BUSINESS COMPANIES ECONOMY FINANCE&BANKING

Due to the 9-percent year-on-year growth in bilateral trade, Romania remains one of Austria’s most important trade partners

ADVANTAGE AUSTRIA, the official agency for the promotion of Austrian trade and the representation of the Commercial Section of the Austrian Embassy in Romania, is one of the most active trade offices in the country. The activities carried out under its aegis significantly contribute to the development of economic relations between the two countries, bilateral trade growing by 9 percent from 2016 to 2017, to a total value of over EUR 3.65 billion at the end of last year. Thus, Romania is Austria’s most important economic partner in South-East Europe and, at the same time, one of its top 15 international trade partners.

“In 2017, our team organised more than 70 events meant to ease the exchange of information and the transfer of experience between Romanian and Austrian private organisations. These have brought to the forefront various topics, from start-ups to industries such as oil and gas, urban technologies, health, IT, cybersecurity, and smart cities, allowing for more practical interactions through workshops or networking events for the business community. The so-called ‘Austria Showcases’ are a highly-appreciated format, allowing Austrian delegations to meet and analyse the possibility of local investments with the representatives of the Romanian business sector,” said Gerd Bommer, Advantage Austria Director and Commercial Advisor at the Embassy of Austria. “At the same time, because we strongly believe in the inventiveness and talent of Romanians and we are convinced that without the support of a well-trained workforce the Austrian businesses in Romania cannot be successful, our team is coordinating programmes that contribute to the development of dual education throughout the country,” he added.

More than 3,300 Austrian companies registered in Romania have created and support more than 100,000 jobs, some of them being, in fact, among the most important employers at local and national level. These companies are market leaders in industries such as the oil, gas and petrochemical industry, banking and insurance, transport and logistics, constructions and real-estate.

In the most recent edition of Advantage Austria’s annual report assessing the local business sector, Austrian entrepreneurs have once again expressed their confidence that Romania will maintain its upward development trend, backed by the continuous growth of the economy and by high economic potential. The Austrian companies present in the country want to contribute to the development and consolidation of the market, thus taking the commitment to continue investing in the professional development of employees, but also in the development of the companies owned here. However, their objectives cannot be attained without support from Romanian authorities, through concrete actions to reduce bureaucratic obstacles or to consolidate and develop the professional training system, actions that would create an economic framework favourable for business.

The Austrian and Romanian business sectors met once again at the “May Celebration of Austrian Economy,” a networking event that took place at the end of last week. Gerd Bommer, the host of the event, provided the 400 guests with a relaxed setting for discussions, thus creating the premises of the intensification of the successful partnership between the two countries.

 

About Advantage Austria

 

ADVANTAGE AUSTRIA represents the official agency for the promotion of Austrian trade. Having more than 110 offices in more than 70 countries, it offers a varied range of business promotion information and services, for both Austrian companies and their international partners. Its purpose is to generate more international business opportunities by promoting the products and services of Austrian companies throughout the world, helping companies and organisations from outside Austria build relations of close collaboration with Austrian companies and making available information about Austria as a destination for business, but also assistance for companies that want to enter the Austrian market.

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