High Energy Prices in Germany Forcing Companies to Relocate

German energy prices are so high that some companies are considering leaving the country altogether, according to Siegfried Russwurm, the head of the German Industry Federation.
Asked whether the ongoing energy situation was “bad enough” for companies to relocate, Russwurm responded: “It is indeed.”
“A lot of family-owned companies ... have very operational plans to relocate,” Russwurm said, adding that the current business conditions in Germany had created a “cocktail” of obstacles for companies, CNBC reported.
“Many Germany-headquartered businesses are doing well globally, but they are struggling with operations in their own country,” he added, listing red tape and slow administration as additional pressures faced by companies in the current climate.
German Economy Minister Robert Habeck addressed the issue of companies looking to move elsewhere in his speech on the second day of the BDI’s Day of Industry conference in Berlin on Tuesday.
“In my view, Germany is an attractive location for both new and existing companies,” Habeck said, according to a translation by CNBC. “Of course, materials industries are under pressure as a result of higher energy prices, but there are political decisions to be made.”