Austrian Foreign Trade News and Analysis

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

Another COVID Casualty: Austrian Airline Discontinues Flight Operations

The Austrian low-cost airline "Level" and subsidiary of British Airways (IAG International Airlines Group) has discontinued flight operations with immediate effect. The airline was hit hard economically by the consequences of the Covid 19 pandemic in Europe. A continuation of flight operations is not planned. About 200 employees in Vienna are affected by the bankruptcy.

June 19, 2020

Drastic Drop of over 99% in Passengers at Vienna International Airport

The worldwide travel restrictions and flight cancellations resulting from Covid-19 have had a major impact on the development of traffic and earnings AT Vienna International Airport (Flughafen Wien Group). In April, the Group recorded a decline of 99.6% in the number of passengers and 99.5% at Vienna International Airport. Revenues for Q1/2020 fell by -9.0% to € 161.4 million.

May 20, 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

Austrian Chancellor Kurz at 10 Downing Street

Chancellor Kurz met with British Prime Minister Boris Johnson in London today. The discussion with Johnson focused on London's future relations with the European Union.

February 25, 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

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

Follow-up Meeting between US President Donald Trump and Chancellor Kurz

Following Alexander Schallenberg's visit to Mike Pompeo just a few days ago, the Federal Chancellery has now confirmed, according to various media, the fact that Sebastian Kurz will also be travelling to Washington, D.C. at the beginning of March.

February 14, 2020

US Secretary of Commerce Wilbur Ross in Vienna

The 82-year-old United States Secretary of Commerce Wilbur Ross, who has been in office since February 28, 2017 and was nominated by Donald Trump, visited Vienna and met, among others, US Ambassador Trevor Traina, WKO President Mahrer, Finance Minister Blümel, Environment Minister Gewessler and Economics Minister Schramböck.

February 11, 2020

Digital Tax: Google Charges Customers

The search engine operator Google wants to collect the new digital tax, which has been levied in Austria since January on income from online advertising by international corporations, in its entirety from its advertising customers.

January 31, 2020

Russian Embassy: Economic Networking Russia and Austria

In order to promote economic relations between the two countries, Ambassador Dmitrij Ljubinskij invited about 160 members of the Wirtschaftsforum der Führungskräfte (WdF) to the Russian Embassy in Vienna (Nassaupalais - Palais Simon Vienna).

January 31, 2020

EXPO 2020 Dubai: Groundbreaking Ceremony at the Austria Pavilion

Preparations are in full swing for the first world exhibition in an Arab country. The construction phase of the Austria Pavilion has also begun.

November 18, 2019

Austro-Arab Chamber Secretary General Receives “Decoration of Merit in Gold of the Province of Vienna”

The AACC Austro-Arab Chamber of Commerce in Vienna announced that Secretary General Dipl.-Ing. Mr. Mouddar Khouja was awarded the "Decoration of Merit in Gold of the Province of Vienna", in recognition of his dedication and devotement to the province of Vienna through his personal initiatives and in his professional capacity as Secretary General of AACC.

November 4, 2019

30th Anniversary Celebrations of Austro- Arab Chamber of Commerce

The AACC Austro-Arab Chamber of Commerce held a gala in the ballroom of the Vienna City Hall on the occasion of its 30th anniversary and on the occasion of the 11th Arab-Austrian Economic Forum & Exhibition.

October 25, 2019

Austria Connect Greater China: Digital Transformation and Tomorrow's Customers

The Austrian Chamber of Commerce in Hong Kong hosts the largest Chinese-Austrian networking event in Asia.

October 22, 2019

Belgrade and Vienna Sign Cooperation Agreement

Not only the Danube connects Vienna with the Serbian capital Belgrade, but now also a new city cooperation agreement with a focus on urban development, affordable housing, smart city, digitisation, open government and culture.

October 21, 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

City of Vienna Positions Itself at UNIDO Silk Road Conference

At the recent two-day international silk road conference hosted by UNIDO, the Vienna Chamber of Commerce and Industry, represented by location lawyer Alexander Biach, took a stand and presented the opportunities and advantages of the Vienna region and the possibilities of a connection to the new Silk Road (Belt and Road Initiative).

September 24, 2019

Hong Kong and Vienna Seal Cooperation

In what is probably the most politically difficult time for Hong Kong, the Chambers of Commerce of Vienna and Hong Kong conclude an agreement with the aim of promoting economic development.

September 22, 2019

Investing in Austria: New Provisions for the Screening of Foreign Direct Investments

The Federal Ministry for Digital and Economic Affairs recently published a consultation draft for amendments to those provisions. The new regulation is supposed to create more transparency and certainty around FDIs in Austria.

September 19, 2019

Pfizer Invests 50 Million Euros in Lower Austria

Pfizer is expanding its site in Orth an der Donau by investing 50 million euros in the construction of new laboratories for an international quality control center for vaccines, the construction of modern office space and the modernization and expansion of the existing production infrastructure. Pfizer already produces two vaccines for worldwide export in Orth an der Donau.

