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Austrian Foreign Trade News and Analysis
Afghanistan - Reopening of Austrian Embassy in Kabul in Discussion
At about the same time as the drama about the 16-year-old girl killed by a 17-year-old Afghan in her childrens' room in Steyr took its course in Austria, H.E. Idrees Zaman Deputy Foreign Minister of Afghanistan and Austria's Foreign Minister Karin Kneissl met to discuss the reopening of the Austrian Embassy in Kabul, visa issues and other issues of mutual interest.
December 14, 2018
Austria's Foreign Trade on the Upswing
According to preliminary statistics, the total nominal value of imports of goods in the period January to September 2018 was 5.2% higher than in the previous year at 115.23 billion euros, while exports of goods rose by 6.0% to 111.55 billion euros. The trade balance deficit amounted to 3.68 billion euros after 4.27 billion euros in the same period of the previous year.
December 14, 2018
Austria to Open Embassy in Oman in 2019
Next year, the Austrian Foreign Ministry plans to reopen the Embassy in Muscat, the capital and largest city of Oman, which was closed for budget reasons in 2012.
December 13, 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
Sebastian Kurz: EU and Switzerland to Intensify Relations Further
Federal Chancellor Kurz held a working meeting with Swiss President Alain Berset in Bern. The meeting focused on, among other topics, an assessment of Brexit, the Western Balkans, the nuclear agreement with Iran, relations with Russia and the priorities of the Austrian EU Presidency.
November 22, 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
Austria's Foreign Trade - Imports Increased by 5.5%, Exports by 6.5
The total nominal value of imports of goods into Austria in the period from January to August 2018 was EUR 102.43 billion, up 5.5% on the previous year, while exports of goods rose by 6.5% to EUR 99.26 billion. The trade balance deficit amounted to 3.17 billion euros after 3.85 billion euros in the same period of the previous year.
November 15, 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
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
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
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
Vietnam to Strengthen Relations with Austria and the EU
The Prime Minister of the Socialist Republic of Vietnam, Nguyễn Xuân Phúc pays a visit to Vienna in the run-up to the Brussels ASEM Summit between the EU and Asian states.
October 16, 2018
Outlook - Chinese Tourists and the Destination Austria
With around 900,000 arrivals (+23%) and 1.3 million overnight stays (+25%) in 2017, China is Austria's most important Asian market of origin with the greatest growth potential. From January to July 2018, Austria also recorded record figures with around 542,000 arrivals (+ 8.2) and around 781,000 overnight stays (+ 11.5 %) from China.
October 3, 2018 · Updated: October 11, 2018; 22:55
Austro-Arab Energy Community Meets in Vienna to Discuss International Cooperation
The 10th Arab-Austrian Economic Forum & Exhibition took place in Vienna yesterday, organized by the AACC Austro-Arab Chamber of Commerce in cooperation with the City of Vienna and the Regional Center for Renewable Energy and Energy Efficiency (RECREEE). Under the general theme "Energy Transition - Urban Technology and Sustainable Cities", New Opportunities for International Cooperation and Partnerships, representatives from EU institutions, international organizations, funds, European and international financial institutions as well as ministers and high-ranking personalities from the Arab economy met representatives of the local economy, politics and business community. Participants included Nabil R. Kuzbari, Richard Schenz, Michael Ludwig, Omar Al-Rawi, Mahdi Allak, Johannes Peterlik, Samir Koubaa, Michael Esterl and Li Yong.
October 2, 2018
Review of the State Visit of Iranian President Hassan Rouhani to Austria
After the visit in March 2016, which was cancelled at short notice, Iranian President Hassan Rouhani was on a state visit to Vienna this week, accompanied by massive anti-Iran protests. The aim of the visit was a joint commitment to the Iran nuclear deal after the deal was approved in Vienna three years ago. The visit was overshadowed by a diplomatic case involving an employee of the Iranian embassy in Vienna, who had been arrested last weekend by the German judicial authorities on the basis of a European arrest warrant on suspicion of terrorism.
