US companies in Belgium are ready for the rebound

Brussels, July 1, 2015 – The US Top 50, the largest US companies in Belgium as measured by employment, directly employed 85,702 people in 2013, the latest year for which official data are available, according to new research carried out by the American Chamber of Commerce in Belgium (AmCham Belgium).

“Despite the challenging business environment, US investment continues to flow into Belgium,” said Marcel Claes, Chief Executive of AmCham Belgium, “and we are confident that there are ample growth opportunities here, especially as competitiveness improves.”

Employment among the US Top 50 companies declined by 4.8% compared to the previous year, the largest annual drop since the Chamber started to collect this information. We continue to witness the gradual erosion of jobs. But for the period covered by this data, we also observe a number of corporate spin-offs, which has the effect of reducing overall employment among the US Top 50 companies without resulting in actual job losses – in other words, there are more but smaller entities which don’t make the listing. Total US employment in Belgium remains above 130,000.

Belgium’s longstanding competitive handicaps and, in particular, the high cost of labor, are still a factor. US companies in Belgium are cautiously optimistic about the plans of the new Belgian Government. The reduction of labor costs, a government priority, will help to preserve jobs and create the conditions for economic growth and job creation. This is an important step of the wider re-orientation of the Belgian economy toward the future.

“With their leading position in research & development and innovation, US companies in Belgium are well-placed to meet the opportunities presented by the digital transformation of industry and other future trends,” continued Claes.

In addition to creating 85,702 jobs in Belgium, the US Top 50 companies contributed more than €1.6 billion to the Belgian State in taxes and social security in 2013.

US Top 50 Companies in Belgium

Reference source is the National Bank of Belgium and confirmed by the company, except where noted.
1 Unconfirmed by company or partial confirmation
2 Information provided by company
3 Incomplete data

About AmCham Belgium

The American Chamber of Commerce in Belgium (AmCham Belgium) is a dynamic non-profit organization dedicated to improving business and investment opportunities for the US-Belgian business community. With approximately 900 US groups in Belgium, AmCham Belgium plays a pivotal role in an evolving business environment by focusing on three key areas: advocacy, knowledge-sharing and networking. To learn more about AmCham Belgium, visit www.amcham.be