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UAE, Austria witness increasing mutual investments

UAE, Austria witness increasing mutual investments
3 May 2024 16:14

VIENNA (WAM)


The latest economic figures confirm that UAE-Austrian relations have reached distinguished levels, as Emirati exports to Austria, including crude oil, aluminium products, machinery, and electrical appliances, increased by 20.6 percent in 2023, totalling 235.9 million euros in value.

In the same year, Austrian exports to the UAE, including machinery, mechanical appliances, boilers, and measuring devices, increased by 23.5 percent to 657.7 million euros.

Direct investments between the two countries also rose, with Austrian investments in the UAE reaching around 13 billion euros, and Emirati direct investments in Austria reaching around 9 billion euros, according to the latest Austrian official figures for 2022.

The significant development in bilateral relations between the UAE and Austria reflects the key role played by the Comprehensive Strategic Partnership Agreement signed by the two countries in 2021.

This agreement helped elevate their bilateral relations to new horizons, through exploring joint economic opportunities and expanding areas of bilateral cooperation.

Notable strategic projects between the UAE and Austria include cooperating in the development of green hydrogen production technologies to ensure energy security, collaborating in renewable energy generation, and expanding investments in the petrochemical industry.

Austria’s interest in enhancing its cooperation with the UAE in artificial intelligence (AI) is also clear, through agreements aimed at facilitating collaborations between their research institutions and universities in developing AI systems and benefiting from each other's experiences to establish close cooperation in all areas of AI.

This is in line with their growing cooperation in technology, science, innovation, scientific research, academic cooperation, knowledge transfer, the arts, culture, heritage, and educational projects.

Austria’s economic interest in the commercial and investment opportunities available in the UAE is highlighted by the participation of Austrian companies, business leaders, and officials in trade fairs and international events organised in Dubai and Abu Dhabi.

The presence of the Austrian Foreign Trade Agency, a subsidiary of the Austrian Chamber of Commerce, in international exhibitions and conferences, especially in the areas of industrial cooperation, medical technology, defence and security, infrastructure, climate protection, tourism, hotels, food, and beverage underscores the attractiveness of the Emirati market for Austrian companies.

The number of Austrian companies with branches in the UAE and those operating facilities from Austria has reached 200, and around 400 Austrian companies are active in the UAE through agents, further demonstrating the attractiveness of the UAE market for Austrian companies.

The UAE is Austria’s largest trading and economic partner in the Gulf region, and their bilateral relations are at their highest levels, with their leaderships being keen on enhancing their economic and trade relations and bilateral cooperation under the Comprehensive Strategic Partnership Agreement signed in 2021.

Austrian Chancellor Karl Nehammer lauded the relations between the UAE and Austria, noting that their bilateral relations began 50 years ago and highlighting their continuous development, which led to the comprehensive strategic partnership signed in 2021.

“The UAE is an important strategic and economic partner in a variety of areas, from diversifying energy sources to ensuring security and stability in the Middle East,” Nehammer said.

The Austrian Ministry of Economy and Labour affirmed that the UAE is an important trade hub between Europe, Africa, and Asia, with a favourable business climate and an environment conducive to innovation and investments.

The ministry further stated its encouragement for Austrian companies to participate in international trade fairs and conferences organised in the UAE.

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