€28,000,000 for Amsterdam’s economic recovery

The economy of the Amsterdam Metropolitan Area (AMA) has been hit hard by the Corona crisis. They are therefore investing 28 million euros in recovery. Areas for investment will include attracting business visitors, helping entrepreneurs to do more business digitally, and supporting innovative companies in Amsterdam and beyond.

These 28 million euros come in addition to the 40 millions Amsterdam will be investing via the regional development company (formerly Invest MRA). Moreover, 14 millions have already been earmarked to cut costs for businesses in 2021, and 78 millions for employment.

Attracting business visitors

Amsterdam wants to alter the character of tourism in the City, for example by paying more attention to quality-oriented visitors. Money is being made available to position Amsterdam as a sustainable and innovative conference city.

Digital entrepreneurship

Certain sectors have been particularly badly affected by the Corona pandemic. The City is investing in supporting entrepreneurs and making them more resilient, for example by teaching them to do business digitally. This will increase their chances of survival. Many companies have already indicated that they need practical support.

Support for innovative companies

Furthermore, the City will be supporting innovative companies in Amsterdam and beyond that deal with social challenges, for example in the field of health or sustainability. Amsterdam is also investigating whether more lab and research space can be created for researchers and companies in the health sector.

Jobs

The more innovations that arise in the Amsterdam Metropolitan Area, the better it is for the local economy and employment. The City is working to attract innovative local and international companies that will provide a lot of jobs in Amsterdam and the region, also in the long term.

Hit hard

The AMA Economic Projections 2020 (Economische Verkenningen MRA 2020) shows that the economy of the Amsterdam Metropolitan Area has been hit hard by the Corona crisis. While the Dutch economy as a whole is expected to contract by five per cent, for the AMA the contraction is expected to be six to seven percent. This is due in particular to the major impact of the crisis on aviation, the hotel and catering industry, culture, tourism, sports and recreation – all sectors that are strongly represented in the AMA.

Stronger after the crisis

However, the projections also show that the region has a firm basis, which means there are good prospects for a strong recovery. To achieve this,the City needs to cooperate effectively, within the region, beyond the region and with central government. Through cooperation and sharp decision-making with regard to the labour market, housing market, infrastructure and sustainability, the entire region can emerge stronger from the crisis.