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By the entrance of the main office in Cambodia’s Sihanoukville <keyword id="6365230" type="UNKNOWN" weightage="20" keywordseo="special-economic-zone">Special Economic Zone</keyword> is a crimson message from the country’s prime minister, Hun Sen. Written in flowing Khmer and Mandarin is a quote from the China-friendly strongman likening the area to “my own son”. On the opposite wall is a quote from Chinese President Xi Jinping hailing the zone – one of the first industrial estates in Asia funded and jointly run by Chinese investors – as a landmark model of cooperation. The zone is home to dozens of Chinese firms and is just 12km (7 miles) from Cambodia’s only deep-sea port, a facility that was developed with the help of China’s strategic rival, Japan. The port, which handles about 70 per cent of Cambodian imports and exports, is a major link in a chain of some 600 facilities in 200 countries connected by China’s “<a href="https://www.scmp.com/topics/belt-and-road-initiative" class="link-text">Belt and Road Initiative</a> ”.China launched the scheme in 2015 to spur trade along ancient Silk Road land and sea routes linked to Asia, Africa and Europe. Cambodia is one of the poorest and least developed countries in the world and has become a haven for Chinese investors, with capital inflows reaching an estimated US$3.9 billion last year. The growth in investment in places like Cambodia comes despite mounting criticism and resistance, and underlines Beijing’s accelerated push for the world’s most ambitious project amid China’s economic wrangling with the United States and European powers and their unfolding geopolitical rivalry. Those ambitions will be in the spotlight this week when 37 heads of state, including Hun Sen and Russian President Vladimir Putin, head to Beijing for the Belt and Road Forum, the second of its kind in less than two years. But neither India nor the US will send senior representatives. <h3 style="margin-bottom: 2.35714rem; font-variant: inherit; font-weight: 300; font-stretch: inherit; font-size: 1.71429rem; line-height: 2.42857rem; font-family: Roboto, sans-serif; vertical-align: baseline; display: inherit;"><a href="https://www.scmp.com/news/china/diplomacy/article/3006893/cooperate-or-stop-criticising-chinas-foreign-minister-wang-yi" class="link-text">‘Cooperate or stop criticising’, China’s foreign minister says </a></h3>Observers say the event is aimed at both domestic and foreign audiences, with Beijing keen to showcase the popularity of Xi’s foreign policy and gauge the level of interest and commitment among participants in the project. But there is also expected to be much questioning and scrutiny of China’s global ambitions. While Beijing wants to convince the world of its peaceful rise and its desire to promote regional connectivity and growth in Eurasia and Africa by using government capital, state-owned enterprises and projects abroad, it still has a lot of explaining to do. “A significant part of the Belt and Road Initiative is projecting the rejuvenation of China inherent in Xi’s ‘Chinese dream’,” Steve Tsang, director of the SOAS China Institute at the University of <keyword id="6354968" type="LOCATION" weightage="20" keywordseo="london">London</keyword>’s School of Oriental and African Studies, said. “It is not about solving the world’s problems but about making Xi’s China appear great and successful.” The big picture When Xi first proposed the belt and road six years ago, he said it was a vision for greater connectivity and trade along an economic land belt and maritime routes linking China to Africa and the Mediterranean, reminiscent of the ancient Silk Road centuries ago. In a speech at Kazakhstan’s Nazarbayev University in September 2013, Xi said the idea would be to “build a community of interests” by deepening economic ties, cooperation and development between Eurasian countries. Two years later, he said the initiative would be “a real chorus comprising all countries along the routes, not a solo for China itself”. At the first <a href="https://www.scmp.com/topics/belt-and-road-2017-summit" class="link-text">Belt and Road Forum in 2017</a>, billed as the country’s most important diplomatic event of the year, Xi waxed