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Overseas Chinese in Vienna Celebrate Spring Festival and Start of Year of the Earth Pig

The Chinese Ambassador to Austria, H.E. Li Xiaosi and the Director General of UNIDO, Mr. Li Yong, toasted the Chinese New Year together with Mayor Ludwig and other Viennese Overseas Chinese.

February 13, 2019

What Does No-Deal Brexit Really Mean for British-Austrian Travel Behaviour?

As of March 29, 2019 at 11.00 p.m. (UTC Universal Time Coordinated) or March 30, 2019 at 00:00 (CET Central European Time) the United Kingdom is no longer an EU member and is to be treated as such by Austria. In order to close the legal gaps in the course of a disorderly Brexit, a comprehensive law is in preparation. This law will be subject to numerous amendments in several Austrian ministries. The main areas affected are civil rights (in particular right of residence, social security), transport and customs. In following we look at the effects of the No-Deal-Brexit on travel behaviour.

February 13, 2019

Austrian State Visit to the Mutually Hostile Countries Japan and South Korea

The two East Asian states, South Korea and Japan, which have been enemies for more than 100 years, are visited by Chancellor Kurz as part of the trip to East Asia. The trip is focusing on the economy, digitisation, education and transport. Meetings with South Korean President Moon Jae-in and Prime Minister Lee Nak-yeon are held in Seoul and with Japanese Prime Minister Shinzo Abe in Tokyo.

February 11, 2019

Kazakh-Austrian Economic Relations - Digitization, Housing and the New Silk Road

After the oil price collapse and the significant currency devaluation thereafter, the economic downturn has bottomed out and the Kazakh economy is experiencing a moderate upswing. For 2018, the Kazakh government again expects growth of +4%. The country's priority economic tasks include digitization, housing construction and the New Silk Road Project.

February 11, 2019

Astana and Vienna Celebrate 27 Years of Diplomatic Relationships

Kazakhstan marks the 27th anniversary of diplomatic relations between the Republic of Kazakhstan and the Republic of Austria, the Federal Republic of Germany and the Kingdom of Spain. According to the Ministry of Foreign Affairs of the Republic of Kazakhstan, Austria generated a trade surplus of 156.3 million US dollars last year.

February 11, 2019

OMV Doubles Net Profit and Achieves 2018 Most Profitable Result in Company History

Austria's largest and listed industrial company, the oil and gas group OMV, achieved its most profitable result in the company's history in 2018 with a net profit of almost two billion euros.

February 7, 2019

Israel and Austria Sign Agreement on Continued Business Cooperation

On the sidelines of the state visit to Israel and the Austrian-Israeli Business Forum at the Hotel Intercontinental in Tel Aviv, the Economy ministers from Israel and Austria signed an agreement to accelerate business and entrepreneurial cooperation.

February 6, 2019

Visit to the Palestinian Territories: Austria's Van der Bellen for a Two-State Solution

Federal President Alexander Van der Bellen met Palestinian President Mahmoud Abbas in Ramallah: "We are friends of Israel AND of the Palestinians. We want to deepen relations with both sides". Mahmoud Abbas thanked Austria for the "historical relationships" cultivated since Bruno Kreisky.

February 5, 2019

What Does the EU-Japan Economic Partnership Agreement Mean for Austria?

The Federal Ministry for Digital and Economic Affairs has calculated that the savings potential through the elimination of customs duties amounts to around one billion euros across the EU and to around EUR 34 million for Austria. For Austria this means a rather modest growth effect of 0.011 percent of GDP.

February 4, 2019

EU-Japan Agreement Secures EUR 34 Million in Jobs and Prosperity in Austria

The EU's Economic Partnership Agreement with Japan entered into force on 1 February 2019. For Austria, Japan is by far the second most important market in Asia and the third most important overseas trading partner. About 1000 Austrian exporters are active in Japan, 80 companies have local branches. In 2017 the trade volume reached an all-time high of 3.5 billion euros.

February 4, 2019

Business Mission and "Future Trip" to Tel Aviv as Part of the State Visit of Van der Bellen

On the occasion of the official state visit of Federal President Alexander Van der Bellen, the Austrian Chamber of Commerce and Industry (WKO) is organising an economic mission entitled "Infrastructure" as well as the "Open Innovation for Corporates" future trip to Tel Aviv.

