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Get the latest business news and analysis on the Austrian economy, including news on economic policies, foreign trade, financial developments and investments

Vienna Conference against Human Trafficking in October

The Vienna Conference against Human Trafficking will be held on October 13, 2022. The event will be held under the title „No Future for Trafficking“, in cooperation between the Vienna Institute for International Dialogue and Cooperation (VIDC), the International Organization for Migration (IOM), the OSCE, and again with the Principality of Liechtenstein at the Diplomatic Academy of Vienna and online.

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Born Global Academy: Initiative of the Austrian Federal Chamber of Commerce

Internationalization is high on the agenda of many Austrian startups. According to Start-up-Monitor, 80 percent planned to export their business model this year. The Born Global Academy was launched last year by Aussenwirtschaft Austria and weGrow International offers an internationalization program for startups.

October 3, 2022

German-Austrian Technology Forum Deals With Change Towards Sustainable Economies

The question of industry in a more sustainable world has been a key issue in business for many years. Now, the German Chamber of Commerce in Vienna organised an event that invited industry representatives to discuss the shift towards sustainable business.

October 3, 2022

OPEC Plus Aims to Raise Oil Price

According to insiders, OPEC+ is planning to reduce the amount of oil produced in order to increase the price of oil. This decision is to be published in Vienna on 5 October. In addition, the main OPEC organisation is planning to hold the 8th OPEC International Seminar at the Hofburg in Vienna next year. This is one of the premier events in the energy industry calendar.

October 3, 2022

Weekly Briefing: 66th General Conference of the International Atomic Energy Agency

The Find out more about this week's developments. Diplomacy is working at full speed and is already preparing exciting glimpses of the fall. The IAEA is holding its 66th General Conference and there are new economic developments in Austria. Read about the latest developments in diplomacy in Vienna and Austria.

September 29, 2022

How International Direct Investment and Skilled Workers Influence the Austrian Economy

A new study deals with the question of the extent to which foreign companies and workers influence Austria's value creation. The results show a clear outcome. Read on if you want to learn more!

September 28, 2022

Natural History Museum Vienna Returns Bones of Members of the Māori and Moriori to New Zealand

Bones of members of the Māori and Moriori people were returned to Aotearoa, New Zealand, during a repatriation ceremony at the Natural History Museum in Vienna.

September 27, 2022

Austria's Economy Demands Help with Energy Crisis

Many companies in Austria are currently struggling with the high energy prices. Now the Austrian Federal Economic Chamber and the Federation of Austrian Industries are calling for political intervention to prevent company closures.

September 27, 2022

Working in Austria: Further Facilitation of the Red-White-Red Card

Applying for a Red-White-Red Card is made easier again! Skilled workers who intend to work in Austria will find it easier to obtain a work permit in the future. Read this article to find out which simplifications have been decided.

September 26, 2022

European Cooperation with Austria's Educational Institutions

During an Erasmus+ networking meeting, the new European digital hub "European School Education Platform" was presented at a gala event. Furthermore, the European Innovative Teaching Awards (EITA) were awarded to three Austrian schools.

September 25, 2022

Weekly Briefing: New Ambassadors in Vienna

The Find out more about this week's developments. In Vienna, several new ambassadors were accredited, who will represent their respective countries bilaterally as well as multilaterally at the OSCE and the international organizations in Vienna. Read about the latest developments in diplomacy in Vienna and Austria.

September 22, 2022

Austria Becomes Member of Methane Reduction Coalition

Austria joins the international initiative to reduce methane emissions founded a year ago. The goal of the now more than 100 countries is to reduce methane emissions by 30 percent by 2030 compared to 2020.

September 22, 2022

Global Wealth Report: Austrian Financial Wealth Increased

A new analysis of global wealth shows that private financial assets have increased internationally, but also in Austria. In this article you can find out how strongly Austria's economy has developed in recent years and how much the average Austrian has in his or her bank account.

