Dutch Government Negotiating With 250 Firms Over Brexit Move

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Last Saturday, the government of Ireland said that it was in discussions with 250 firms about moving their operations to the Netherlands from the United Kingdom ahead of the exit of Britain from the European Union that scheduled for the 29th of March.

In a report, the Economic Affairs Ministry said that a recruitment programme had acquired 42 firms or branch offices and 1,923 jobs from the United Kingdom to the Netherlands last year.

Among those who have decided to invest in the Netherlands are Sony, Bloomberg, and the Discovery Channel.

Last month, Sony announced that it was moving its European headquarters to Amsterdam, as firms in the United Kingdom continue to progress with their contingency plans. Panasonic, its rival, has already moved to the Dutch capital.

The report also identified media company TVT Media, Japanese investment bank Norinchukin, maritime insurer UK P&I Club, and financial services providers MarketAxess and Azimo among the movers.

The ministry disclosed: “In 2019, several companies, including Discovery and Bloomberg have already announced their intention to invest in the Netherlands because of Brexit.”

It added: “Additionally, the Netherlands Foreign Investment Agency is talking with more than 250 foreign companies considering setting up operations in the Netherlands following Brexit.”

It said that most were British, however, some were Asian or  American companies that are reconsidering their European branch structures.

It added: “These include companies in the financial sector, media and advertising, life sciences & health and logistics.”

The firms that have moved some of its operations to the Netherlands or signalled an intention to do so also include the London Stock Exchange Group, Chicago’s Cboe Global Markets, Panasonic, Mitsubishi UFJ Financial Group, and Tradeweb.

The European Medicines Agency is already operating from a temporary space in Amsterdam. It is expected to relocate 900 employees to the Netherlands from London by the end of the year.