The chemical industry was the first to start setting up subsidiaries abroad, originally to avoid protectionist measures imposed by foreign countries after the 1914-1918 war. Now almost one franc in two earned in Switzerland comes from abroad.

A number of transnational companies have their headquarters in Switzerland. They cover chemicals, pharmaceuticals, machinery and foodstuffs, as well as banks and insurance companies.

Switzerland has opened itself to the process of globalisation. A study published in 2004 by the US magazine Foreign Policy ranked Switzerland as the world's third most globalised country, based on such factors as the share of trade in the economy, the level of foreign investment, and per capita use of international telecommunications and the internet. Top of the list was the Irish Republic, followed by Singapore. The US was in seventh place and the UK 12th.