German corporate bosses urge new tone in bitter immigration debate

Three of Germany's best-known corporate leaders spoke out on Thursday against what they called growing hostility to immigration in Germany, while also urging a new economic course to revive the country's sputtering economy.

The chief executives of financial giant Deutsche Bank, engineering and manufacturing behemoth Siemens and luxury carmaker Mercedes-Benz weighed in ahead of upcoming February 23 elections.

Siemens boss Roland Busch, Mercedes-Benz chief executive Ola Källenius and Deutsche Bank leader Christian Sewing all said that Germany must remain a welcoming, pluralistic country that welcomes immigrants and upholds democratic values.

The call was made as part of the "We Stand for Values" initiative, an economic alliance of nearly 40 large German companies, which also include carmakers Volkswagen and BMW, chemicals giant BASF and leading insurer Allianz.

Members of the initiative, which was founded ahead of the 2024 European Parliament elections, have all declared their commitment to "diversity, openness and tolerance."

Busch warned of a "massive increase in xenophobic positions" during the German political campaign, in which candidates have focused heavily on migration, and warned that the vote "must not become a protest election."

Without a stable democracy, there would be no prosperity and no growth, and Germany must remain an open society, Busch said.

Germany needs more labour and especially skilled workers, said Busch. Above all, however, newly arrived immigrants need to be put to work "extremely quickly," he said. "We have people from all over the world working for us. We really appreciate that."

The Siemens executive warned against polarization in politics, and that immigration policy is a complex issue that should not fall to populism: "The parties of the centre must pull together and come together."

Mercedes-Benz's Källenius also lamented a growing shortage of skilled labour in Germany, which he said he being forgotten in a mixed-up debate around immigration.

"Illegal immigration is not the same as attracting skilled labour to the country. We need the best minds for growth," Källenius said.

In terms of economic policy, Källenius spoke out in favour of free trade against the backdrop of looming trade conflicts with US President Donald Trump.

Both Busch and Källenius, however, said smart cut-backs on regulations and a greater European openness to new technology and investment.

Deutsche Bank's Sewing called for a stronger European Union in view of Trump's return to the US presidency. Among other things, a harmonized European single market for capital and products is needed, according to the banking boss.