poetically about the ancient Silk Road routes as a “great heritage of human civilisation”. He spoke about how its modern version, the belt and road programme, would complement different countries’ development strategies rather than “reinvent the wheel”. At the time, more than 100 countries and international organisations had signalled they were on board with the plan.The approach is not entirely new and is often compared to the US’ post-second world war Marshall Plan and Japan’s “flying geese” development strategy in Southeast Asia in the 1990s. Over the years, the initiative has evolved and deepened into a much more comprehensive strategy, becoming the centrepiece of Xi’s economic and foreign policy, which is aimed at transforming Beijing into an international leader on a par with Washington and reclaiming its greatness on the world stage. The initiative was also enshrined in the Communist Party’s constitution in 2017 along with Xi’s eponymous political thinking. According to Beijing’s top diplomat <a href="https://www.scmp.com/news/china/diplomacy/article/3003966/chinas-top-diplomat-says-40-state-leaders-will-attend-belt-and" class="link-text">Yang Jiechi</a> , a Politburo member and former foreign minister, more than 120 countries in Asia, Europe, Africa, Latin America and the Caribbean have signed on to the plan.Diplomats, officials and observers say that the evolution of the initiative, which is still to be thoroughly deliberated and clarified, coincides with a fast-changing global economic and political order, including the rise of China, further integration of Europe and Asia, and the decline of American hegemony. <h3 style="margin-bottom: 2.35714rem; font-variant: inherit; font-weight: 300; font-stretch: inherit; font-size: 1.71429rem; line-height: 2.42857rem; font-family: Roboto, sans-serif; vertical-align: baseline; display: inherit;"><a href="https://www.scmp.com/news/world/europe/article/3006915/china-asks-britain-help-boost-image-belt-and-road-initiative" class="link-text">China asks Britain for help to boost image of belt and road </a></h3>Moritz Pieper, a lecturer in international relations at the University of Salford in Britain, said that no matter what is the main driving force behind the initiative, China is growing as a power in Eurasia. “Regardless of whether one subscribes to the view that it [the belt and road] is driven first and foremost by Chinese domestic economic motivations such as industrial excess capacity or to the view that China aims to ‘go out’ and make a distinctive contribution to globalisation on Chinese terms, there can be no doubt that China has arisen as a Eurasian power as a precondition for global ‘great power’ status,” Pieper said.<h2 style="margin-top: 1.14286rem; margin-bottom: 0.428571rem; font-variant: inherit; font-stretch: inherit; font-size: 1.71429rem; line-height: 2.21429rem; font-family: Merriweather, serif; vertical-align: baseline;"></h2>Yun Sun, co-director of the East Asia programme at the Stimson Centre think tank, said the belt and road served both economic and strategic goals. “It helps China to absorb domestic economic overcapacity; expand foreign markets and trade relations; consolidate political relations with recipient countries; further military ties and security influence; and eventually all these serve to shape a different order with China playing a much more prominent role,” she said. Tilting East As China has continued to expand its presence in some of the world’s busiest and strategically important trade arteries in the past two years, the US, Japan, Germany, Russia, India, Australia and other governments have fretted that Beijing is gaining economic and political influence at their expense. Many of the countries that have signed up for the initiative are less-developed economies in Africa and the Asia-Pacific as well as struggling parts of Europe, and “in today’s global economic conditions money talks”, according to Gal Luft, co-director of the Washington-based Institute for the Analysis of Global Security. “Many developing countries as well as struggling European economies like Italy and Greece are in financial dire straits,” Luft said. “The IMF and the World Bank are no longer viewed as the salvation. China is the only country that is