July 5, 2018
OMV Celebrates 50 Years of Lucrative Natural Gas Business
On 1 June 1968, a historic gas supply contract was signed in Vienna, establishing Austria’s role as a key country in Europe’s natural gas network. The 50-year collaboration with Russia is a win-win situation. Then, as now, natural gas plays a key role in OMV's portfolio, as European demand will continue to increase over the next decades. OMV is Gazprom’s main partner in Austria. The companies cooperate in gas production, transportation and supplies.
June 6, 2018
Putin's Austria Visit: Extension of Gazprom Gas Supply Contract until 2040
OMV has formally confirmed the extension of the gas supply contract with Russia's Gazprom on the occasion of the visit of Russian President Vladimir Putin to Austria by the two CEOs Alexey Miller and Rainer Seele.
June 6, 2018
Vladimir Putin on PR Campaign in Austria
Vladimir Putin is on his sixth official state visit to Austria. Officially, on the occasion of the 50th anniversary of the gas supply contract between Austria and Russia, this is a working visit to President Van der Bellen and Chancellor Kurz. In fact, a new gas supply contract between Gazprom and OMV is the main reason for the visit. Other gas deals are still in the negotiation phase, namely the Gazprom Urengoy gas field asset swap and the Nordstream 2 pipeline project. The Central European Gas Hub in Baumgarten/Lower Austria, an important gas distribution hub from the Russian perspective, could also be on the agenda.
June 5, 2018
Flight Connection Kuwait-Vienna Carries Arab-Israeli Conflict to Austria
State-owned Kuwait Airways, which will resume operations between Kuwait and Vienna in early June for the summer months, does not carry Israeli citizens. The official reason is a Kuwaiti law from 1964, which bans all companies of the 3.5 million inhabitant oil state from doing business with Israelis.
May 29, 2018
US Termination of the Iran Agreement: Major Effects on Austrian Exports Expected
The Austrian Federal Economic Chamber fears that the Trump decision will have a massive negative impact on the Iran business of Austrian companies. It will probably be extraordinarily difficult in the future to establish the necessary payment channels for legitimate transactions.
May 17, 2018
Austrian Exports to the Palestinian Territories Better than Ever
Despite the current tensions between the State of Palestine and Austria over the participation of Ambassador Martin Weiss in the US Embassy Opening Ceremonies, the Austrian Foreign Trade Centers Amman and Tel Aviv are planning a Fact Finding Mission to Ramallah and Amman for the second half of 2018. Austrian exports of goods to the Palestinian Territories increased by +108% in 2017.
May 17, 2018
Fresh Hallstatt Air Instead of Toxic Chinese Smoke
Tens of thousands of tourists from China meanwhile visit Hallstatt in Upper Austria every year. Two companies now offer healthy Hallstatt air in cans to the Chinese and expanded Asian market. The inhabitants and the municipal council of Hallstatt are not thrilled.
May 11, 2018
Iran-Deal Withdrawal: Consequences for Iran-Austrian Economics Relations
About 50 Austrian companies have branches in Iran. Austrian exports to Iran rose by 9.2 percent to 301 million euros in 2017; imports increased by 18.5 percent to 119 million euros. A JCPOA supported only by the EU, Russia, China and Iran is not sufficient in the medium and long term to create the necessary investments and renewals in Iran. Without the US on board, international banks and large companies will continue to shy away from activities in Iran. Secondary sanctions will contribute to this.
May 11, 2018
Trump's Iran Deal Withdrawal Increases Uncertainty for Austrian Companies
Austrian companies react in a wait-and-see manner. The withdrawal of the US from the Joint Comprehensive Plan of Action (JCPOA) with Iran means in practice that the suspension of sanctions will no longer be extended. Considerations range from an immediate halt to activities in Iran to the longest possible active participation within the new sanctions framework. It is unlikely that Austria's exports will reach the 300 million euro mark of the previous year.
May 11, 2018
Iran-Deal - Austrian Oberbank Distances Itself from Framework Credit Agreement with Tehran
Only last year, the Upper Austrian Oberbank was the first European bank to sign a framework credit agreement with Iran. After the USA's withdrawal from the nuclear treaty, the bank is now under pressure and intends to wait and see. The bank says it could certainly take two weeks for a final solution to be found and officially agreed.
