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Austrian Economic Policy News and Analysis
Read the latest headlines about policies and laws influencing the business and investment environment of Vienna and Austria
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Arab - Austrian Expert Forum on the Economic Challenges in Light of Corona Pandemic
The economic obstacles that the Arab world faces due to the wide spread of the coronavirus, the enormous medical efforts that are being made to find a cure for this virus, and the challenges that the economic and trade relations between Arab countries and Austria in particular face in times of the coronavirus, were the main topics that centered around the geneticist and molecular immunologist Prof. Dr. Josef Penninger.
June 22, 2020
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Investing: Why Your Company Should Establish a Branch in Austria
Every crisis also opens up opportunities e.g. to revise your current strategy and to develop a new one - and time to consider new markets to expand to. Austria stands out in Europe as a highly developed business location and has weathered the crisis well so far.
May 22, 2020
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Corona Short-time Work in Austria: Funds to be Increased to 12 Billion
Minister of Finance Gernot Blümel announced that the budget for coronavirus short-time work will be increased from ten billion to twelve billion euros.
May 19, 2020
War for Global Telecom Infrastructure Supremacy: Vienna first EU Capital with Area-wide 5G Network
While the Third World War is raging backstage between the USA and China for world supremacy in 5G infrastructure, Huawei wins another milestone in Vienna. Digital City Councilor Peter Hanke has set the goal "Vienna should become the first city in Europe with a complete 5G network". The city is supporting the network expansion with 20 million euros.
May 18, 2020
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The European Forum Alpbach Gets a New Leadership
Bank manager Andreas Treichl is scheduled to take office as President of the European Forum Alpbach in 2021, succeeding Franz Fischler. Already this autumn, Philippe Narval, Secretary General and Managing Director of the European Forum Alpbach, is to hand over the reins to the entrepreneur and investor Werner Wutscher.
May 14, 2020
Austria and Germany Agree to Open Borders on 15 June
The gradual opening of the borders between Austria, Germany and Switzerland will begin as early as Friday. From May 15th onwards there will only be spot checks at the borders between Austria and Germany, both countries announced. From 15 June, the borders are to be opened completely. Opening to Italy is not an issue for the time being.
May 13, 2020
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City of Vienna Gives Away 40 Million Euros for Gastronomy Consumption
This is how the second wave of the coronavirus will be boosted. After two months of corona lockdown, the gastronomy industry is opening up again this Friday, May 15. In order to boost the new start of coffee houses, pubs and restaurants, the City of Vienna is "giving" the 950,000 Viennese households gastronomy vouchers worth 25 or 50 euros (depending on the size of the household). Mayor Michael Ludwig (of the Social Democratic Party of Austria) declared on Wednesday "Yes, we can afford it!
May 13, 2020
Austrian Airlines Extends Short-Time Work and Temporary Cessation of Flight Operations
Due to the global developments in connection with the Coronavirus and the continuing restrictions on travel, Austrian Airlines is extending the short-time working model for its 7,000 employees by a further month until May 19, 2020. Also, Austrian Airlines prolongs the cessation of its regular scheduled flight operations for an additional two weeks until May 17, 2020.
April 17, 2020
Tyrol Lifts Coronavirus-Quarantine
Tyrol is still under massive criticism and threat of a class action lawsuit from Germany and some Scandinavian countries because the authorities in the Tyrolean ski resort of Ischgl took quarantine measures very late, although warnings from these countries had already been issued. Today Tyrol's Governor Günther Platter announced during a video press conference that Tyrol would end its self-isolation.
April 6, 2020
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Federal Chancellor: "The situation is still serious"
Austrian government presents details of the aid package designed to save jobs and businesses.
March 26, 2020
Budget Statement: Do What Is Necessary
Finance Minister Blümel: "No one knows how long this crisis will last. No one knows what effects it will have. But we do know that we will do everything we can to maintain the health of Austrians, to secure jobs and to carry the location through the crisis. Whatever the cost."
March 20, 2020
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Austrian Government Says It is Prepared to Pump Virtually Unlimited Money into Economy
The Federal Government announced today that an aid package of up to 38 billion euros is being prepared to deal with the consequences of the coronavirus.
March 18, 2020
Coronavirus Crisis in Austria: Four Billion Euro Package for the Economy
The Austrian government today cancelled the budgetary "zero deficit" for 2020 and announced the provision of four billion euros for immediate measures.
March 14, 2020
What Vienna Can Learn from Wuhan
The Chinese authorities learned from the SARS crisis of 2003-2004 and acted quickly and decisively to contain the threat of the new COVID-19 virus to public health. The rapidly increasing number of cases of infection has put enormous strain on the local health system. An unprecedented rescue mission of a population six times the size of Vienna and a nationwide campaign against the epidemic began. Since the end of February, the number of confirmed new cases in Wuhan has been declining.
