U.S. Diplomacy and Austrian Businesses: Austria’s Economic Giants Expanding in the U.S.
From Red Bull to Borealis: A high-level business delegation will travel to Maryland in May for the “SelectUSA Investment Summit.” Led by U.S. Ambassador Art Fisher, the trip underscores the historically close and economically thriving ties between Vienna and Washington.
U.S. Ambassador Art Fisher, on his inaugural trip outside Vienna, highlighted the U.S. as a strong economic ally for Austria at the SelectUSA roadshow in Graz. / Picture: © American and Austrian crossed flags by Vindobona
Austria’s red-white-red flag is poised for its highest profile yet at the SelectUSA Investment Summit in National Harbor, Maryland. More than 20 leading Austrian companies—including global players such as Red Bull, Borealis, Knapp, and Doppelmayr—are heading to the U.S. capital to take part in the world’s most important platform for foreign direct investment (FDI).
A “record high” in cooperation
The US Ambassador to Austria, Art Fisher, will personally lead the delegation. He will be accompanied by the Austrian Ambassador to the U.S., Petra Schneebauer. There are good reasons why diplomacy and business go hand in hand here: According to current data, Austria has become one of the fastest-growing sources of investment in the U.S. and now ranks an impressive fifth among growth markets for FDI.
“I am proud to lead such an impressive delegation,” Ambassador Fisher stated in advance. “These companies recognize that the United States offers unparalleled opportunities for growth.”
In 2023, U.S. subsidiaries of Austrian companies employed about 46,600 people (up 4%) and generated $70 billion in revenue, making a major contribution to the nearly $10 trillion transatlantic partnership.
“Quality made in Austria” as a trademark
Ambassador Fisher used his recent inaugural visits to the federal states to promote the U.S. as a business location. In Graz, during a roadshow organized by the Internationalization Center Styria (ICS), he emphasized that the relationship must work for both sides: “It is not a one-way street.”
He highlighted Styrian companies in particular, such as the plant manufacturer Andritz, and described “quality” as the core characteristic of the Austrian brand in the U.S. As flagship projects, Fisher cited Microsoft’s new $1.7 billion data center in Austria and Red Bull’s $1.7 billion distribution facility in North Carolina, which is creating hundreds of jobs.
From Salzburg to Washington
The ambassador also left his diplomatic mark in Salzburg. During meetings with Deputy Governor Karoline Edtstadler and representatives from Red Bull and the crane manufacturer Palfinger, it became clear just how deeply rooted the economic and cultural ties are. In addition to the hard economic figures, tourism and historical ties also played a role here—symbolized by the “Sound of Music” tradition, which attracts thousands of U.S. tourists to Salzburg every year.
What is SelectUSA?
The SelectUSA program is housed within the U.S. Department of Commerce and serves as a central point of contact for investors. The summit brings together over 5,000 participants from 80 countries. Representing Austria this year, Clemens Bauer (Knapp, Inc.) will speak and showcase the Alpine nation’s innovative strength on the main stage.
For companies making a last-minute decision, applications for the delegation are still open. Information is available from the U.S. Foreign Commercial Service in Vienna.
Fact Check: Austrian Investment in the U.S.
- Growth: Austria is the 5th fastest-growing source of Foreign Direct Investment (FDI).
- Jobs: Approximately 46,600 people are employed by U.S. subsidiaries of Austrian companies.
- Market Size: Access to 335 million consumers and a GDP of $25 trillion.
- Exports: U.S. subsidiaries of foreign companies account for over 25% of all U.S. goods exports.