May 11, 2018
Takeover of Serbian Sugar Producer Sunoko by Agrana on Hold
The takeover of the Serbian sugar manufacturer Sunoko by the Austrian sugar, starch and fruit manufacturer Agrana has failed due to problems on the European sugar market.
May 4, 2018
OMV Receives Political Support for €1.3 Billion Purchase of Two UAE Oil Fields
An economic delegation led by Federal Chancellor Sebastian Kurz, with the participation of Margarete Schramböck, Minister of Economic Affairs, OMV CEO Rainer Seele and a small delegation had the main objective of supporting OMV in the concession agreement for the acquisition of a 20% stake in two fields offshore Abu Dhabi from ADNOC.
May 4, 2018
New Forum for Deepening German-Austrian Relations: Österreichisch-Deutsches Länderforum
Recently the Österreichisch-Deutsches Länderforum e.V. was founded in Vienna by Dr. Harald Wögerbauer with the intention of offering a platform for deepening German-Austrian relations.
May 2, 2018
Austria Participates in World EXPO 2020 Dubai Investing €16.5 Mln
Austria's participation agreement for the World Expo 2020 from 20 October 2020 to 10 April 2021 in Dubai has been signed by Government Commissioner Beatrix Karl as part of the "Austria Connect Gulf 2018" event of the WKO Foreign Trade Center (Außenwirtschaftscenter).
April 25, 2018
International Congresses: Vienna Worldwide Number Two - UN Events Contribute 7% of Conference Nights
The Vienna meetings industry progresses from record to record. With 186 meetings, Vienna remains behind Paris with 196 meetings, number 2 in the Worldwide Ranking of the ICCA (International Congress and Convention Association). In the year prior to that, Vienna was still in fifth place. The proportion of congresses that can be allocated exclusively to the United Nations is enormous and accounts for around 7% of overnight stays.
April 24, 2018
Doppelmayr to Build Cable Liner at London Airport
At London Luton Airport, Doppelmayr is building a cable car almost two kilometers long with a capacity of 2,720 passengers per hour and per route. This makes Luton Airport the second airport project in the UK after Birmingham for Doppelmayr. The Cable Liner is scheduled to go into operation in April 2021. Doppelmayr does not give details of the project turnover.
April 23, 2018
Minister of Economy Visited Huawei and Alibaba During State Visit to China
Federal Minister of Digitization and Business Location Margarete Schramböck signed an agreement to facilitate access to Chinese trading platforms for Austrian companies during the current state visit to China at the Ministry of Foreign Trade and Economic Cooperation (MOFCOM) in Beijing. Global experience shows, however, that one should be cautious with regard to technical cooperation with Chinese and copyright issues.
April 12, 2018
New Double Taxation Agreement Between Israel and Austria
After almost 50 years, a new double taxation agreement (DTA) for income and capital taxes was signed between Israel and Austria, which includes substantial tax relief.
April 10, 2018
OMV Buys Oilfield Shares in Abu Dhabi for USD 1.5 Bln
Listed oil corporation OMV is acquiring 20 percent of two offshore oil fields in Abu Dhabi from the Abu Dhabi oil group ADNOC. The purchase price for the concession and the associated infrastructure amounts to USD 1.5 billion. OMV has already a long relationship with Abu Dhabi. OMV opened a representation office in Abu Dhabi in 2007. Today Abu Dhabi is the location of the Business Hub for OMV´s Upstream Middle East & Africa activities.
April 6, 2018
FACC Achieves Sales Record of EUR 750.7 Mln in 2017/18
FACC, the Sino-Austrian aircraft component manufacturer generated preliminary sales of 750.7 million euros, and the order backlog increased to US$ 5.9 billion. On March 19, FACC entered the ATX, Austria's leading index on the Vienna Prime Market, and has since been one of the 25 largest and most traded companies in Austria.