February 4, 2019

Austrian-Israeli Economic Relations - 20% Increase in Exports

On the occasion of the official state visit of Federal President Alexander Van der Bellen and the accompanying business delegation of the Austrian Chamber of Commerce, the issue of the actual state of economic relations has arisen. The Austrian-Israeli foreign trade volume amounted to 568 million euros in 2017, with a trade balance surplus for Austria of 229 million euros. The Chamber of Commerce reports that Austrian exports to Israel increased by 20.3% in 2017. The trend seems to have continued in 2018. More than 600,000 overnight stays by Israeli tourists make Israel one of the top nations in Austrian tourism statistics.

February 4, 2019

Economic Relations Between France and Austria on the Rise

France is Austria's fourth most important export market worldwide. At more than EUR 3 bn, the trade surplus with France is the second highest in the world after the USA. Last year, France grew particularly strongly as a destination for Austrian products with an increase of 32% or EUR 7 bn in Austrian exports.

January 30, 2019

Irish Ryanair Acquires Austrian Laudamotion Completely

The Austrian Niki-Airline successor Laudamotion has now been taken over 100% by Ryanair. Ryanair last held three quarters of the shares of Laudamotion. No information was given about the price for the remaining 25 percent.

January 29, 2019

Hallstatt App 2.0 - Protective Measures against Chinese Tourists

The Upper Austrian community defends itself against too many tourists, especially from China and South Korea. Since the Chinese built an exact copy of the city in Guangdong Province, and the South Koreans partly shot a soap opera in Hallstatt, the popularity of the Dachstein community has increased enormously. As a result, more and more tourists come to Hallstatt as part of a bus tour classic with 4 destinations including Hallstatt. In the previous year there were exactly 19,344 coaches. For the first time in the history of Austria, a town is now defending its friendly visitors by implementing the new "Traffic Concept Hallstatt 2018" and by strictly controlling the entrance to the town centre.

January 29, 2019

OMV Acquires 2.2 Billion Euro Share in United Arab Emirates Refinery

Austrian OMV and the state-owned oil company of the United Arab Emirates, Adnoc, announced that OMV has acquired a 15 percent stake in Abu Dhabi Oil Refining Company. Thereby OMV establishes a major downstream Oil position. In addition, OMV will acquire a 15 percent stake in a trade joint venture with export volumes equivalent to around 70% of production.

January 28, 2019

Vienna Airport Surpasses 27 Million Passengers for the First Time

Vienna International Airport was able to handle 27 million passengers for the first time last year, a year-on-year increase of 10.8%. The top destinations were London, Moscow and Bangkok. 74 airlines serve 205 destinations in 71 countries. In the ranking of airlines as measured by their share of overall passenger volume, Austrian Airlines was followed by Eurowings (incl. Germanwings), the easyJet Group, Lufthansa and Laudamotion. The increase in the number of passengers in 2019 is estimated at 10%.

January 28, 2019

Austrian Tourism: 45 Mio. Arrivals and 150 Mio. Overnight Stays in 2018 - Germans Return

With 149.75 million overnight stays in Austrian accommodation establishments, a new record was reached in 2018. Compared to the previous year, overnight stays increased by 5.25 million (+3.6%). At +5.0% (56.26 million), the number of overnight stays by Germans rose disproportionately strongly.

January 24, 2019

Economic Relations Brazil - Austria

Brazil experienced the worst recession in its history with GDP declining by 3.8 % (2015) and 3.5 % (2016) respectively. By 2017, the recession had bottomed out and GDP had risen slightly by 1 %. After sharp declines in the recession years, Austrian export figures to Brazil have now been recovering for two years. In 2017 Austria was able to increase its exports by 26.4 % year-on-year to EUR 725 million, and in the first three quarters of 2018 there was a further increase of 19.3 %.

January 23, 2019

Vienna Stock Exchange - New Start for the Third Market with 8 SME Quotations

As already announced by Vindobona.org in conjunction with the corresponding amendment to the Austrian Stock Corporation Act (Aktiengesetz), the VSE Vienna Stock Exchange is now offering two additional and easier options (direct market, direct market plus) for an initial public offering for SMEs as part of the new Third Market.