September 21, 2022

Reopening of the Bilateral Icelandic Embassy in Vienna

As a part of the reopening of the bilateral Icelandic Embassy in Vienna, Foreign Minister Alexander Schallenberg met with his Icelandic counterpart Thórdís Kolbrún Reykfjörd Gylfadóttir. Aside from bilateral issues, Iceland's upcoming presidency of the Council of Europe and the security situation in Europe were also discussed.

September 19, 2022

Weekly Briefing: Bilateral Diplomacy in Vienna

The Find out more about this week's developments. Diplomacy is back from the summer break in Vienna. The bilateral relations in Vienna produced some meetings, demonstrating that diplomacy is always present in Vienna. Read about the latest developments in diplomacy in Vienna and Austria.

September 15, 2022

State of the EU 2022 Speech: Austria Wants to Usher in a Modern EU Future

The State of the EU address by Commission President Ursula von der Leyen addressed many acute issues, including the war in Ukraine and its international repercussions. Austria's Minister for Europe responded.

September 15, 2022

Strengthening Italian-Austrian Economic Relations: Italy Receives Austrian Federal President

With a delegation of business representatives, Austria's Federal President, Alexander Van der Bellen, visited Rome this week. The delegation of Austrian entrepreneurs was led by Harald Mahrer, President of the Austrian Federal Economic Chamber. A major focus of the companies accompanying the delegation was renewable energies, where Italy as a major trading partner is expected to offer some lucrative contracts.

September 15, 2022

Austro-Arab Chamber Organised the “Ambassadors’ Meeting at Vienna School for International Studies”

The Vienna School of International Studies hosted the "Ambassadors' Meeting at Vienna School of International Studies", organized by the Austro-Arab Chamber (AACC).

September 14, 2022

Lufthansa and OMV Cooperate Over Sustainable Aviation Fuel

OMV, the international integrated oil, gas and chemical company headquartered in Vienna, and Lufthansa Group are expanding a partnership on sustainable aviation fuels. Germany's Lufthansa plans to stock up on sustainable aviation fuel (SAF) from OMV in the future.

September 13, 2022

Austria's Best Wines Are Awarded

One of the most famous Austrian wine competitions has tested 275 wines this year. SALON as the competition is called has chosen 21 of them as winners. For the first time, the wines were tasted and evaluated according to their origin and not by grape variety.

September 12, 2022

Austrian Gas Storage Facilities Over 70 Percent Full

Austria's gas storage facilities are already more than 70 percent full. The contingency plans to secure gas supplies that were put into action as a result of the war in Ukraine and the ongoing energy crisis go according to plan as announced by Austria's government.

September 12, 2022

Global Business Campaign ReFocus Austria to Be Continued

A lot of attention was given this year's Ambassadors' Conference in Vienna to Austria's export economy as well as to ReFocus Austria, the successful economic campaign that has now been continued.

September 9, 2022

Weekly Briefing: Latest Developments in Diplomacy

The Find out more about this week's developments. Austrian policymakers are concerned with inflation and energy issues. Read about the latest developments in diplomacy in Vienna and Austria.

September 8, 2022

New Framework Agreement Between Ukraine and Austria to Facilitate Economic and Humanitarian Assistance

A new framework agreement between Ukraine and Austria is to promote a strengthening of economic cooperation as well as the expansion of humanitarian aid on the ground. For this purpose, the Austrian Minister of Labour, Martin Kocher, and the Caritas Secretary General, Andreas Knapp, travelled to Ukraine.

September 8, 2022

Austrian Government has Agreed on Electricity Price Brake

The Austrian federal government has agreed on the long-discussed "electricity price brake" to cushion the high cost of energy. According to information from the federal government, each household will pay a lower electricity price for that share of electricity consumption which corresponds to 80 percent of the average consumption of an Austrian household in the previous year.

September 7, 2022

Austro-Arab Chamber Strengthens Relations with Kuwait, Saudi Arabia, Sudan and Egypt

The Austro-Arab Chamber of Commerce (AACC) strengthened its relations with Kuwait, Saudi Arabia, Sudan and Egypt. The AACC Secretary-General Mouddar Khouja met with important ambassadors and dignitaries from Kuwait, Saudi Arabia, Sudan and Egypt.

