Jens Südekum: Vom Exportweltmeister zum Investitionsversager

Germany has experienced massive export surpluses for decades, yet capital generated from this trade often didn't find its way back into developing new business fields. Instead, much of it flowed abroad, including into unprofitable ventures. Simultaneously, insufficient investment occurred at home over the decades. Consequently, cutting-edge technologies like digital platforms, semiconductor and battery production, among others, were mostly developed abroad.

In essence, Germany didn't leverage its export success extensively enough. The core remains highly competitive: Germany boasts world-leading companies, robust research, and industrial networks. However, we rarely cross the threshold from a good idea to substantial value creation. Conversely, political energy tends to focus on preserving existing business models.

To address this, a recent study by the Friedrich-Ebert-Stiftung proposes a shift in strategy. Four growth sectors present the greatest opportunities: climate-neutral machines, pharmaceuticals and medical technology, security and space technology, as well as digital trust technologies such as AI and cybersecurity. Together, they account for approximately €410 billion in industrial value creation.

The focus should be on further developing existing strengths. We must think more strategically and European. The problem isn't the establishment of new ventures, but scaling them. The US offers deep capital markets and a large domestic market. Europe, with its 27 regulatory frameworks and insufficient growth capital, requires the capital market union and building a substantial capital stock through the pension reform to be decisive.