January 20, 2019

New Twin City Liner to Connect the Danube Metropolises of Vienna and Bratislava

A new, larger and more modern fast catamaran will be operating between Vienna and Bratislava with the start of the season on 29 March 2019.

January 19, 2019

Hollywood in Austria's Mountains - Avalanche Drama Film Follows Current Avalanche Danger

In Tyrol, a Hollywood drama about a married couple whose perfectly believed family life gets completely out of balance when they barely escape an avalanche is currently in the making. Austrian film funding supports the production of "Downhill" with Will Farell and Julia Louis-Dreyfus. With a shooting time of 8 weeks, an added value of 7 million Euros and 10,000 overnight stays is expected.

January 18, 2019

Austria Signed Memorandum with Economic Chambers of Western Balkan States

The representatives of the Economic Chamber and the Ministry of Foreign Affairs, Harald Mahrer and Karin Kneissl, have signed a Memorandum of Understanding with the Economic Chambers of the Western Balkan states Albania, Bosnia-Herzegovina, Kosovo, Macedonia and Montenegro. The aim is to strengthen regional cooperation at the economic level, particularly in the area of dual vocational training.

January 18, 2019

High-Level Forum Africa-Europe - EIB Signs 3 Africa Projects Totalling Half a Billion Euros

At the Africa‑Europe High‑Level Forum in Vienna the European Investment Bank formally agreed a total of EUR 495 million of new financing for three projects in ten countries to support sustainable transport, clean energy and internet access projects in North, West and East Africa.

December 19, 2018

Expansion and Modernization of Hilton Vienna am Stadtpark

The Hilton Vienna Parkview, the third-largest Hilton Hotel in Europe with a total usable space of around 50,000 square metres on a total of fifteen floors, is being developed and comprehensively modernised by the Vienna Invester Group as a developer and Hilton International while it continues to operate. The modernisation work will start at the beginning of 2019 and completion is scheduled for the end of 2020. With the completion of the expansion, the current capacity of 579 rooms is to be expanded to 660 rooms. So far, no information has been provided on the investment sum.

December 14, 2018

Soros University Leaves Budapest in Favor of Vienna

In Hungary, the Central European University (CEU) has faced massive hostility. As a consequence, the location will be relocated to Vienna. Michael Ignatieff, the rector of CEU, announced this week in Budapest that the university is finally moving: "This is a dark day for freedom in Hungary, and it's a dark day for academic freedom." In Vienna, negotiations are still underway on a suitable building for interim use from 2019. By 2023, the university is to move permanently to the grounds of the Otto Wagner Hospital.

December 6, 2018

Bratislava - Vienna Railway Line Extended

The two EU capitals Vienna and Bratislava are approaching each other. After a construction period of about two years, representatives of Austrian Federal Railways (ÖBB), the EU, the City of Vienna and the Province of Lower Austria opened the first part, the so-called "Vienna section" of the Vienna - Bratislava line extension. The completion of the second part, the so-called "Lower Austrian Section", will last until 2023. The journey time from the main railway station in Vienna (Hauptbahnhof-Wien) to the main railway station in Bratislava (Bratislava hlavná stanica) will be reduced from 66 minutes to 40 minutes.

December 5, 2018

What Does Austria Have to Do with the Silk Road Project?

The Chinese "One Belt One Road Initiative", also known as the New Silk Road, is China's strategic measure of the century to make the entire Euro-Asian region including Africa even more dependent on its products and investments. Now the Austrian Federal Railways (ÖBB), the Vienna Chamber of Commerce and the ambassadors from China and Kazakhstan have joined forces to convince the Austrian population and politicians that the connection of Austria via broad-gauge railway to the Silk Road is an opportunity of the century.

November 30, 2018

What Brexit Means for Austrian Federal Provinces

The economic links between the Austrian provinces and the United Kingdom show that the withdrawal will not only be disadvantageous for the UK, but will also leave its mark on Austria's economy. According to a chart of the Thinktank Agenda Austria, the Austrian federal states whose exports will be hardest hit by the UK's departure are Upper Austria and Styria.

November 29, 2018

Reinsurer VIG Re to Expand to Paris

After opening an office in Frankfurt a year ago, another West European representative office is now to follow in Paris. The new branch will be headed by Patrick Chevrel. As part of the Vienna Insurance Group, VIG Re has been founded in 2008 by being established as a core player in the reinsurance market in Austria and CEE, and now also in certain West European countries.