willing to offer tangible resources and with almost no strings attached. Washington on the other hand is all threats and criticisms and very low on actual deliverables.” <h3 style="margin-bottom: 2.35714rem; font-variant: inherit; font-weight: 300; font-stretch: inherit; font-size: 1.71429rem; line-height: 2.42857rem; font-family: Roboto, sans-serif; vertical-align: baseline; display: inherit;"><a href="https://www.scmp.com/news/china/diplomacy/article/2189332/italy-signs-belt-and-road-infrastructure-summit-china" class="link-text">Italy signs up for belt and road infrastructure forum in China </a></h3>Joshua Meservey, an expert on Africa and the Middle East at the Heritage Foundation in Washington, said Beijing aimed to translate that influence into something bigger. “I think Beijing does see Africa [and other underdeveloped continents] as very important to its overall foreign policy goals which are intimately linked to its domestic policy goals of maintaining its rule,” he said. “The Chinese Communist Party wants the world to adopt its model of internet governance and sovereignty. But what they’re really talking about is the government’s ability to control and censor and repress the internet as CCP does in mainland China … It is just one example of how they explicitly promote the illiberal global norms especially among developing countries. Developing countries are very much the junior partners to China and so are somewhat at China’s mercy on these questions.” Suspicions of Chinese geostrategic intentions have seen other countries invest more deeply in their rival investment or connectivity initiatives: the European Union moved to expand the bloc’s Europe-Asia connectivity plan, Russia pushed forward the Eurasian Economic Union, and the United States led the creation of an Indo-Pacific infrastructure investment partnership with Australia and Japan, which India was in talks to join. China and Japan are vying for influence in the Cambodian city of Sihanoukville. Photo: Alamy Even in Cambodia, China has a fierce competitor: Japan, which is vigorously vying for influence in the once sleepy seaside city of Sihanoukville and across the underdeveloped nation. Japan is Cambodia’s second-biggest overseas investor, with US$889 million invested in eight major projects, according to the Council for the Development of Cambodia. Chansok Lak, lecturer and researcher at the Royal University of Phnom Penh, said a marked increase in Japanese investment in Cambodia since 2017 might reflect Tokyo’s efforts to counterbalance Chinese influence in the country. Many researchers say that the increasing integration of Europe and Asia looks set to reshape the global economic and political order, replacing the dominating transatlantic routes in world trade. According to Nicholas Moes at Bruegel, a Brussels-based think tank, Eurasia trade in goods, which peaked at US$1.8 trillion in 2013, is consistently more than double the transatlantic trade in the past decade. <h3 style="margin-bottom: 2.35714rem; font-variant: inherit; font-weight: 300; font-stretch: inherit; font-size: 1.71429rem; line-height: 2.42857rem; font-family: Roboto, sans-serif; vertical-align: baseline; display: inherit;"><a href="https://www.scmp.com/news/china/diplomacy/article/3006438/swiss-belt-and-road-deal-be-signed-during-president-ueli" class="link-text">Switzerland to sign belt and road deal during President Ueli Maurer’s China trip </a></h3>Bruno Marcaes, a former Europe minister in Portugal, said that trade between Europe and Asia vastly exceeded transatlantic and transpacific trade. The world’s political and economic centre of gravity is shifting from West to East, claimed Marcaes, the author of The Dawn of Eurasia and Belt and Road: A Chinese World Order, both published in 2018, with the emergence of a Eurasia century in the midst of a fast-changing world order. According to a report by Dutch multinational bank ING last year, trade between Asia and Europe (excluding trade between EU countries) accounted for 28 per cent of world trade. Making trade flows easier between countries along the belt and road corridors, especially those in Central and Eastern Europe, the Middle East and Southeast Asia, could boost international trade by as much as 12 per cent.

