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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

Austria's Strategy for the Upcoming European Council Meeting

Ahead of the European Council meeting in Brussels, Austrian Chancellor Schallenberg, EU Minister Edtstadler, and members of parliament laid out Austria's strategy for the meeting. Read their stances on the key issues they plan to raise in Brussels.

October 22, 2021

Infineon Opened €1.6 Billion High-tech Chip Factory in Villach

After three years of planning and construction and a € 1.6 billion price tag, Infineon Technologies AG finally opened its new high-tech chip factory in Villach, Austria. Read more about the new factory, the chips produced there, and what Infineon does.

October 20, 2021

The 12th Arab-Austrian Economic Forum Featuring the Arab Republic of Egypt

This year's Austro-Arab Chamber of Commerce forum features the Arab Republic of Egypt as the guest country and focuses on energy, railway and tourism, while presenting an insight into Egypt’s economic landscape and development and highlighting lucrative investments the country has to offer.

October 19, 2021

Western Balkans: First Foreign Trip of the New Austrian Foreign Minister Michael Linhart

Austrian Foreign Minister Michael Linhart went on his first trip abroad since becoming the foreign minister. Linhart traveled to the Western Balkan state of Bosnia and Herzegovina to meet with members of the international presence, business leaders, and various politicians, including his Bosnian counterpart Bisera Turković. Read more about his trip.

October 15, 2021

Strengthening Economic and Political Relations between Australia and Austria

The Foreign Affairs Committee of the Austrian Parliament is discussing a state treaty with Australia, which aims to create better framework conditions for a strengthened partnership and the further expansion of trade and investment flows.

October 15, 2021

Vienna's Praterstern to Be Transformed into a Greened and Cooled Lounge Oasis

Vienna's Praterstern is beginning its transformation into a greened and cooled lounge oasis and should be finished by the summer of 2022. Read about the specifics of the revitalization of Praterstern and view some projections of what the area will look like once it is complete.

October 14, 2021

Austria Presents Financial Budget for 2022

Austrian Finance Minister Gernot Blümel presented Austria's draft financial budget for 2022 to the Austrian Parliament in the form of the annual budget speech. The plan includes tax reforms, budget increases for various ministries, estimates regarding the COViD-19 crisis, and more. Read some of the specific provisions in the budget outlined by the finance minister.

October 14, 2021

Austrian Foreign Trade: Imports and Exports Above Pre-Crisis Levels

Austria's foreign trade again recorded strong growth in July 2021. Imports rose by 18.3% year-on-year and exports by 10.4%. This means that foreign trade was already above pre-crisis levels. Compared to July 2019, imports reached 101.3% and exports 104.5%.

October 14, 2021

Business Immigration Office: Vienna Launches New Service Point for Expats and International Companies

As of today, Vienna has its own service office for international professionals (expats) and companies for matters of residence law as well as consultations.

October 13, 2021

Vienna's "Traincademy" Uses Modern Simulators and VR for Driver and Rail Jobs Training

The new Traincademy in Vienna offers training courses for train drivers and other rail jobs using modern simulators and VR technology. With some estimating that thousands of rail employees will be needed in the coming years in Austria alone, the Traincademy wants to offer high-quality training to those looking for careers in the industry. Read more about the new Traincademy and the future of the rail industry.

October 13, 2021

Messe Wien Celebrates 100 Years

Messe Wien, the largest trade fair in Vienna, is celebrating its 100th anniversary this fall. To celebrate the occasion, Vienna Mayor Michael Ludwig attended a presentation of a new book that details the one-hundred-year history of the Messe Wien. Read about the new book and the significance of Messe Wien.

October 13, 2021

President of Georgia, Salomé Zourabichvili, in Austria

The President of Georgia, Salomé Zourabichvili, recently visited Austria and was hosted by President Van der Bellen at the Vienna Hofburg. The two heads of state discussed various issues, including the current political crises in Georgia and Austria. Read about the visit and what the presidents said at their joint press conference.

October 13, 2021

Number of Foreign-Controlled Enterprises in Austria Declines

About 11,700 companies in Austria were owned by foreign groups or had owners based abroad in 2019, down about 200 companies or 1.6% from the previous year. Conversely, Austrian companies owned about 6,000 subsidiaries abroad; this was about 0.2% more than the year before.

October 12, 2021

EU Justice Commissioner Reynders and Justice Minister Zadić Share Concerns Over Rule of Law in Poland

The EU Justice Commissioner, Didier Reynders, was hosted by Austrian Minister of Justice Alma Zadić for a working meeting in Vienna. The two discussed various issues, including their shared concern regarding the rule of law following the Polish Constitutional Court's ruling on the primacy of national law over EU law. Read about their meeting and the increased tensions surrounding the Polish court's decision.

