Arthur Jurus and André Lehmann are the authors ofMade in Switzerland – The Art of International Success, a book devoted to Switzerland’s economic, institutional, and industrial foundations and their impact on long-term investment and governance decisions.
In this book, they offer a framework for executives, investors, and decision-makers who want to understand why Switzerland continues to be a hub of stability, innovation, and sustainable value creation. The book is available on Amazon.
Download the interview in PDF format: la-suisse-un-modele-invisible-de-creation-de-valeur-a-long-terme-interview.pdf
In the introduction, you start from a hotel in Cape Town to illustrate Switzerland’s discreet presence in everyday life, through brands such as Geberit, Schindler, Nespresso, and ABB. Why did you choose this narrative rather than starting with finance or watchmaking?
Arthur Jurus – Starting with a hotel in Cape Town illustrates a reality that is often underestimated: Switzerland is omnipresent in the global real economy, without ever seeking to put itself in the spotlight. This deliberately concrete approach highlights a model based on utility, reliability, and quality, far beyond the sectors traditionally associated with the country’s image. For a business leader or investor, it is an invitation to view Switzerland not as a narrow specialization, but as a deep, diverse, and resilient industrial ecosystem capable of creating sustainable value away from the spotlight.
You also highlight discretion as a defining feature of the Swiss model, including in political governance. How does this discreet style influence economic and investment decisions?
André Lehmann – Discretion is reflected above all in institutional governance that favors continuity and gradual adjustments. In concrete terms, this limits sudden changes in political, economic, or fiscal policy, which improves predictability for investors and businesses. This approach does not eliminate debate, but it reduces the likelihood of sudden political shocks, and this is something that many players take into account when making long-term commitments.
In the section on direct democracy, you point out that many texts can be put to a popular vote. How does this contribute to stability, when it might seem to slow down reforms?
Arthur Jurus – Direct democracy acts as a systemic stabilizing mechanism. It imposes a decision-making maturation phase that limits excessive shifts in direction and requires robust compromises to be built upstream. For businesses and investors, speed is not the determining factor; what matters is the sustainability of the rules of the game. This framework reduces the likelihood of sudden political reversals and creates an environment where capital, talent, and industrial projects can be committed with greater visibility than the international average.
You cite emblematic votes, such as the refusal to extend paid leave or to include a very restrictive environmental requirement in the Constitution. What do these results reveal about the trade-offs Swiss people make between competitiveness, social issues, and climate?
André Lehmann – These votes show that the population is sensitive to social and environmental issues, but remains cautious about measures that are considered to have a significant impact on economic activity and risk incurring significant costs for the community. There is a preference for gradual adjustments rather than radical changes. This does not mean a rejection of climate or social objectives, but a desire to set them on a path that is compatible with the structure of the economy and employment.
On taxation, you place greater emphasis on the clarity and stability of the system than on the exact level of rates. Why this focus?
Arthur Jurus – Nominal tax rates are static data; fiscal stability is a strategic asset. For a company that thinks in terms of long cycles, the key question is not just « how much do I pay today, » but « what will the operating environment be like in five or ten years’ time? » Switzerland offers a rare degree of clarity, based on clear rules, structured consultation processes, and gradual adjustments. This predictability reduces the regulatory risk premium and often becomes a decisive factor when several jurisdictions have comparable tax levels.
You also describe the role of the cantons in internal tax competition. Is this an advantage or a source of additional complexity?
André Lehmann – It is a mechanism that adds diversity within a common federal framework. For some investors, this diversity can be seen as an additional complexity, since several regimes have to be compared. But it also makes it possible to find configurations that are better suited to certain types of projects or sectors. Over the long term, this regulated competition has led to a certain degree of budgetary discipline and a focus on the effectiveness of public policies.
In the book, you emphasize the role of the Swiss Federal Institutes of Technology (EPFs) and major academic centers in the innovation dynamic. What do you think distinguishes these ecosystems?
Arthur Jurus – What sets Swiss academic centers apart is their ability to function as true platforms for interaction. Scientific excellence is combined with a strong international outlook and a deliberate proximity to the private sector. For decision-makers, this creates an effective continuum between fundamental research, applied innovation, and economic value creation, supported by comprehensive ecosystems combining start-ups, investors, and large companies.
You talk about the « winning combination » of the Swiss franc and price stability, while pointing out that the currency has appreciated over the long term. How can we explain the industry’s ability to adapt to this monetary reality?
Arthur Jurus – Swiss industry has not sought to combat the strength of the franc, but has adapted to it structurally. This has resulted in a move upmarket, advanced automation, sophisticated value chain management, and careful internationalization of costs and revenues. This monetary discipline has acted as a strategic filter, favoring business models capable of absorbing a demanding environment over the long term rather than relying on cyclical adjustments.
On real estate, you highlight both price resilience and pressure on rents. What levers do you identify to reconcile financial stability and housing affordability?
Arthur Jurus – The challenge is to take action without destabilizing an asset that is central to the Swiss economy. This means increasing supply in the most strained areas, supporting alternative models such as cooperative housing, and improving the energy efficiency of existing housing stock. Any action must preserve the solidity of the balance sheets of households, banks, and pension funds, for which real estate plays a key role in financial stability.