February 29, 2020
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Austrian Coronavirus Summit: Population to Participate in Containment
In a meeting of Federal Chancellor Kurz, Health Minister Rudolf Anschober and Interior Minister Karl Nehammer with the state governors in the Federal Chancellery, agreement was reached on uniform nationwide guidelines for dealing with the coronavirus. The Chancellor appealed to the population to actively participate in the containment of the virus.
February 28, 2020
Business with China Slumps: Chamber of Commerce Sets Up Coronavirus Hotline
Because of the coronavirus crisis, the Austrian Federal Economic Chamber (WKO) is now also reacting and setting up an auxiliary hotline for the approximately 1,000 affected companies in the Austrian-Chinese trade.
February 23, 2020
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Coronavirus: Infopoint for Affected Companies
The Austrian Federal Economic Chamber has set up a central contact point in Vienna for companies that have requests in connection with the coronavirus. The "Coronavirus Infopoint" brings together all information from Austria and abroad on this topic.
February 19, 2020
Naturalisations in Austria up by 9.2%
In the first nine months of 2019, 7,610 persons were granted Austrian citizenship, including 1,416 former EU citizens. More than half of them are women. The trend of rising naturalisation figures thus continues.
November 22, 2019
OECD Economic Survey: Reform Proposals for Austria
A recent economic report by the OECD (Economic Surveys: Austria 2019) examines the impact of weak foreign demand, uncertainties in world trade and an ageing population on the prospects for the Austrian economy.
November 15, 2019
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Strategic Objectives of the Vienna Visitor Economy Strategy 2025: Premium, Cosmopolitan, Digital
Vienna is already setting international standards in the holistic analysis of data for the development of destinations. The achievement of the goals of the Visitor Economy Strategy 2025 can be measured by six target indicators, which reflect the effects on turnover and added value as well as the satisfaction of residents and guests and ecological developments.
October 22, 2019
A New Age for Vienna Tourism
Following the tourism concepts of previous years, the City of Vienna, under the auspices of the Vienna Tourist Board, is for the first time presenting its "Visitor Economy Strategy" until 2025.
October 22, 2019
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How to Marry an Austrian Millionaire?
According to Credit Suisse's Global Wealth Report published today, 4.4 percent or 313,000 of Austrians are dollar millionaires, and each adult Austrian has an average of 247,000 euros ($274,919) in assets.
October 21, 2019
Further Increase in Greenhouse Gas Emissions in Austria
Environmental control report calls for increased investment in climate-neutral economy and society. Climate neutrality requires change in the economy and society.
October 16, 2019
Overseas Investments: Number of Austrian Subsidiaries Abroad Increased By 2%
The number of foreign subsidiaries of Austrian companies that were part of a domestic group or owned by Austrian shareholders rose by 2.0% to around 6,000 in 2017.
October 14, 2019
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Number of Foreign-Controlled Companies in Austria Up By Around 6%
The number of Austrian companies that were part of a foreign group or owned by foreign shareholders rose by 5.9% to almost 11,500 in 2017.
October 4, 2019
Federation of Industries Warns Against Wrong Location Policy Decisions
In the context of the current election discussions, the Federation of Austrian Industries (Industriellenvereinigung) appeals to the political rationality of all parties with regard to location not to take short-sighted and ill-considered decisions.
September 20, 2019
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Holzmann is the New Austrian National Bank Governor
The liberal Robert Holzmann (70) took over as Governor of the Austrian National Bank (OeNB) on 1 September 2019, succeeding Ewald Nowotny. The manner in which he will hold his office as governor will be followed with interest. The economist has already stated that he will pay more attention to the monetary policy of the European Central Bank (ECB) than his predecessor.
September 3, 2019
What Does Vienna Have in Common with the New Silk Road?
In order to ensure sustainable development, the cities along the New Silk Road also have to face major infrastructural and social challenges, as well as climate-ecological challenges. More than 1000 participants from more than 178 cities are expected in September in the Vienna International Center for UNIDO's Bridge for Cities Conference as part of the Belt & Road Initiative.
August 12, 2019
Economic Growth: Austria Slightly Above EU Average
The Austrian economy is likely to grow by 1.5% in 2019. 1.2% growth is expected for the euro zone and 1.4% for the EU as a whole.