October 12, 2021

AMS to Provide Support as Companies Struggle to Fill Job Vacancies

Austria's public employment service (AMS) announced that it will be supporting companies with the "AMS Business Tour" initiative. Teams from the AMS will help companies in finding personnel, as the latest employment figures from the AMS show that three out of ten job vacancies currently cannot be filled even after three months of searching. Read more about this new initiative and some of the latest numbers from the AMS.

October 11, 2021

Austrian Government Promises to Provide More Money for Childcare

Austrian Minister for Women and Integration Susanne Raab announced that the federal government will be providing more money for childcare. Read more about what Raab said about this expansion of childcare in Austria.

October 7, 2021

Polish-Austrian Relations: Official Visit and Business Forum in Warsaw

Polish President Andrzej Duda hosted Austrian President Alexander Van der Bellen in Warsaw for the first official visit of an Austrian President in Poland since 2009. The two had a meeting and held a joint press conference in which they discussed various issues, including Poland's current issues with the EU. Van der Bellen also attended an economic forum and met with other Polish leaders. Read more about the details of the President's visit to Poland.

October 6, 2021

Wealth Management: Schelhammer Capital Bank Becomes Austria's Leading Private Bank

Bankhaus Schelhammer & Schattera AG and Capital Bank - GRAWE Gruppe AG have merged to form Schelhammer Capital, the strongest private bank in Austria. Read more about the newly created bank and what Chairman of the Board Christian Jauk said about the merger.

October 4, 2021

ReFocus Austria: Roundtable in New York as First Initiative in the U.S.

On his stay at the 76th United Nations General Assembly in New York, Foreign Minister Schallenberg held a roundtable event with Austrian and U.S. entrepreneurs to exchange ideas. This was the first of the ReFocus Austria initiative events in the U.S. aimed at strengthening the Austrian economy. Read more about ReFocus Austria and what was discussed at this event.

September 30, 2021

World Expo Dubai: Architecture Award for Sustainable Austria-Pavilion

The Austrian pavilion at the World Expo in Dubai by querkraft architekten consisting of 38 white cone towers has won the first prize in the category "Sustainable Architecture" at the Global Design & Architecture Design Awards 2021.

September 29, 2021

OPEC's World Oil Outlook 2021 Launched in Vienna

OPEC's flagship annual publication, the World Oil Outlook 2021, was launched via videoconference in Vienna. OPEC forecasts 6% increase in global oil demand in 2021. Learn about the specific highlights of this year's World Oil Outlook.

September 29, 2021

Ibiza Affair Committee Concludes in National Council: How Corrupt are Austrian Politicians?

How corruptible is Austrian politics? This question was explored by the deputies in the National Council session when discussing the recently published final report of the Ibiza-Affair Investigation Committee. Although the report was unanimously acknowledged, the parties were far apart in their conclusions.

September 23, 2021

Doing Business with the United Arab Emirates: World Expo 2020 Opens in Dubai

The World Expo 2020, which kept its name despite being delayed to 2021, is set to begin in Dubai on 1 October. The United Arab Emirates (UAE) has been a particularly sought-after market for many Austrian companies. Read about the upcoming Expo, the economic relationship between Austria and the UAE, and some of the many Austrian companies that have found success there.

September 23, 2021

Real Estate in Austria: Purchase Prices of Houses and Apartments Up 10.7 Percent

The Austrian House Price Index - prices on the residential real estate market - continue to rise. With an increase of 10.7% compared to the 1st half of 2020, the price increase for houses and apartments was significantly above the average of recent years. Detailed information on the house price index can be found below.

September 23, 2021

Paris and Vienna Share Focus on Climate Protection

Paris and Vienna, two of the largest cities in Europe, now share a focus on protecting the environment. To see how Paris is working to deal with climate change and how Vienna can learn from it, a Viennese delegation visited Paris to view some projects aimed at countering climate change. Read more about the projects that Paris and Vienna are implementing to protect the cities from the harmful effects of the changing climate.

September 23, 2021

Vietnamese Business Delegation in Vienna

The Chairman of the Vietnamese National Assembly, Vuong Dinh Hue, and a high-ranking business delegation recently attended a business forum in Vienna with the Austrian Chamber of Commerce (WKÖ) Vice-President Richard Schenz. The forum included discussions about the dynamic Vietnamese economy and why it is an ideal location for Austrian companies and investors to diversify in Asia.

September 22, 2021

International Luxury Travelers to Visit Vienna

The Vienna Tourist Board (WienTourismus) is targeting international luxury travelers in a fall advertising campaign across Europe and the USA in an attempt to boost Vienna's tourism industry. This campaign will include advertising for culinary events in Vienna like "Feed Your Soul," it will market Vienna as a destination for business meetings, and it will target Ultra High Net Worth Individuals. Read more about Vienna's various offers aimed at international luxury travelers.

