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The World

Europe

Brussels

Business

Brussels, Business

Business Profile: Although Brussels accounts for just 0.5% of Belgium’s surface area and has a population of under one million, the region generates 15% of the nation’s Gross National Product. However, Brussels’ unemployment level at 15% remains high. The national level is not much better, standing at 12%. This perhaps is explained by the fact that two thirds of Belgium’s 40,000‐strong asylum seekers are in Brussels and, since 2000 regulations, this population has been entitled to seek work. A further explanation rests on the nature of employment available in Brussels, which relies on a highly skilled, technically proficient and multi‐lingual workforce. In this environment, the less skilled find it difficult to slot in. One third of Brussels’ labour market comes from the international community, of which 65% are from the European Union.

Most major Belgian companies are based in the capital, including the Glaverbel, Solvay and SN Brussels Airlines. ‘Capital’ of the European Union, Brussels also plays host to NATO. The presence of these international organisations, combined with Brussels’ geographic location at the heart of Europe, excellent transport infrastructure, highly trained multi‐lingual workforce and favourable fiscal regimes, draws nearly 2000 foreign companies to Brussels, including 1400 American companies and over 1000 international associations. The presence of some 60 foreign banks has contributed to making Brussels the world’s seventh biggest financial market. Along with American companies, France, Germany, Sweden, the United Kingdom, Switzerland and Japan also have strong financial links with Brussels. Foreign companies with a presence in the city include AT&T, IBM, Sony, Toyota, Procter & Gamble, Hewlett Packard, Volkswagen and Price Waterhouse‐Coopers.

The tertiary sector accounts for nearly 80% of all jobs – in various fields such as banking and financial services, tourism and transport. Nonetheless, Brussels remains the nation’s second most important industrial centre after Antwerp. Industry is increasingly specialised in high‐tech sectors and accounts for 15% of employment.

There are several major business districts. The city centre is where the Belgian financial groups – such as the FORTIS and BBL – and government ministries are based. The Espace Nord is much favoured by public administrators and private‐sector companies, such as Belgacom, Bankcard Company and The World Trade Center. The Louise area is occupied by national and international companies, while the coveted Léopold area is dominated by the European Parliament. Brussels’ international flavour is also evident in the numerous diplomatic missions present and the city welcomes nearly 16,000 business congresses annually. Nearly a third of the capital’s population is made up of foreigners, giving Brussels a truly cosmopolitan flair.

Business Etiquette: A certain degree of business formality is expected in Brussels. It is wise for business visitors to confirm meetings in writing and arrive punctually, armed with business cards and wearing a suit – with a tie for men. Companies are hierarchical and as many managing directors do not delegate, it is advisable to go straight to the top. Standard office hours are Monday to Friday 0830–1730. On introduction, one should address colleagues with their surname, respecting any professional or academic qualifications. English is the standard language of business. Personal relationships are important, so relaxed lunch meetings help develop trust – a stage that must be reached before decisions are made. In Brussels, it is common for business colleagues to be invited for an apéritif, followed by dinner at a nice restaurant, although usually not at the first meeting.