September 7, 2022

Honduras Foreign Minister Eduardo Enrique Reina García Visits Vienna

The Foreign Minister of Honduras, Eduardo Enrique Reina García, met the Austrian Foreign Minister Alexander Schallenberg for a working meeting in Vienna. The discussions focused on bilateral and economic relations between Austria and Honduras, multilateral issues, as well as regional developments in Latin America. In addition the Foreign Minister of Honduras met with IAEA chief Rafael Mariano Grossi.

September 6, 2022

Austria Wants Covid Vaccine Contracts Renegotiated

Austria's Health Minister Johannes Rauch wants to renegotiate existing CoV vaccine contracts. Rauch said he wants to negotiate more flexibility with vaccine manufacturers at the informal meeting of EU health ministers in Prague.

September 6, 2022

OPEC+ Decides on Slight Cut in Production

The alliance of oil exporting countries cuts production. Saudi Arabia and Russia are sending a clear signal to the West. With the cutback, the hopes of oil importers in Europe that they would at least be relieved of the burden of crude oil in the face of rapidly rising gas prices are fading.

September 5, 2022

New School Year 2022/23 Starts in Vienna with New Challenges

The new school year begins in Vienna and eastern Austria. In addition to the Corona challenges and the energy crisis, which have almost become the norm, compulsory schooling for all Ukrainian children is now coming, and voices have already been heard that a shortage of teachers is imminent.

September 4, 2022

Weekly Briefing: IAEA Finally Sent Mission to Ukraine

The Find out more about this week's developments. The IAEA finally sent its mission to Ukraine's Zaporizhzhya nuclear power plant and will build a continued presence at the nuclear site. Read about the latest developments in diplomacy in Vienna and Austria.

September 1, 2022

Austria's President Van der Bellen Brings in Experts on Energy and Climate Issues as Advisors

Ex-Verbund boss Wolfgang Anzengruber and Wifo economist Angela Köppl are volunteering their expertise to Austrian President Van der Bellen. According to the Federal President's Office, the war in Ukraine and inflation, as well as the slowly emerging energy crisis in Europe, call for expert advice on energy economics and climate issues.

August 31, 2022

Crisis Around Viennese Energy Supply Company "Wien Energie"

Austria's largest energy supplier urgently needs money to hedge forward transactions. Otherwise, the company would have to realize huge losses.

August 30, 2022

Austrian Chancellor Nehammer Calls for EU-27 to Stand Together for European Electricity Price Cap

Given the sharp rise in energy prices, Austrian Chancellor Karl Nehammer is calling for a European electricity price cap to "finally" put a stop to "this madness that is currently taking place on the energy markets. According to Nehammer. this is only possible through a European solution.

August 29, 2022

Weekly Briefing: Latest Developments in and Around Diplomacy

The Find out more about this week's developments. Last week was turbulent for the most important matters of diplomacy in Vienna. The war in Ukraine, the European Forum Alpbach or the efforts of international organizations in Vienna towards peaceful solutions shows once again how multifaceted diplomacy is. Read about the latest developments in diplomacy in Vienna and Austria.

August 25, 2022

Climate Bonus and Anti-Inflation Bonus Come Earlier

The payment of the climate and anti-inflation bonus announced by the Austrian federal government will start in September. Because of inflation and the climate bonus, in 2022 all adults who have a main residence in Austria for at least six months will receive €500 and children €250, regardless of their citizenship and age.

August 25, 2022

Austria's Foreign Minister Schallenberg at the European Forum Alpbach 2022

Through its work, the European Forum Alpbach also functions as an interactive, open think tank and a source of inspiration for Austrian politics. Austria's Foreign Minister Alexander Schallenberg is attending the European Forum Alpbach in Tyrol.

August 24, 2022

UNIDO and Japan Cooperation for Resilient, Inclusive and Sustainable Industrial Development in Africa

The Eighth Tokyo International Conference on African Development (TICAD8), which will be held on 27 and 28 August, 2022, in Tunis, is approaching. A series of TICAD8 official side events will be held online from 23 to 26 August by the Vienna-based United Nations Industrial Development Organization (UNIDO).