September 22, 2021

Security and Stability: Austria Deepens Cooperation with UAE, Saudi Arabia and Oman

Foreign Minister Schallenberg visited the UAE, Saudi Arabia, and Oman on a four-day trip to the Gulf region. While there, he spoke with various officials, including his counterparts: UAE Foreign Minister Abdullah bin Zayed bin Sultan Al-Nahyan, Saudi Foreign Minister Prince Faisal bin Farhan Al-Saud, and Omani Foreign Minister Sayyid Badr Albusaidi. The main topics of discussion were security, especially regarding extremism, and economic recovery from the COVID-19 pandemic.

September 15, 2021

Jewish Museum Vienna: Restitution to Ephrussi Family after Decades

The Jewish Museum Vienna has restituted the Franz Adam painting “Camp Scene from 1848 in Italy” to the Ephrussi family. Following the authorization by Defense Minister Klaudia Tanner, ownership of the painting was returned to the heirs of Viktor Ephrussi. The painting was in the Museum of Military History in Vienna after being confiscated from Viktor Ephrussi by the Nazis. Read more about the painting's history and its restitution to the Ephrussi family.

September 14, 2021

The 250th Anniversary of the Vienna Stock Exchange

The Vienna Stock Exchange recently celebrated its 250th anniversary since it was founded by Maria Theresa. Minister of Finance Gernot Blümel congratulated the stock exchange on its anniversary and advocated for the implementation of a government program and retention periods to incentivize Austrians to invest in the domestic economy. Minister Blümel and Vienna Stock Exchange CEO Christoph Boschan both advocated for educating the public on financial topics. Read more about the Vienna Stock Exchange and what the pair said on its anniversary.

September 14, 2021

ÖBAG: Dr. Christine Catasta Appointed to the Supervisory Boards of Telekom Austria and OMV

ÖBAG CEO Dr. Christine Catasta was appointed to the Supervisory Boards of Telekom Austria (A1) and OMV. With her appointment, both companies have strengthened their women's quota, and OMV has reached parity between the number of male and female capital representatives. Read more about Dr. Catasta.

September 13, 2021

"Made in Austria": Ambassadors to Serve as Export Promoters

The Austrian government is calling on its diplomats around the world to promote Austria's export and tourism industries abroad to help the economy recover from the COVID-19 crisis. At the opening event of "ReFocus Austria", Chancellor Kurz, Foreign Minister Schallenberg, and Vice-President of the Federal Chamber of Commerce (WKÖ) Martha Schultz laid out the government's plan. Read about "ReFocus Austria," what these officials said about it, and watch the video of the opening event.

September 10, 2021

Vienna Economic Forum: Ambassador of Romania Becomes New Member of the Ambassadors Committee

The Romanian Ambassador in Vienna, H.E. Emilian Hurezeanu, was welcomed as a new member of the Ambassador Committee of the Vienna Economic Forum.

September 9, 2021

Aid Package for Afghanistan Approved by Austrian Federal Government

The Austrian Federal Government has officially approved 18 million euros in emergency aid for Afghanistan that it had previously promised. The aid will go from the Austrian Foreign Ministry's Foreign Disaster Fund (AKF) to the United Nations High Commissioner for Refugees (UNHCR), UN Women, and the UN World Food Program.

September 9, 2021

Vučić Hosted Kurz: The "Fight Against Illegal Migration"

Serbian President Aleksandar Vučić recently received Chancellor Kurz in Belgrade. The two of them spoke about illegal migration, especially regarding the refugees fleeing from Afghanistan. Other topics of discussion included bilateral relations and the EU rapprochement process. Kurz also spoke with Serbian Prime Minister Ana Brnabić about EU accession for the Western Balkans.

September 7, 2021

Women on the Boards of Austrian Listed Companies: Only 14 out of 192

A study shows that women are still significantly underrepresented on the boards of Austrian companies on the Vienna Stock Exchange. The number of female board members in Austria's listed companies has decreased by one woman compared to the beginning of 2021, leaving the total at 14 out of 192. Read more about the details of the study.

September 6, 2021

1.8 Million Euro Seed Funding for Austrian Crypto Investment Start-up

The cryptocurrency investment start-up Coinpanion is receiving € 1.8 million in seed investments from well-known investors in Austria and Germany. The lead investor is the German High-Tech Gründerfonds (HTGF), one of the most active venture capital funds on the European market. Read more about the start-up and those investing in it.

