CEO Insight speaks with Tarek Al-Wazir Minister of Economics, Energy, Transport and Regional Development, State of Hessen.
CEO Insight: Minister, FrankfurtRhineMain has taken on a new role as a result of the Brexit vote. How is the region positioning itself?
Tarek Al-Wazir: We had hoped that the outcome of the referendum would be different, Brexit is anything but good news for Europe. But now we have to make the best of the situation. And that is a situation in which for any number of companies in Great Britain, in particular in the financial and insurance sectors, access to the EU market is going to be more difficult.
What we are telling them is that Frankfurt can be a bridgehead into the EU. Frankfurt is the Eurozone’s leading financial centre; hundreds of foreign banks have representations here, the ECB and Deutsche Börse Group are based here. These are hard facts. Frankfurt is probably one of the few cities in Europe that at the end of the day can actually benefit from Brexit. We intend to exploit that opportunity.