Dominance or development? What’s at the end of China’s New Silk Road?

<ul class="summary-list"><li>A Swiss financial blog <a href="https://insideparadeplatz.ch/2020/09/14/projekt-signal-axel-weber-plant-ubs-cs-fusion/">reported</a> Monday that <keyword id="48085" type="CITY" weightage="60" keywordseo="Credit-Suisse">Credit Suisse</keyword> and competitor <keyword id="6365707" type="ORGANIZATION" weightage="60" keywordseo="ubs">UBS</keyword> are considering a merger. </li><li>The potential deal would create a European financial powerhouse with nearly 1.6 trillion euros in deposits. </li><li>Both firms declined to comment on what they called "rumors and speculation."</li></ul>Leadership at two of the largest Swiss banks are exploring a merger that could create the biggest bank in Europe, <a href="https://insideparadeplatz.ch/2020/09/14/projekt-signal-axel-weber-plant-ubs-cs-fusion/">according to a report from Inside Paradeplatz</a> on Monday.Chairmen of both UBS and Credit Suisse have been involved in the potential deal, nicknamed Signal, which could be announced as soon as early 2021, the financial <keyword id="6355005" type="UNKNOWN" weightage="60" keywordseo="news">news</keyword> blog reported, citing two unidentified sources at the banks.Inside Paradeplatz, which takes its name from Zurich's main financial square where both banks are headquartered, reported that Switzerland's <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">Finance</keyword> Minister, Ueli Maurer, has also been involved in the discussions.A spokesperson for UBS said the bank doesn't comment on "rumors and speculation." Credit Suisse also declined to comment.Shares of Credit Suisse rose about 4.8% in trading Monday while UBS rose about 2.5%.A merger of the two financial powerhouses would create one of the largest banks in Europe, with deposits totaling around 1.6 trillion euros. That would rank the combined bank as fourth in the continent, behind HSBC, BNP Paribas, and Credit Agricole, <a href="https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/europe-s-50-largest-banks-by-assets-2020-57901087">according to S&amp;P data. </a>Any deal could also result in up to 15,000 job cuts, or 15% of total staff worldwide, Inside Paradeplatz reported.