November 26, 2018

First BMW Z4 'Made in Austria' Has just Rolled off the Production Line

The new BMW Z4 has been rolling off Magna Steyr's production line for a few days now. The sporty roadster is produced exclusively in Austria for the entire world market. The BMW Z4 is - besides the BMW 5 Series - already the second BMW car that is currently produced in Austria. This emphasizes and strengthens the BMW Group's commitment to Austria as a business location.

November 22, 2018

The New Location Development Act - Significance for Austria's Attractiveness as a Business Location

The Austrian government has passed the highly controversial Location Development Act in the Council of Ministers, which will speed up environmental impact assessments, be passed by the National Council this year and come into force on 1 January 2019. The new legislation will introduce automatic permits for certain energy infrastructure projects (eg, electricity grids and power plants). Positive reactions are coming from industry and politics. Various environmental associations criticise the new law.

November 22, 2018

Expat Survey: Vienna for Expats Highly Attractive and Newcomer-Friendly

A study commissioned by the City of Vienna confirms that four out of five international professionals and executives who came to Vienna had a good or very good start. 93.9 percent confirm the city's high international attractiveness, 89.3 percent would recommend Vienna as an expat destination.

November 22, 2018

Austria Strengthening Venture Capital Structures with Seoul and Shanghai

Margarete Schramböck, Austrian Federal Minister for Digitisation and Business, visited Seoul, the capital of South Korea and China's greater Shanghai metropolitan area, together with a high-ranking delegation of experts from the fields of digitisation, science and business, with the aim of strengthening Austria as a location for innovation.

November 9, 2018

Austrian National Bank Seeking Successors for Top Jobs

The Board of Governors of the OeNB Austrian National Bank has published a recruitment announcement for the new central bank governor, vice governor and two members of the Management Committee. Applications can be submitted until 5 December, according to the official gazette of the "Wiener Zeitung".

November 5, 2018

RBI Subsidiary Raiffeisen Bank Polska Completes Sale

The sale of the core banking business of RBI subsidiary Raiffeisen Bank Polska to BGZ BNP has been completed, according to a statement. The regulatory approvals for the transaction agreed in April have now been obtained. The direct impact of the sale on RBI Group’s consolidated profit is expected to amount to minus EUR 121 million,

November 3, 2018

Austria Continues to Deteriorate in World Bank's Ease of Doing Business Index 2019

The Ease of Doing Business Rankings provide measures of business regulations for local firms in 190 economies and selected cities at the subnational level. In 2019 Austria falls from 22nd to 26th place worldwide. Germany also loses ground, but remains one notch ahead of Austria. New Zealand leads the ranking for the third time in a row. The Kiwis replaced Singapore three years ago, which had previously held the top position for 10 years. In the 2019 Ease of doing business index, the following countries rank 3rd to 10th: Denmark, Hong Kong, South Korea, Georgia, Norway, United States, United Kingdom and Macedonia.

November 1, 2018

Japan's Largest Airline ANA Expands Service Between Tokyo and Vienna

The Japanese ANA - All Nippon Airways relies on Vienna as its European hub for business flights to Germany, Switzerland, Italy and Poland and is expanding its range of services as a result of the facilitation provided by the Japan-EU Economic Partnership Agreement (EPA).

October 31, 2018

Growth of Foreign Controlled Enterprises in Austria

Statistics Austria reports a slight increase in the number of foreign-controlled companies in Austria. As at 31.12.2016 there were around 10,800 companies in Austria that are part of a foreign group. In comparison, the number of foreign subsidiaries of Austrian companies remained constant.

October 31, 2018

Eurasian Economic Union vs. European Union - Perspectives and Limits

At Lansky, Ganzger + Partner, at the meeting room of the Austrian-Kazakh Society (ÖKG - Österreichisch-Kasachische Gesellschaft), a number of prominent participants met for a panel discussion to explore the relationship between the Eurasian Economic Union (EAEU, EEU), to which Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia belong, and the European Union (EU) entitled "The Eurasian Economic Union and the EU - Perspectives and Limits of a Partnership". The conference was hosted by the Research Centre for Eurasian Studies (EURAS), the Austrian-Kazakh Society (ÖKG - Österreichisch-Kasachische Gesellschaft) and the Austrian-Belarusian Society (ÖWG - Österreichisch-Weißrussische Gesellschaft).