August 28, 2019

Ikea Logistics Centre Vienna Completed: €70 Million Investment Volume

One year after the start of construction work, the Ikea logistics centre with 43 loading gates has been completed. To date, Ikea has invested more than 70 million euros in the site. The site will have a total of 150 employees.

August 25, 2019

Austria ist Überall: Austria's Exporters in the United States

The Austrian Trade Commissioner in New York, Michael Friedl, is pleased about the successful business of Austrian companies in the US American market with record export figures of 10.6 billion euros and a trade balance surplus of 4.6 billion euros.

August 23, 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

BMW to Invest 28 Million Euros in Salzburg Location

Within the framework of a festive event under the theme "Good for Salzburg. Good for Austria." the BMW Group recently laid the foundation stone for its new BMW Group Campus Salzburg for Central and Southeastern Europe. BMW is investing 28 million euros in the expansion of 400 employees. The inauguration of the new campus is planned for autumn 2020.

August 5, 2019

Foreign Trade Gains with the Western Balkans

Exports worth 1.35 billion euros to the EU accession candidates of the Western Balkans (Albania, Bosnia and Herzegovina, Kosovo, North Macedonia, Montenegro, Serbia) are balanced by imports to Austria worth 1.25 billion euros.

July 16, 2019

Foreign Trade: Imports and Exports Pass the 150 Billion Euro Mark for the First Time

The total nominal value of imports of goods in 2018 was 5.8% higher than in the previous year at 156.06 billion euros, while exports of goods rose by 5.7% to 150.1 billion euros. This results in a trade deficit of 5.99 billion euros. More than half of Austria's foreign trade was spread across only five countries.

July 10, 2019

Massive Slump in Austrian Exports to Iran

Trade between Iran and Austria is shrinking. Austrian exports to Iran fell by 11.1 % in 2018, as the Foreign Trade Centre Tehran of the Chamber of Commerce reported. In addition, a further decline is expected after the negative GDP growth in 2018/2019. In addition, there are fears of a further currency decline of the rial and rising inflation.

June 24, 2019

Business and Networking Event at the Embassy of India in Vienna

The Embassy of India in Vienna hosted a business talk and networking session with the purpose to bring together Austrian companies having business interest in India and to provide them with a platform to share their experiences and to provide answers to their queries.

June 12, 2019

Largest Chinese Bank Opened Branch Office in Vienna

China's largest bank, ICBC - Industrial and Commercial Bank of China was officially commenced for business in Vienna. Mr. Li Zhanshu, Chairman of the Standing Committee of the National People's Congress, who was on an official visit in Austria attended the opening ceremony of ICBC Austria Bank GmbH (ICBC Austria).

May 28, 2019

Austro-Arab Chamber of Commerce Strengthens Links with Iraq

Representatives of the AACC visited Baghdad to further develop the foundation for Iraq-Austria business relations. Visits and contacts with, among others, the Mayor of Baghdad, the Ministry of Electricity, the Governor of the Central Bank and the Federation of Iraqi Chambers of Commerce were on the agenda.

May 20, 2019

Opening of the New Austrian Foreign Trade Centre in Vietnam

The Austrian Federal Economic Chamber's largest economic mission to Vietnam and Singapore is currently travelling in Southeast Asia to open a new base in Ho Chi Minh City and to sign a cooperation agreement in Singapore to establish a new Accelerator Programme.

May 16, 2019

Russia Expands Network in Upper Austria

Wolfgang Mayer of the company Backaldrin was elected Honorary Consul of the Russian Federation for Upper Austria in Asten/Upper Austria by the Russian Ambassador in Austria, H.E. Dmitrij Ljubinskij. After the already established Honorary Consulates in Innsbruck and Bludenz, he thus takes over the third Russian Honorary Consulate in Austria. His task is to look after the 3000 Russians in Upper Austria and to promote culture and education.

May 16, 2019

National Council Chairman: Liechtenstein an Important Economic Partner

The Chairman of the National Council Wolfgang Sobotka pays tribute to the Principality of Liechtenstein as neighbour and friend.

May 3, 2019

CETA Complies with EU Law - Austria Signs Free Trade Agreement with Canada

The agreement had been provisionally in force since the previous year and exports to Canada had recently risen by 7.5 percent. Now that the European Court of Justice has ruled that CETA, especially the arbitral tribunals, is in conformity with EU law, this is welcomed in Austria by business-oriented institutions and Federal President Alexander Van der Bellen has confirmed his willingness to sign the agreement.

May 2, 2019

Belt and Road Initiative - China's Reconquest of the World

Many heads of state did refrain from appearing at the second Belt and Road Forum for International Cooperation in Beijing this year, or are increasingly expressing themselves critically. Chancellor Sebastian Kurz also expressed his caution after meeting President Xi and Prime Minister Li Keqiang for talks.

