Former Commerzbank chief executive Martin Blessing has stepped up to promote foreign investment in Germany on behalf of Chancellor Friedrich Merz – for a symbolic remuneration of €1.
The 62-year-old manager will use his international contacts to help re-establish “Germany as a top location for investments by companies of all kinds,” Merz said when introducing Blessing at the Chancellery on Monday.
Direct investment in Germany has been declining since 2022 but is urgently needed to stimulate economic growth and secure jobs.
The country’s main disadvantages as a location are the tax burden, bureaucracy and high energy costs.
In addition to legislative measures such as the immediate investment programme, the special infrastructure fund and a corporate tax reform, the government wants to attract investment by addressing foreign countries more directly.
Foreign Minister Johann Wadephul is increasingly taking economic delegations with him on his trips. Blessing is now tasked with establishing direct links with foreign companies.
No salary, no staff costs
The banker’s appointment will not incur any additional costs for the Chancellery, noted Merz, introducing Blessing as his “one-dollar man” who works for this symbolic amount.
He quickly corrected himself to specify “one-euro man” – or 10% more, as Blessing joked, referring to the currency’s slight exchange lead over the US dollar.
No additional staff will be hired for him in the Chancellery either. During his election campaign, Merz had pledged to slash the number of government commissioners to save money and cut red tape.
According to reports, Blessing received the offer from Merz by telephone during a games evening with his family. He is delighted to be able to “strengthen Germany’s attractiveness as an international location,” he said.