Rich in Contrasts and Challenges

Dear Reader

2022 was a year rich in contrasts. The COVID-19 pandemic has lost some of its scariness, at least in industrialised countries with high immunity rates among the population. Industries that were still severely affected by the pandemic in 2021 have by and large recovered. This also applies to tourism in Basel-Stadt, which recorded just under 9% fewer overnight stays than in the previous peak year of 2019. At the same time, Russia's war of aggression against Ukraine is causing much human suffering and uncertain business prospects due to the increased danger of an energy shortage.
These developments stand in stark contrast with a remarkable resilience of the Basel-Stadt economy. Most existing local companies have developed positively, and many new ones have settled in Basel. Employment is stable overall, unemployment is low, and the shortage of skilled workers remains a concern. Among other things, the fading of the COVID-19 pandemic allowed for face-to-face meetings again. For example, the Economic Development Unit was able to organise an event on the topic of "Insurtech" with our colleagues from the Office of Economy of the Canton of Zurich. Another outstanding post-COVID-19 occasion was the Innovation Day which we organised jointly with Basel’s State Chancellery. Innovation Day was part of the annual general meeting of the "Small Advanced Economies Initiative", an international forum organised this year by Switzerland with the participation of six other highly developed small nations.
Our challenges in 2023 include, among others, the successful implementation of the OECD tax reform at federal and cantonal levels, and the implementation of our new Economic Development strategy, with the two focal points of corporate retention and support, as well as innovation promotion. In this spirit, I look forward to working with our motivated Economic Development employees and our partners to actively support Basel-Stadt companies in realising their dreams and business plans this year once more.


Samuel Hess
Member of the Management Board & Head of Business Division