborators say the targeted growth could create between 40,000 and 80,000 new jobs and generate CHF11-17bn (£4.6 – 7.1bn) in additional new tax revenues.

Finance is the most important sector of the Swiss economy, accounting for almost 15% of gross domestic product (GDP) and 16% of total tax revenues. It provides some 200,000 skilled jobs, which represents 5% of the whole Swiss workforce.

Switzerland has lost ground to rival financial centres in recent years. In terms of growth, it has slipped back from second place internationally in the 1980s to sixth place today.

The Swiss financial sector has set itself the target of gaining a place among the top three centres of international finance worldwide by 2015.

To achieve this goal, the financial sector’s contribution to GDP has to grow by a nominal 7- 9% a year in terms of value, which would be in line with the current growth rates of London and New York.