UAE, Austria Trade Hits Record Highs, Strengthening Bilateral Relations

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 in value.

In 2022, Austrian exports to the UAE surged by 23.5%, totaling €657.7 million, encompassing machinery, mechanical appliances, and measuring devices. Direct investments between the two countries also saw a rise, with Austrian investments reaching around €13 billion and Emirati investments around €9 billion. This growth underscores the strengthened bilateral relations following the Comprehensive Strategic Partnership Agreement signed in 2021, facilitating joint economic opportunities and cooperation expansion.

Strategic projects include green hydrogen production, renewable energy, and petrochemical investments. Austria's interest in AI cooperation aligns with their broader collaboration in technology, science, innovation, research, education, arts, and culture. Austrian entities actively participate in UAE trade fairs and events, showcasing their economic interest in the region's commercial and investment opportunities.

The Austrian Foreign Trade Agency, represented in international exhibitions and conferences, highlights the appeal of the Emirati market for Austrian companies, particularly in industrial cooperation, medical technology, defense, security, infrastructure, climate protection, tourism, hospitality, and F&B sectors. Currently, 200 Austrian companies have branches in the UAE, with another 400 active through agents, showcasing the market's allure. The UAE stands as Austria's largest trading and economic partner in the Gulf region, with bilateral relations reaching new heights, driven by leadership commitments to enhance economic ties and cooperation, as outlined in 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.

News Source: Emirates News Agency