August 23, 2022

French Investor Meridiam Establishes Joint Venture with Magenta Telekom for Glass Fiber Expansion in Austria

Magenta Telekom and French investor Meridiam have agreed to establish a strategic partnership for Austria's largest private fiber expansion initiative. By 2030, the companies will invest 1 billion Euros in the roll-out of more than 650,000 new high-speed Internet connections for households and businesses.

August 23, 2022

ICARST 2022: Applying Radiation Science and Technology in Everyday Life

The International Conference on Radiation Science and Technology (ICARST) organized by the IAEA will be held this week in Vienna. Determining the presence of microplastics in environmental samples, removing pesticides from agricultural soil and studying how to grow tomatoes in outer space are all possible thanks to radiation techniques and will be discussed.

August 22, 2022

Weekly Briefing: New Economic Developments

The Find out more about this week's developments. The war in Ukraine is also making itself increasingly felt in the Austrian economy. In Vienna, there are new developments in the day-to-day business of diplomacy. Read about the latest developments in diplomacy in Vienna and Austria.

August 18, 2022

Vienna Increases Fees for Public Services

The City of Vienna increases the fees for water, sewage, waste disposal as well as the prices of parking tickets. The adjustment of tariffs for municipal services is made in Vienna based on the applicable valorization law.

August 18, 2022

Austria's Gas Storage Facilities Almost 60 Percent Full

As a result of the war in Ukraine, contingency plans are being put in place in Europe, as well as in Austria, to secure gas supplies. Gas storage facilities in Austria are 59.83 percent full. This means that a total of 57.2 terawatt hours (TWh) of natural gas is stored in domestic storage facilities.

August 17, 2022

Trade Relations With the USA: Exports and Investments of Austrian Companies on a Strong Upswing

Austrian companies are increasingly exporting to the USA. It is already their largest overseas market and mutual bilateral investments are steadily increasing. Read on to find out what influences the positive growth dynamics and why Austrian products are in such demand in the US.

August 16, 2022

Space Diplomacy: Moldova Deploys First Satellite from International Space Station

The Republic of Moldova successfully deployed its first satellite, TUMnanoSAT, from the International Space Station (ISS). Under the KiboCUBE program, the United Nations Office for Outer Space Affairs (UNOOSA) and the Japan Aerospace Exploration Agency (JAXA) contributed to this achievement.

August 15, 2022

Vienna's Luxury Shops Struggle with the Loss of Russian Tourists

During the past two decades, Russian tourists with purchasing power have enriched the city centre's luxury shops, but since the invasion of Russian troops in Ukraine, hardly anyone visits the Austrian capital. According to the latest statistics, fewer than one percent of tourists staying overnight in Vienna are Russians. Due to the loss of purchasing power, the tourism industry in Vienna suffers greatly.

August 15, 2022

Weekly Briefing: New Developments in Diplomacy

The Find out more about this week's developments. Austria's embassy in Baghdad will reopen after being vacant since 1991. The Director General of the International Atomic Energy Agency, Rafael Mariano Grossi, will brief the United Nations Security Council about the nuclear safety situation at Ukraine’s Zaporizhzya Nuclear Power Plant. Read about the latest developments in diplomacy in Vienna and Austria.

August 11, 2022

What Happened to the Russian Sberbank in Vienna after the Invasion of Ukraine?

The Russian bank Sberbank is one of the largest in Europe and has been hit hard by the European Union sanctions triggered by the Russian invasion of Ukraine. To find out what happened to its Vienna branch and whether it can continue to do business in Austria, read on.

August 10, 2022

Real Wage Loss in Austria This Year Significantly Above EU Average

Austria will have to reckon with heavy losses in real wages in the future. This was the result of a recently published analysis, which predicted that Austria would occupy one of the weakest positions in the EU. Read on if you want to know how much money will be left over from your income in the future.

August 10, 2022

Worldwide Awards for Austria's Wines

In international trade magazines and at renowned wine competitions, Austrian wines generated enthusiastic voices and won top ratings, gold medals and coveted trophies.

August 9, 2022