UBS and Credit Suisse are reportedly considering a merger that would create one of Europe's largest banks

<ul class="summary-list"><li>Facebook-backed blockchain payment initiative Calibra has posted two new marketing job openings that suggest the product may be gearing up to roll out.</li><li>Calibra is hiring heads of brand and media and looking for advertising talent with at least 15 years of experience. The head of brand role requires candidates to "champion and build the company."</li><li>Calibra has faced criticism and concern from major players like Visa and MasterCard as well as leaders like Swiss president and finance minister Ueli Maurer.</li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories</a>.</li></ul>While Facebook has faced a storm of criticism over its move into financial services, it's seeking an advertising vet to run the program's marketing.The company is seeking a head of brand and a head of media for Calibra, Facebook's digital wallet that will let people send money through Messenger and WhatsApp, including Facebook's own cryptocurrency Libra. The idea is to create an open set of standards for sending money that Facebook and other financial services firms can use to build products.Both positions require people to have at least 15 years of advertising and marketing experience and 10 years of leadership experience. Ideal candidates will also have experience in financial services and fintech, say postings on Calibra.For the head of brand, Calibra is seeking a person to "champion and build the company and product brand to support the growing needs of the product portfolio and target audiences," reads the listing. The person will also focus on marketing Calibra through Facebook's platforms and traditional media."As well as having the opportunity to create a brand from inception to launch and beyond, you will define the expected outcomes for all consumer and brand programs and campaigns - making it clear what the expected impact will be on company metrics and ROI," reads <a href="https://calibra.com/careers/a1K2K000007rwKCUAY/">the posting.</a>The head of media will be responsible for running all of Calibra's campaigns and work with external agencies in addition to teams within Facebook, according to the listing.A Calibra spokesperson declined to comment further about the role other than to say that the company is growing the existing team. At least two other Calibra employees share the "head of brand" title, according to LinkedIn profiles.Calibra is hiring for about 30 positions across all departments, according to <a href="https://calibra.com/careers#">its careers page.</a>Facebook more broadly has <a href="https://www.businessinsider.com/how-facebooks-cmo-antonio-lucio-is-fixing-the-dented-brand-2019-6">hired a handful of agencies</a> including Wieden + Kennedy and Ogilvy to create platform-specific work that aims to restore trust in its corporate brand that has been dented by events like Cambridge Analytica. In August, Facebook <a href="https://www.businessinsider.com/facebook-rebrands-instagram-whatsapp-from-facebook-2019-8">rebranded Instagram and WhatsApp</a> to include Facebook's name, and Facebook plans to run its first Super Bowl campaign during next month's game.<h2>Facebook has faced backlash to its move into payments</h2>Libra has had a tough start. Major partners like Visa, PayPal, Mastercard and Stripe have pulled out of the program. Last month, Switzerland's <a href="https://www.businessinsider.com/facebooks-libra-has-failed-in-current-form-swiss-president-2019-12">president and finance minister Ueli Maurer</a> said that "the project, in this form, has thus failed," while Facebook executives have stressed that Calibra is part of a long-term initiative that could take years to get off the ground. In November, Kevin Weil, Calibra VP of product, <a href="https://www.businessinsider.com/facebook-exec-says-mark-zuckerberg-not-giving-up-libra-calibra-2019-11">told attendees at the tech conference Web Summit</a> that he had a prototype of Calibra on his phone."At Calibra, what drives us is to make financial services available to more people around the world and make them dramatically cheaper," Weil said at the event. "People at Facebook are inspired by the ability to help people all over the world."