April 26, 2019

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

Mobile Bank N26 Invests in Tech Centre in Vienna

Germany's mobile bank N26 plans to hire more than 300 software engineers, product managers and IT specialists in Vienna in the long term and up to 100 in the medium term. The office is scheduled to open in autumn 2019, and specialists will be recruited with immediate effect.

April 26, 2019

Congress Tourism in Vienna Continues to Boom

Vienna as a congress destination is booming. Last year, the metropolis achieved record figures for conference participants and added value. Around 631,000 participants (plus three percent) attended 4,685 congresses and company events (plus 15 percent), which resulted in 1,925,000 overnight stays (plus three percent). A single congress participant spends 541 euros per day.

April 5, 2019

Economic Mission to Cambodia and Laos

The Vienna Chamber of Commerce visited the Southeast Asian countries Cambodia and Laos in the context of an economic mission with 15 participants to meet ministers and establish contacts for future participation in tenders for infrastructure projects.

April 4, 2019

Austria's Trade Balance Deficit Rises in 2018

The deficit of the Austrian trade balance amounted to 5.71 billion euros in 2018, after 5.60 billion euros in the same period of the previous year. Imports of goods worth 155.71 billion euros (plus 5.5%) opposed exports worth 150.0 billion euros (plus 5.7%). The product group machinery and vehicles was again by far the most important in Austrian foreign trade.

March 26, 2019

Iraqi Expert Roundtable in Vienna - How to Reconstruct the City of Mosul?

More than 70 experts from Iraq, Austria and the relevant international community met in Vienna at the invitation of the Austro-Arab Chamber of Commerce to discuss the reconstruction of the devastated northern Iraqi city of Mosul and find solutions. Here is the report of the Expert's Round Table on the Reconstruction of the City of Mosul.

March 14, 2019

Bolivia - Doppelmayr Completes the World's Largest Urban Cable Car Network

The world's largest ropeway network with a length of 33 kilometers in the Bolivian capital La Paz has recently been completed by a tenth and final line from Doppelmayr/Garavanta.

March 13, 2019

Minister of External Affairs of India Sushma Swaraj Met Karin Kneissl

Karin Kneissl, Austrian Minister for Europe, Integration and Foreign Affairs accompanied by senior officials of her Ministry recently visited India. The visit of Minister Kneissl is part of the regular exchange between the two countries. During the visit, Minister Kneissl had a meeting with External Affairs Minister, Smt Sushma Swaraj, in New Delhi.

March 7, 2019

Emir of Qatar Struggling for Survival Visited Vienna

The 38 year old Emir of Qatar, Sheikh Tamim bin Hamad Al-Thani, who 5 years ago ascended the throne as successor of his father Hamad bin Khalifa Al Thani and is now fighting under pressure of his neighbours, especially Saudi Arabia, for the survival of his monarchy, came to an official visit to Austria to talk about business.

March 7, 2019

Austria's Dependence on Russian Gas Increased by 33 Percent

The effects of the amendment to the contract on gas supplies from Russia to Austria signed last year become visible. A meeting in Moscow between Rainer Seele, Chairman of the Executive Board of OMV, and Alexey Miller, Chairman of the Gazprom Management Committee, revealed that gas deliveries between January 1 and March 5, 2019 increased by 32.9 per cent compared to the same period last year.

March 6, 2019

Huawei Austria Sponsors Austrian Chinese Business Association

The Chinese technology group Huawei and the ACBA Austrian Chinese Business Association have sealed their cooperation at an evening event entitled "Huawei - Inside & Outside" at the Grand Hotel Vienna. Huawei is disputed internationally because of its 5G wireless network technology and its close connection to the Chinese government. Huawei maintains good business relations with the largest carriers in Austria, A1 Telekom Austria (America Movil), Hutchison Whampoa (Drei Austria) and T-Mobile Austria and supplies them with expensive 5G network equipment. In addition, Huawei will open its first flagship store outside China in downtown Vienna in the summer of 2019.

February 27, 2019

Chancellor Kurz in Washington, D.C. - Trump Demands Higher Military Expenditures

US President Donald Trump and Chancellor Sebastian Kurz met in the White House for a working meeting. The trade relations, the demand for higher military expenditures for Austria, the Nord Stream 2 pipeline project and the Serbia-Kosovo conflict were addressed.

February 21, 2019

Meeting with US Secretary of State Mike Pompeo - Focus on Middle East Conflict

The meeting between US Secretary of State Mike Pompeo and Austrian Federal Chancellor Sebastian Kurz focused on the Middle East conflict. According to Kurz, the USA is currently working on "a solution to the situation in the Middle East". The US will therefore "probably present a proposal" before the end of this year.

February 21, 2019

USA Visit by Federal Chancellor Kurz - Focus on Economic Relations

Chancellor Sebastian Kurz travels to the USA on an official working visit. During the trip, Kurz will meet US Secretary of State Mike Pompeo, National Security Advisor John Bolton, Ivanka Trump, and Trump's son-in-law Jared Kushner. The one-on-one meeting with Donald Trump in Washington will last only about 15 minutes.

February 19, 2019