Trade Between Tiger States and Austria at a High Level

PeopleEntrepreneurs ♦ Published: October 20, 2022; 10:47 ♦ (Vindobona)

The great potential for Austrian companies that emanates from the so-called tiger states in Asia was the main point of the Asia conference recently held by the WKO. Singapore, Hong Kong, Malaysia and South Korea are considered global hotspots for innovation and new technologies.

Singapore has developed into one of the leading metropolises in Asia in recent years. / Picture: © Wikimedia Commons, RamirBorja at English Wikipedia, CC BY-SA 3.0

Countries like South Korea, Malaysia, Singapore and Hong Kong are known as global hotspots for high-tech and innovation. Austria's economy sees great market opportunities in the so-called tiger economies and hopes for growing trade. Especially in the fields of automotives, machinery, automation and environmental technologies, great potential is seen.

"South Korea, Malaysia and Singapore are hotspots for high-tech and innovation. Great market opportunities are opening up for Austrian companies, which is impressively confirmed by the high level of exports and the increase in red-white-red branches. In this context, our Foreign Trade and Investment Centres are available to them as local contacts with their experience and expertise," explains the President of the Austrian Federal Economic Chamber (WKÖ), Harald Mahrer.

At the recent WKO Asia Forum, entrepreneurs, experts from science and research, and WKÖ business delegates discussed trends and market opportunities for Austria's economy in the "Tiger States 4.0".

It is becoming increasingly important for domestic companies to participate in the newly emerging value chains in this highly innovative growth region. The Asian tiger economies are part of the world's largest free trade area ("Regional Comprehensive Economic Partnership"), which accounts for around 30 percent of the world's population, global GDP and goods exports.

"Singapore has become the leading metropolis in Asia," says WKÖ Economic Delegate in Singapore, David Bachmann. According to the Global Financial Centres Index, the city state is now the world's third most important financial market after New York and London.

In addition, Singapore is becoming increasingly important for companies as a location and regional centre for Asia and the Asia-Pacific region. Hong Kong also retains its important bridging function: "If you want to do business in China, there is still no way around Hong Kong," says Franz Rössler, the business delegate working there.

South Korea and Malaysia have developed into a global hotspot for future technologies: "International tech giants as well as start-up and innovation hubs are helping the South Korean innovation engine to rev up," analyses Wolfgang Köstinger, WKÖ economic delegate in Seoul.

He sees business opportunities for domestic companies above all in automotive, machinery, automation and innovative manufacturing processes as well as recycling and other environmental technologies. Malaysia, in turn, has positioned itself as an attractive location for international electronics companies.

WKO Austrian Federal Chamber of Commerce