Austria-Arab Business Dialogue: Increased Cooperation and Innovation

PeopleOther ♦ Published: December 4, 2023; 19:02 ♦ (Vindobona)

The 13th edition of the Arab-Austrian Business Forum, which took place in Vienna, impressively demonstrated the growing importance of cooperation between Austria and the Arab countries. The forum, organized by the Austro-Arab Chamber of Commerce (AACC) and the Vienna Economic Chamber (WKW), brought together over 200 participants from various countries, including high-ranking ministers and business people.

More than 200 participants attended the 13th Arab-Austrian Economic Forum in Vienna, which featured inspiring technological innovations and business potentials with Arab countries. / Picture: © AACC Austro-Arab Chamber of Commerce

The event focused on future technologies and strategies to promote energy and economic cooperation. Innovative approaches in the fields of renewable energies and investment opportunities were particularly emphasized. The discussions and workshops led by Dr. Werner Fasslabend and Dr. Alexander Biach highlighted success stories of Austrian-Arab cooperation, particularly in the United Arab Emirates and Saudi Arabia.

Also present were the Ambassador of the Kingdom of Saudi Arabia, H.E. Dr. Abdullah Tawlah, and the Ambassador of the UAE, H.E. Mr. Hamad Alkaabi. Several official institutions and companies presented their portfolios and cooperation opportunities, including the Saudi Arabian Ministry of Investment and the Abu Dhabi Investment Office.

The event also included an exhibition with country-specific presentations from Arab embassies, which offered insights into the culture, history and business potential of their countries.

In a separate context, the Austrian Ambassador to Saudi Arabia, Oskar Wustinger, emphasized the efforts to deepen economic and investment cooperation between Austria and Saudi Arabia. He highlighted the strong commitment of both countries in areas such as infrastructure, transportation, mining, tourism, entertainment, green technology and renewable energy.

Bilateral relations were described as particularly robust, with a notable increase in trade volumes between the two nations. Austrian exports to Saudi Arabia increased by 51% in 2022, while Saudi Arabian exports to Austria grew by an impressive 662%.

Ambassador Wustinger also emphasized Austria's role in Vision 2030, Saudi Arabia's national transformation plan, and mentioned the importance of cultural, sports and scientific exchanges between the two countries.

The Arab-Austrian Business Forum and the Ambassador's remarks underline the dynamic and promising future of economic relations between Austria and the Arab countries and between Austria and Saudi Arabia.