September 2, 2021

Wirecard Scandal: Marsalek Confidant Arrested in Singapore

A close confidant of the Austrian-born former Wirecard board member Jan Marsalek, who is wanted on an international arrest warrant, has been arrested in Singapore. Briton Henry O'Sullivan is considered a close confidant of Marsalek and plays an alleged key figure in the multi-billion Wirecard fraud scandal.

September 1, 2021

Are "Green Bonds" also Coming to Austria?

At the European Forum Alpbach, Austrian Finance Minister Gernot Blümel announced that Austria wants to issue a so-called "green bond" in the first half of 2022. The Ministry of Finance and Federal Financing Agency (OeBFA) have already completed the necessary technical work to issue the bonds. Read more about "green bonds" and Austria's plans to begin issuing them.

September 1, 2021

Greater Flexibility: Austrian Airlines Improves Booking Platform

Austrian Airlines (AUA) has improved its booking platform to provide more flexibility when booking. The platform now allows customers to book flights from the entire route network of Austrian Airlines, Brussels Airlines, Lufthansa and SWISS. This new booking platform provides multiple new benefits to customers, including a broader selection of destinations, free 48-hour booking reservations, and more. Read about all the advantages the new platform has to offer.

August 31, 2021

Alfred Stern Takes Over from Rainer Seele as CEO of OMV

Effective September 1, 2021, Alfred Stern will assume the position as Chairman of the Executive Board and CEO of OMV, the Austrian oil and gas group.

August 31, 2021

Inflation in Austria: Highest Rate in 10 Years

In August 2021, the inflation rate reached 3.1%, the highest value since December 2011.

August 31, 2021

ÖBAG: Attorney Edith Hlawati to Succeed Thomas Schmid

The Supervisory Board of Österreichische Beteiligungs AG (ÖBAG) has appointed the internationally recognized business lawyer Dr. Edith Hlawati as the new Chief Executive Officer of ÖBAG. She will succeed Thomas Schmid and take over the management of the state holding on 1 February 2022. Learn more about her and the selection process.

August 30, 2021

Austria's Ex-Vice Chancellor Strache Found Guilty of Corruption

Former vice chancellor and the ex-head of the Austrian Freedom Party (FPÖ) Heinz-Christian Strache has been sentenced to 15 months' conditional imprisonment for bribery at Vienna's regional court. The co-defendant and owner of the private clinic in Vienna-Währing, Walter Grubmüller, was sentenced to twelve months for bribery, also on probation.

August 27, 2021

The Chamber of Commerce Switzerland-Austria-Liechtenstein Turns 100 Years Old

The Chamber of Commerce Switzerland-Austria-Liechtenstein or Handelskammer Schweiz-Österreich-Liechtenstein (HKSÖL) has supported economic relations between the countries for 100 years. They provide professional assistance to companies in these countries and Central and Eastern Europe. The HKSÖL has facilitated a particularly successful economic relationship between Austria and Switzerland. Read more about what the HKSÖL does and the Austro-Swiss economic relationship.

August 27, 2021

Soros Becomes Key Sponsor of the Forum Alpbach

Forum President Andreas Treichl, former boss of the Erste Group, has succeeded in acquiring US philanthropist George Soros (91), the founder of the Open Society Foundations (OSF), as a sponsor of the European Forum Alpbach, the annual exchange of ideas in the Tyrolean mountains.

August 27, 2021

Austrian Chamber of Labour and Ombudsman Board: Family Allowances Delayed for Months

Families in Austria are complaining about their family allowances being delayed for months. The President of the Austrian Federal Chamber of Labour Renate Anderl and Ombudsman Bernhard Achitz have expressed serious concerns about the issue and blame staffing shortages at the Federal Ministry of Finance for the delays.

August 25, 2021

Austrian Business Agency: René Tritscher Succeeds René Siegl

René Tritscher has succeeded René Siegl as the new Managing Director of the Austrian Business Agency (ABA). Read about Mr. Tritscher's views on the future of the agency, as well as his previous experience working for ABA - WORK in AUSTRIA and the Austrian Economic League (Österreichischer Wirtschaftsbund).

August 24, 2021

Importance of Economic Relations Between the United States and Austria

The American Chamber of Commerce in Austria (AmCham Austria) presented a new study on the importance of economic relations between the United States and Austria. AmCham also provided a position paper with five key recommendations to the Austrian Minister for Digital and Economic Affairs Dr. Margarete Schramböck and Secretary-General of the Austrian Foreign Ministry Peter Launsky-Tieffenthal. Read about the findings of the study and AmCham's recommendations.

August 23, 2021

Casinos Austria International in Japan: Casino Resort Milestone Completed

CAI, a wholly owned subsidiary of Casinos Austria AG, has cleared an important hurdle in an elaborate selection process in Japan (Nagasaki Prefecture) for one of the three casino licenses to be awarded.

August 20, 2021