The chemical industry and the Basel economy

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By 1945, the chemical industry had become the dominant industry of Basel. It employed tens of thousands of workers in the city and the region, it was the largest taxpayer of the canton and its companies were among the largest and most international enterprises of Switzerland. The silk ribbon industry, which had dominated the city for two centuries, had become a minor industry. Basel had moved from textiles to chemistry, from colours to molecules.

The chemical industry also shaped the financial centre of Basel. Its demand for capital, foreign exchange, trade finance and international payments gave the Basel banks a large industrial clientele. Its profits created fortunes, among them those of the families that controlled Roche, which were managed by private banks. And its pension funds and reserves became significant investors. The close relationship between the chemical industry and finance, which began in the nineteenth century, remains a defining feature of Basel today, when the pharmaceutical groups are among the largest issuers of bonds and among the most important clients of the banks in Switzerland. Part G examines this relationship in its modern form.

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of August 2025.

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Dr Alexander Ressos, TEP

Rechtsanwalt/Attorney-at-Law

I am a Swiss attorney-at-law and also admitted as a solicitor in Hong Kong and in England & Wales, with almost 25 years of experience.

Together with my multilingual team, including Chinese, Japanese, Korean, Russian, Ukrainian and French native speakers, I advise companies and their owners from around the world on the full range of banking, corporate, commercial and tax law matters in Switzerland, including international tax planning, fiduciary services, and legal family office services including immigration & relocation or real estate investments. My practice has a particular focus on clients from growth and frontier markets in Greater China, Central Asia and the Caucasus, the rest of Asia, the Middle East, Africa and Latin America, and I equally advise clients from Europe and North America. Through an affiliated Swiss trust company, we also take care of the incorporation and ongoing administration of their companies and other structures, including accounting, tax returns and corporate secretarial services, and I serve as a professional director where required. With the support of a network of first-class cooperation partners, I also implement solutions worldwide.

My approach is to act as a trusted advisor who works directly with decision-makers, on an equal footing: I start from what you want to achieve and shape every structure, contract and tax decision around your commercial goals and how it improves your after-tax return. As “lawyers who make it happen”, my team and I stay involved until your company is set up, your structure is in place and your transaction has closed, and we remain available for any follow-on work that may be required. You benefit from bespoke solutions and personal attention, and sound, friendly and practical advice. We are not the lowest-cost provider in the market, nor do we intend to be; our aim is to deliver well-founded, proper solutions and excellent value for money.

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