ROSTOCK IS A CITY WITH A UNIQUE CHARACTER, IT IS ONE OF THE MOST EXCITING PLACES IN GERMANY FOR ENTREPRENEURS TO START THEIR BUSINESS.
ROSTOCK PROMOTES AND EXPANDS COOPERATION BETWEEN COMPANIES, CITIES AND REGIONAL AUTHORITIES. THIS CONTRIBUTES TO FASTER IMPLEMENTATION OF NEW IDEAS, WHICH BENEFITS THE CITY’S ECONOMIC GROWTH.
PEOPLE AND COMPANIES ACCELERATE THE DEVELOPMENT OF NEW IDEAS IN BUSINESS. ROSTOCK DISCOVERED VERY EARLY ON THAT ITS LOGISTICS NETWORK LEADS TO ENORMOUS ECONOMIC ADVANTAGES. THESE LOGISTICS NETWORKS CAN BE SCALED WITH THE HELP OF PEOPLE NETWORKS.
ROSTOCK, A CITY THAT TRULY CONNECTS
NORTHERN EUROPE WITH CENTRAL EUROPE,
WESTERN EUROPE WITH EASTERN EUROPE.
1. Rostock is a city that reaches out to the world, that keeps changing, that adapts.
Rostock is a highly dynamic city, characterized by a variety of new industries and sectors that play a key role in the 21st century economy. This may explain why the city is engaged in some of the most exciting business sectors of the 21st century, such as healthcare, energy and medicine.
It is easy to see that Rostock was able to thrive during the coronavirus pandemic and expand its economic footprint during the crisis. Rostock has traditionally been a maritime city and has benefited greatly from its port. Throughout Rostock’s history, the port has played an important role in creating wealth and facilitating trade with the rest of the world.
The port has been a factor in driving Rostock’s economic transformation from a logistics hub to a modern, innovative industrial production center for high-tech and high-end products that are now exported around the world. Rostock continues to build on its traditions and heritage as a center of the Hanseatic League. This has a prehistory, as Rostock was an important trading center in the Middle Ages and in modern times.
Maritime trade has always been the connecting link that established Rostock’s footprint in the world. In time, Rostock was linked to the metropolises of Northern Europe from Oslo to St. Petersburg. This trade has boosted the economic engine and maximized the potential for economic growth in the Central and Eastern European regions. This may explain why economic growth has been pronounced in regions located on the edges of the Baltic Sea. Many other factors have also played a role. The Central and Eastern European regions have developed into important industrial locations and Rostock facilitates trade. They connect with other trade networks that reach as far as the Eurasian heartland.
2. The energy sector plays a key role, especially the production of renewable energy.
The energy industry in Rostock has a maritime character. Many of the energy companies operating in Rostock have a deep connection to the sea. The port of Rostock plays a central role in this. The port enables the construction and manufacture of offshore platforms. The port of Rostock also plays a central role in the manufacture of goods for logistical reasons. It is much easier to export goods from a port location than to transport them inland from a location further from the coast and then ship them from a port to the rest of the world.
In logistics, every kilometer counts. Every kilometer increases transport costs. This reduces the companies’ profits. To some extent, this may be one reason why many industrial manufacturers from Germany and Europe have chosen Rostock. These manufactories see Rostock as an ideal location for the production of foundations and structures.
In Rostock, these companies can network with each other to manufacture these products. They bundle their competencies and save costs when they produce their products close to each other. The learning effect also plays an important role. Companies in the offshore industry learn from each other’s experience and share their knowledge.
3. Rostock’s focus is on the health sector, well-being and medical research.
Rostock is home to the oldest university in northern Europe. This has contributed to a thriving environment for research and development. Of even greater importance to the development of a local medical industry producing for the global market have been Rostock’s hospitals. Of particular importance is the collaboration between medical research, institutions, start-ups and companies in Rostock.
The network effect has helped identify the best products and achieve market adoption. The ecosystem that has emerged and the connections these companies make with each other may have helped establish an entire healthcare ecosystem within the city’s framework. Of particular note is Rostock’s role in disease research, treatment, and data science. Large companies have relocated to the city. Not surprisingly, medical research was particularly relevant during the coronavirus pandemic, as medicine, pharmaceutical products, and healthcare took center stage.
4. Tourism is an important sector of the local economy, especially high-class tourism.
Tourism has been a great boon to the city’s economic progress in recent years. The coronavirus has been a factor that has somewhat diminished tourism’s prospects. Rostock’s tourism industry is likely to improve in the next few years as the coronavirus subsides. We must take into account that tourism within the country’s borders is likely to pick up this year.
More people prefer to spend their vacations in places closer to their homes. The Baltic Sea is traditionally a favorite destination for Germans, as it is much closer to their homes. The tourism industry in Rostock tends to be in the upper and middle segments of the market. The upscale segment of the hotel industry plays an important role.
Many tourists want a luxurious stay near the coast to sunbathe, walk on the beach and swim in the sea. The city also has good restaurants that serve tourists and residents alike. Rostock’s Warnemünde district, the northernmost part of the city, has a great beach to unwind. Visitors can breathe in the salty sea air and enjoy the wide panoramic view of the Baltic Sea. This is a major reason why sailors from all over the world come to Rostock. Rostock’s coastal waters are ideally suited for sailing. In fact, Rostock is home to one of the largest sailing events in Europe, the Hanse Sail, which takes place every year. The event brings many visitors from all over the world to the city’s coast. During the coronavirus pandemic, the Hanse Sail had to be cancelled. The Hanse Sail will probably take place again when the Coronavirus subsides.
5. Rostock, the pearl of the Baltic Sea
Because Rostock benefits from the following trends:
Rostock has a young student body thanks to the city’s highly successful university. The university cooperates closely with research institutions, authorities and industry initiatives.
Young entrepreneurs are starting new businesses in the city. These entrepreneurs are creating some of the most innovative companies that currently exist in Germany.
The city’s port is not just a logistics center, but a full-fledged industrial port where high-tech products are manufactured. Products are then shipped from the port location to the rest of the world.
The ability to connect all people and businesses is a unique advantage that sets the city apart.