April 4, 2018
80th Anniversary of Mexico’s Protest Against Anschluss of Austria to Hitler-Germany
On 19 March 1938 Mexico submitted a note of protest to the League of Nations against the annexation of Austria by Nazi Germany (known as “Anschluss”). At that time Mexico was the only member of the League of Nations to issue a written protest.
March 21, 2018
TTTech Sets Up Joint Venture in Shanghai to Deploy Key Technology for Autonomous Driving Cars in China
The Vienna-based technology company TTTech and China's largest automotive group Shanghai Automotive Industry Corporation (SAIC) announced a joint venture with the intention to produce an Intelligent Driving Central Controller (iECU), which will be installed on the first China-made intelligent driving vehicle later this year. TTTech holds 49.9 percent in the new joint venture.
March 15, 2018
Austrian Delegation Seeks to Improve Economic and Political Relations with Jordan
An official visit of President Van der Bellen to Jordan will take place from 17 April to 19 April 2018. The delegation to Amman will be accompanied by an economic mission headed by WKO Vice President Richard Schenz. The economic mission of the WKO is the response of an invitation issued some time ago by the President of the Chamber of Commerce of the Kingdom.
March 8, 2018
Trevor Traina Looks Forward to Become the United States Ambassador to Austria
Today Mr. Trevor Traina testified before the US Senate Foreign Relations Committee Nomination Hearing. If confirmed, Mr. Traina is to become the next Ambassador Extraordinary and Plenipotentiary of the United States of America to Austria. Traina: I am humbled to be President Trumps nominee to be the United States Ambassador to Austria. If confirmed, his grandmother, who just celebrated her hundredth birthday and who is the widow of his late grandfather Wiley T. Buchanan Jr. (who also served as U.S. ambassador to Austria), would have the confusing honor of being the wife and the grandmother of the Ambassador to Austria.
March 1, 2018
Chancellor Kurz Visits President Putin: "The situation in Syria is dramatic"
Austrian Chancellor Sebastian Kurz traveled to Moscow to meet Vladimir Putin. The focus of the trip was a working meeting with the Russian President, with whom Kurz discussed, among other things, the bilateral relations of both countries, the relationship between Russia and the EU, the Ukraine conflict and the current situation in Syria.
February 28, 2018
Rosenbauer: Preliminary Figures 2017
Rosenbauer is reporting EBIT of EUR 25.6 million for the 2017 financial year (2016: EUR 47.0 million). In particular, the decline in the Group's earnings is due to the decreased delivery volume in 2017 as a result of the low price of oil and ongoing political conflicts. This led to weak capacity utilization in some production areas.
February 13, 2018
Indian Ministry of Railways Discusses India-Austria Railway Cooperations
The Indian Minister of Railways, Shri Suresh Prabhu paid a visit to Austria. In an event organized by the Chamber of Commerce H.E. Mr. Prabhu met with CEOs and Austrian Railway Companies to discuss possible further India-Austria cooperations in the field of railways technology.
July 21, 2016
New "Open Austria Initiative" Supposed to Open Doors to Silicon Valley
Foreign Ministry and Austrian Economic Chamber open joint office in California to support Austrian companies and pave their way for success in Silicon Valley.
July 14, 2016
Best Gaming Technology Acquired by Rival Playtech
Vienna-based maker of software for self-service betting terminals Best Gaming Technology (BGT) has been acquired by UK gambling software group Playtech for €138m. Playtech holds the option to purchase the remaining shares for up to €55m from Armin Sageder, the company’s founder and chief executive.
July 14, 2016
Austrian Business Meets Foreign Diplomacy
In the context of the ‘Business meets Diplomacy’ series of events, representatives of the Austrian economy meet members of the foreign diplomatic corps for an exchange of views on Austrian business and the economy.
June 20, 2016
What Brexit Means for Austria: Mitterlehner, Kurz, Fiat Steyr
Mitterlehner hopes that the referendum will end in Britain staying in the EU. Kurz says, that Brexit would be terrible. Fiat could relocate production of agriculture and construction machine maker CNH (Case New Holland) from UK to Steyr in case of Brexit.
June 20, 2016
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