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<Document><Title>Growing importance of direct investments abroad</Title><Paragraph count="1"><Layout>(2) one column image(s) first</Layout><PTitle>Development of headcount of the "top ten" companies by region</PTitle><PResumee>Headcount of the Swiss chemical and pharmaceutical companies increases abroad, stays constant in Switzerland.</PResumee><PText><Align>left</Align><Text><P>The number of employees abroad of the "top-ten" companies increased in the past 14 years by over 80 %, whereas it grew only moderately in Switzerland. The total world-wide headcount increased by about 140'000 employees, corresponding to an annual growth rate of over 4 %. The highest growth rates are in the Asian countries.</P></Text></PText><ImageList><SingleImage><Image>964</Image><Width/><Height/><Valign>center</Valign><Align>top</Align></SingleImage></ImageList></Paragraph></Document>