Facebook's Calibra is seeking two high-level marketers to launch an advertising blitz, even as its move into financial services faces growing criticism

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Sam Greenwood/Getty ImagesNina Christen of Switzerland shoots in a 10m Rifle ahead of the Rio 2016 Olympic Games on August 4, 2016 in Brazil.</div></div></div><ul><li>The Swiss celebrate hundreds of years of precise target shooting and gun ownership.</li><li>Most Swiss men have to learn how to use a gun, but the majority of Swiss people do not own firearms.</li><li>Militiamen can bring their guns home while serving, but they aren't required to do so.</li></ul> Switzerland is a country of chocolate, cheese, cuckoo clocks, and lots of guns. Right? Not quite. The Swiss have often been touted by the National Rifle Association (NRA) as a standout example of a country with little gun control and a homicide rate near zero.Citizens of the country have even developed a reputation for having their guns ready in the closet at a moment's notice, which has led some people to wonder if the Swiss are all required to own arms in order to protect their state.<h2>The short answer is no</h2>In 2007, the <keyword id="6356001" type="COMPANY" weightage="60" keywordseo="international">international</keyword> Small Arms Survey estimated that Swiss civilians owned about <a href="http://www.businessinsider.com/switzerland-gun-laws-rates-of-gun-deaths-2018-2#in-addition-to-the-militias-arms-the-country-has-about-2-million-privately-owned-guns-a-figure-that-has-been-plummeting-over-the-past-decade-6">3.4 million guns</a>, more than almost any other country in the world (except the United States and Yemen). But there are signs that the number of armed Swiss is dropping: its <a href="http://www.businessinsider.com/switzerland-gun-laws-rates-of-gun-deaths-2018-2#in-addition-to-the-militias-arms-the-country-has-about-2-million-privately-owned-guns-a-figure-that-has-been-plummeting-over-the-past-decade-6">now estimated</a> there are roughly 2 million privately owned guns in the country - about one for every four Swiss people.The Swiss do, however, have a long history of cherishing hunting rifles and practicing target shooting. In Zurich, an annual festival even celebrates youngsters' burgeoning efforts to learn to pull the trigger responsibly and accurately, with a centuries-old <a href="http://www.businessinsider.com/switzerland-gun-laws-rates-of-gun-deaths-2018-2#switzerland-is-obsessed-with-getting-shooting-right-every-year-it-holds-a-shooting-contest-for-kids-aged-13-to-17-1">shooting contest</a> open to girls and boys as young as 13.Switzerland is home to a largely citizen-sourced militia that supports the stance of "armed neutrality" - the country has stayed neutral and <a href="http://www.businessinsider.com/switzerland-gun-laws-rates-of-gun-deaths-2018-2#having-an-armed-citizenry-helped-keep-the-swiss-neutral-for-more-than-200-years-2">out of armed conflict</a> since 1815. <div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Denis BalibouseSwiss President Ueli Maurer pauses after a shot at 300 metres (984.25 feet) during a shooting exercise with the Foreign Diplomatic Corps in Switzerland on May 31, 2013. The annual exercise is a several hundred year-old tradition attended by some 120,000 Swiss marksmen.</div></div></div>The country also requires all "fit" Swiss men to participate in its <a href="http://www.businessinsider.com/switzerland-gun-laws-rates-of-gun-deaths-2018-2#most-swiss-men-are-required-to-learn-how-to-use-a-gun-3">mandatory military service</a>. Women can volunteer to be in the state militia too, but they don't have to. And anyone who objects to fighting in the national ranks can instead volunteer in the country's <a href="https://en.wikipedia.org/wiki/Conscription_in_Switzerland">civilian service</a>, which might include more pacifist-friendly tasks like providing social services or fixing up Swiss cultural sites. Men who serve in the militia are trained and handed a weapon <a href="http://www.businessinsider.com/switzerland-gun-laws-rates-of-gun-deaths-2018-2#most-swiss-men-are-required-to-learn-how-to-use-a-gun-3">that they can keep</a> until they're done serving. But recent estimates suggest <a href="http://www.businessinsider.com/switzerland-gun-laws-rates-of-gun-deaths-2018-2#around-the-world-stronger-gun-laws-have-been-linked-to-fewer-gun-deaths-that-has-been-the-case-in-switzerland-too-11">only 11%</a> actually keep their rifles at home when they're not working. Military ammunition is always kept separately at local armories. Former militiamen are offered the chance to buy their service weapons when they're done serving, but they have to get a permit for those state-issued guns. In fact, with the exception of hunting rifles and semiautomatic longarms, any private gun owner in Switzerland has to get <a href="http://www.businessinsider.com/switzerland-gun-laws-rates-of-gun-deaths-2018-2#gun-sellers-follow-strict-licensing-procedures-7">a permit for their</a> gun. And if they've got a criminal record, a history of violence, or are struggling with mental health or addiction, local authorities won't issue one.You can read about the history of Swiss gun ownership and how Switzerland has beefed up its gun laws <a href="http://www.businessinsider.com/switzerland-gun-laws-rates-of-gun-deaths-2018-2">here</a>. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/switzerland-gotthard-base-longest-train-tunnel-deepest-tech-world-2016-5">Switzerland spent $12 billion to build the world's longest and deepest train tunnel </a></h3> <div> </div> </div>

The Swiss own millions of guns, but have barely any gun deaths - here's what they do differently from the US

