Austrian Business Agency (ABA) at the end of the third quarter of 2020 confirms the very positive results achieved by Austria as a business location in spite of the coronavirus crisis
The business location scorecard of the investment promotion consultancy Austrian Business Agency (ABA) at the end of the third quarter of 2020 confirms the very positive results achieved by Austria as a business location in spite of the coronavirus crisis.
Invest in Austria, the investment promotion department of Austrian Business Agency, which is owned by the Federal Ministry for Digital and Economic Affairs, provided professional support to a total of 309 foreign companies setting up business operations in Austria as at 30 September 2020. This led to investments of € 547.4 million in Austria and the creation of 1,899 new jobs. In comparison, 396 companies (total investments: € 1.54 billion, 4,092 jobs created) already set up business operations in Austria at the end of September of the record year of 2019 compared to 259 companies (total investments: € 522.5 million, 1,450 jobs created) in 2018.
“We anticipate annual results to be about 25 percent lower than in the previous year”
This is because most of the projects implemented in 2020 were already at an advanced stage of their expansion process. Fortunately, the coronavirus crisis did not deter these companies from investing in Austria“, says Marion Biber, Managing Director of Invest in Austria. “However, getting closer to the end of the year, we are perceiving a substantial reduction in the number of new inquiries. A significant decline in the number of business location projects is to be expected over the coming two years“, she adds.
Investment promotion agency: expanded portfolio, more services to benefit companies
The Austrian Business Agency is continuously expanding its offering of services provided at no cost, as evidenced by its new department Work in Austria established in the past year. As a result, it is the first contact point for foreign investors and skilled employees as well as companies looking for suitable employees in Austria. More about national trade and investment promotion agencies here.
Source/Image Credit: ABA