August 8, 2019
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Devastating - Austria is Only the 21st Most Innovative Country in the World
The World Intellectual Property Organization (WIPO) named Austria's neighbor Switzerland as the world’s most innovative country, during the launch of its latest Global Innovation Index. Austria isn't even in the top 20. Biggest issues are the stagnation of public expenditure on research and development and the increase of economic protectionism.
July 26, 2019
German Road Toll Discriminates Against Foreigners - ECJ
The German car toll violates EU law. This was decided by the European Court of Justice in a ruling. This levy is discriminatory, since its economic burden lies practically exclusively on the owners and drivers of vehicles registered in other member states. In Austria, the ruling is received with great pleasure, as the country has won the case through its infringement proceedings.
June 18, 2019
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ALPS 2019: How Diplomacy and Commerce Fit Together
As part of the 11th ALPS round in May 2019, 21 international company and start-up founders from 13 non-EU countries had the opportunity to make contact with Austrian decision-makers, explore ways of working together and develop new ideas.
May 16, 2019
Business Location - New Approach to Anchoring the State Goal of 'Economy'
The governing parties have made a new attempt to anchor the state goal of "economy". The bill received majority approval in the Constitutional Committee from the ÖVP and FPÖ, although a two-thirds majority remains questionable.
May 10, 2019
How Austria Shapes its Future with Artificial Intelligence
Austria's Government is currently working together with the consulting firm Accenture on an Austrian Artificial Intelligence (AI) strategy, which is to be finalised by summer 2019. A study shows that a 3 percent economic growth is possible. That much is already known.
May 3, 2019
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Alibaba's Jack Ma Hosted Lower Austrian Business Delegation
In order to improve bilateral relations and exports between Lower Austria and the Chinese partner province Zhejiang near Shanghai, a large delegation from Lower Austria headed by Governor Johanna Mikl-Leitner was touring East China this week. The plan is to increase goods exports by 100 million euros within four years.
April 26, 2019
Organized International Cum-Ex Tax Fraud in Austria - 183 Million Euros Damage
In connection with dividend stripping, the tax fraud model "Cum-Ex" was created, which deliberately allows the multiple refund of capital gains tax paid only once. According to a report in today's Ö1-Morgenjournal, presumably mainly Arab investors, in cooperation with domestic financial advisors and banks, caused Austrian taxpayers a loss of 183 million euros.
April 9, 2019
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Kurz in the Emirates and in Kuwait - A Lipizzaner Stallion for the Monarch
Chancellor Kurz visited the UAE United Arab Emirates and the State of Kuwait with an extensive business delegation. Main purpose were deals in in the fields of energy, sustainability, infrastructure, transport and health. Also on the trip were 25 Lipizzan stallions of the Spanish Riding School including riders, which were on a tour in the Emirates. Kurz presented the Crown Prince of the UAE, Mohammed bin Zayed Al Nahyan, with a Lipizzan stallion as a gift from the Republic of Austria.
March 25, 2019
Barnier Meets the Austrian Government - What's the Point of a Brexit Postponement?
The Brussels chief negotiator for the Brexit, Michel Barnier, visited Vienna for talks with Foreign Minister Kneissl, Chancellor Kurz and Chancellery Minister Blümel. The agenda of the meeting included an exchange on the current state of the Brexit negotiations and the future relationship between the European Union and the United Kingdom.
March 1, 2019
Austrian Citizenship Awarded to Nearly 10,000 Foreigners
The number of naturalisations in Austria in 2018 was 1.9% higher than in the previous year. A total of 9,450 persons were granted Austrian citizenship, including 95 resident abroad. Following an interesting analysis of the different legal grounds for naturalisation.
February 28, 2019
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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
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Founder of Global Peter Drucker Forum Honored as Excellent Management-Ambassador
Dr. Richard Straub, who resides in Paris for more than two decades, received the Grand Decoration of Honour for Services to the Republic of Austria (Große Ehrenzeichen für Verdienste um die Republik Österreich) at the Austrian Embassy in Paris.
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
New Austrian Foreign Trade Strategy: Growth, Jobs, Prosperity
In a joint event in the Aula of Sciences, the Federal Government's new foreign trade strategy was presented by Economics Minister Margarete Schramböck, Foreign Minister Karin Kneissl and President of the Chamber of Commerce Harald Mahrer. The key points of the strategy are the following: Perspective, value orientation, location effect, focal points, future orientation, communication, efficient coordination.
December 20, 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
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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
Immigration in Austria - Migration Compensates for Expected Birth Deficit
Austria will have just under 10 million inhabitants in 2080. This follows from the assumptions of sustained immigration, stagnating birth rates and a further increase in life expectancy. The number of people born abroad will already rise by one third by 2040.
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
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
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