UBSUBS CEO Sergio Ermotti.Is Switzerland more important to <a href="http://www.businessinsider.com/r-china-says-us-trade-orders-should-respect-international-rules-2017-4">America than China</a>? Well, it depends on what is important to you.As Chairman of the Swiss American Chamber of Commerce, I believe that the relationship between <a href="http://www.businessinsider.com/country-closest-to-being-named-currency-manipulator-2017-2">Switzerland and the US </a>offers a model for how cross-border investment can strengthen economic ties between nations, creating much-needed jobs and adding to global prosperity through financial partnership. Our government also understands this too, and I am sure that this message will be reinforced when Federal Councillor Ueli Maurer, Head of the Federal Department of Finance, and Federal Councillor Johann Schneider-Ammann, Head of the Federal Department of Economic Affairs, Education and Research, visit the US next week. Meanwhile, the whole world is watching America and its new President to try to understand where his administration is going in terms of economic and trade policies and the impacts they might have on its trade partners. Early talk of border taxes and trade tariffs has stoked concern about the risk of trade wars and a so-called "new era of US protectionism." President Donald Trump put it this way: "There are two simple rules: buy American and hire American." For some countries, that's worrying. For others, it's a great opportunity -- one that Switzerland is already embracing.So who really matters to America when it comes to jobs? Well, if you look at the net figures (employment in the US by foreign companies minus US-created jobs in that country), then Switzerland creates more American jobs than China. That's 370,000 net jobs in America's favor according to the latest figures*. Globally, Switzerland ranks second only to Japan in the net jobs it creates for America. And if you add in all the jobs supported by exports to Switzerland, the total soars to more than 700,000.Switzerland is a minnow on the world stage - a small, landlocked country of about 8 million people, accounting for less than one percent of global gross domestic product. We live in the popular imagination as a land of chocolate, mountains and cuckoo clocks. But you won't find much in the way of lederhosen, yodeling or bank secrecy anymore - perception lags behind the reality. And the reality is that in terms of American jobs, Switzerland is a true heavyweight. And these jobs are well paid, with American workers in Swiss-owned companies earning an average of more than $100,000 a year, higher than jobs from any other major country*. Switzerland is the seventh-largest foreign investor in the US, and Swiss investments are growing at the second-highest rate of any country*. It's a two-way street, with about a fifth of global investment in Switzerland coming from the US.That helps explains why Switzerland has added more jobs to the US economy than any other major country since 2008, so that Swiss companies now contribute more than 460,000 jobs, spread across every state*. Swiss companies are among the top three foreign employers in more than half a dozen states from New Jersey through Arkansas to California, with New Mexico, North Dakota and Louisiana showing the fastest growth. Swiss companies are prominent in manufacturing in chemicals, food and electronics, and in services like banking and insurance. World-class companies including Nestle SA, Novartis AG, ABB Ltd., Credit Suisse Group AG and UBS Group AG have important US operations. Rob LudacerGiven that the most famous Swiss-American is Albert Einstein, maybe it is not so surprising that Switzerland is the biggest foreign investor in research &amp; development in the US, accounting for a fifth of total foreign investment*. R&amp;D is vital for tomorrow's jobs - recent research estimated that for every one percent increase in R&amp;D, America would benefit from a $.38 per cent increase in jobs∗∗. And Swiss companies are the number one investor in high-value growth industries such as pharmaceuticals and medicine.Of course, while Switzerland matters to the US, the US in turn is absolutely vital to Switzerland. US companies export goods and services worth more than $50 billion to Switzerland annually. And exports are growing, both ways. We value our economic relationship. We also value the historical and cultural ties, underpinned by our shared values. In addition, our two governments have agreed to co-operate more in vocational education and training. In Switzerland we have a long and successful tradition of apprenticeships.Extending the partnership between Switzerland and the US will help grow the economic ties to the mutual benefit of both countries. With more than 500 Swiss companies providing jobs for Americans already, we can expect further investment. What's good for Switzerland is also good for America. Sergio P. Ermotti is Group CEO of UBS, and Chairman of the Swiss American Chamber of Commerce. <h3>NOW WATCH: <a href="http://www.businessinsider.com/mq-25a-stingray-us-response-china-carrier-killers-2017-3">Meet the MQ-25A Stingray - the US's response to threats like China's 'carrier killers'</a></h3> Please enable Javascript to watch this video

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Dominance or development? What’s at the end of China’s New Silk Road?

SCMP

UBS and Credit Suisse are reportedly considering a merger that would create one of Europe's largest banks

Graham Rapier

Facebook's Calibra is seeking two high-level marketers to launch an advertising blitz, even as its move into financial services faces growing criticism

Lauren Johnson

The Swiss own millions of guns, but have barely any gun deaths - here's what they do differently from the US

Hilary Brueck

UBS CEO: Switzerland is more important to America than China

Sergio Ermotti, UBS

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