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<Document><Title>World map of direct investments</Title><Paragraph count="1"><Layout>(2) one column image(s) first</Layout><PResumee>Swiss chemical and pharmaceutical companies have direct investments in more than 80 countries.</PResumee><PText><Align>left</Align><Text><P>Since the beginning of the last century the Swiss chemical and pharmaceutical industry has consolidated the international presence of its innovative products by direct investment in more than 80 countries. The value of the industry's foreign direct investments amounted to more than 62 billion CHF in 2002, a share of 45.8 % of all direct investments by the Swiss industry.</P><P>
</P><P>The Swiss chemical and pharmaceutical companies have sales organisations in nearly all countries of the world. Manufacturing is concentrated in only a few sites for cost optimisation. Research centres are located mainly in Europe, the US and Japan.</P></Text></PText><ImageList><SingleImage><Image>918</Image><Width>558px</Width><Height>271px</Height><Valign>center</Valign><Align>top</Align></SingleImage></ImageList></Paragraph></Document>
