Saxony asserts itself as a business location

Saxony's economy recorded 19 new companies and company expansions in the past year. This was backed by investments of around 128.5 million euros, according to the state's economic development agency. 949 jobs were created or retained. "Despite persistently difficult conditions, Saxony was able to hold its own in the international competition for business locations in 2024," concludes Wirtschaftsförderung Sachsen GmbH (WFS).

Companies are not only investing in major cities

Once again, the projects were spread across almost the entire state, it said. Investments were not only made in the major cities of Chemnitz, Dresden and Leipzig, but also in several rural districts. The investors come mainly from Germany, but also from Austria, France, Great Britain, China and the USA.

In 2023, the WFS reported 16 settlements and expansions worth around 10 billion euros. However, the Taiwanese chip group TSMC was a big fish at the time. The industry giant is planning to build a new semiconductor factory in Dresden together with Bosch, Infineon and NXP Semiconductor.

"2024 was a good year for the location despite a wide range of challenges. We were able to attract new investors to Saxony and implement expansions with local companies. These are positive signals that cannot be taken for granted in view of the increasingly tough competition between locations, the difficult global environment and the general economic conditions," said WFS Managing Director Thomas Horn.

Saxon exports at a high level

Saxon Minister of Economic Affairs Dirk Panter (SPD) referred to a time of global upheaval. "The international economic and world order, as we have known it for decades, is being readjusted." The WFS is also supporting Saxon companies in these challenging times and is actively providing impetus. With exports amounting to 51.1 billion euros, 2024 was the second-best year for exports. Around a third of economic output was generated through exports, and many jobs depended on them.

Panter described Saxony as a state of innovation. The use of automated technologies and AI is a key future field for the local economy. "AI and robotics can and will improve and facilitate the working lives of many people." The Robotics Saxony cluster stands for bringing these technologies more strongly into companies and, as a platform, wants to promote talent and develop new business models.