October 30, 2018

Tunisian-Austrian Business Relations about to be Expanded

The Austro-Arab Chamber of Commerce (AACC) and the Embassy of the Republic of Tunisia in Austria are organizing a networking event under the general theme "Economic Forum on Tunisia". Representatives of companies and institutions from Tunisia, Austria and other Arab countries are expected on 20 November at the SO/Vienna (former "Sofitel Vienna Stephansdom").

October 30, 2018

Swiss Pharmaceutical Group Invests 142 Million Euros in its Viennese Research Facilities

The international pharmaceutical group Octapharma is expanding its R&D location in Vienna. After two and a half years of construction, the company celebrated the opening of a new research and development center. Together with two other major investments up to 2021, the total investment sum for all three projects will amount to 142 million euros. Since the beginning of 2017, 170 new jobs have been created. By 2026, the company plans to employ a further 300 people.

October 25, 2018

Austrian Airlines - More Women in the Cockpit and Daily Flights to Tokyo

Become one of the few female pilots at Austrian Airlines. A total of 100 fully-trained pilots are currently being sought. As part of its expansion, Lufthansa's subsidiary intends to significantly increase the proportion of women pilots. The airline is also expanding its services to Tokyo, namely six weekly flights from March 2019 and daily flights during the 2019 summer timetable.

October 25, 2018

Canada: New Daily Flight Connection from 2019

From 29 April 2019, Austrian Airlines will be flying daily to Montreal, the second-most populous municipality in Canada. Air Canada will assume flights on the Vienna-Toronto route.

October 22, 2018

Ambassador Traina on Trade-War: "Donald Trump is Europe's Greatest Hope"

In an interview with the trend-magazine the US ambassador in Vienna, Trevor Traina, warns of the Chinese, and that the theft of intellectual property could also happen to Europe's key industries. Donald Trump's unpredictability is therefore "Europe's greatest hope" to avert such a scenario in time.

October 19, 2018

Facilitated Stock Exchange Access for Small and Medium-Sized Enterprises at the VSE

As a result of an amendment to the Austrian Stock Corporation Act (Aktiengesetz), as of 21 January 2019 it will again be possible for small and medium-sized enterprises and growth companies registered in Austria in the legal form of a stock corporation (AG) with small free float to gain access to the Vienna Stock Exchange via the newly created market segments "direct market plus" and "direct market".

October 19, 2018

Kurz Met Bill Gates: "He is a Source of Inspiration"

Federal Chancellor Sebastian Kurz met billionaire and Microsoft founder Bill Gates at the EU summit in Brussels. Gates was in Brussels this week to create a pilot fund that will invest €100 million in European companies working to stop climate change.

October 19, 2018

IAEA Laboratories in Seibersdorf - A Hub of Scientific Excellence

The laboratories of the International Atomic Energy Agency (IAEA) are located in the town of Seibersdorf, where scientists carry out unique work in support of global peace and development. Located 35 kilometres south of Vienna, the 10 laboratories play an important role in the IAEA’s activities in the areas of nuclear verification, food and agriculture, human health, industrial applications and the environment. Recently Austrian President Van der Bellen paid a visit to Seibersdorf.

October 16, 2018

International Day of the Girl: Austria Center Vienna Illuminated in Pink

The Austria Center Vienna and the Austrian Presidency of the Council sent a signal on the International Day of the Girl and illuminated the Austria Center Vienna (ACV) pink in the evening. At the same time, inside the Center with the conference "Gender Equality and YOU. Young Voices. Joint Initiative" and the informal meeting of the EU Ministers for Gender Equality, important gender equality events took place within the framework of the EU Council Presidency.

October 12, 2018 · Sponsored Content

Agressive Southern Chinese Airline Launches Shenzhen-Vienna Service

The South Chinese carrier Hainan Airlines is pushing ahead with its expansion into Europe by adding Vienna - Shenzhen as the next non-stop route after Zurich at the end of August. The new twice-weekly flights will take off on October 20th, connecting Vienna with Shenzhen on Thursdays and Saturdays using the airline's Boeing 787 Dreamliner aircraft (see picture).

October 12, 2018