Merz adviser: Far-left, not AfD, scares investors away
International investors are more concerned about far-left property expropriation policies in Germany than the rise of the Alternative for Germany party, says Chancellor Merz's investment adviser.
Martin Blessing, who serves as Merz’s personal representative for investment promotion and formerly led Commerzbank as CEO, has dismissed claims that the AfD poses the primary threat to Germany’s investment climate. According to Brussels Signal, Blessing told the German business newspaper Handelsblatt that foreign capital is far more sensitive to left-wing proposals targeting property rights.
Investors react far more sensitively to debates about interventions in property rights, Blessing stated, specifically pointing to expropriation demands in the housing market that have alarmed international business leaders far more than AfD polling numbers.
Blessing, who took up his investment promotion role in September 2025, said his conversations with international investors rarely touch on potential AfD gains in upcoming state elections across eastern Germany. Instead, foreign business leaders consistently raise concerns about policies proposed by The Left party and segments of the Greens, particularly regarding the seizure of large housing companies.
The investment envoy drew attention to Berlin’s upcoming state election, where far-left demands for property expropriations continue to feature prominently in campaign platforms. Such proposals create substantially more uncertainty for foreign capital than conservative electoral success, Blessing argued.
He also cited Austria as evidence that right-wing governance does not deter investment, noting that the FPÖ participates in multiple state governments without any corresponding economic deterioration.
Blessing added that many foreign investors maintain a more optimistic view of Germany’s economic prospects than Germans themselves, suggesting the country’s reputation abroad has not suffered as dramatically from political realignment as domestic commentary suggests.
His remarks challenge the prevailing narrative in German establishment circles that the AfD represents the chief risk factor for economic stability. They also raise questions about whether the rigid exclusion of the party from all governing coalitions may be strengthening far-left influence over economic policy debates.
Germany currently faces significant headwinds in attracting foreign direct investment, struggling with some of Europe’s highest energy costs, extensive bureaucracy, and deepening political polarization. Chancellor Merz’s government maintains a firm firewall against any cooperation with the AfD while pursuing broader reforms intended to restore Germany’s competitiveness as an investment destination.
The AfD has made historic gains in recent elections, including its strongest performance ever in a major western German state earlier this year.
With information from Brussels Signal
