Bilateral Economic Relations Between UAE and Austria Flourish
Vienna, The Gulf Observer: The latest economic data has unveiled a remarkable surge in trade and investment between the United Arab Emirates (UAE) and Austria, solidifying their bilateral relations to distinguished levels. Emirati exports to Austria, spanning crude oil, aluminium products, machinery, and electrical appliances, witnessed a substantial increase of 20.6 percent in 2023, amounting to a total value of €235.9 million.
Conversely, Austrian exports to the UAE, comprising machinery, mechanical appliances, boilers, and measuring devices, surged by 23.5 percent to reach €657.7 million during the same period.
Direct investments between the two nations surged significantly, with Austrian investments in the UAE soaring to approximately €13 billion, while Emirati direct investments in Austria reached around €9 billion, as per the latest official figures from Austria for 2022.
This notable advancement in bilateral relations between the UAE and Austria underscores the pivotal role played by the Comprehensive Strategic Partnership Agreement inked by both countries in 2021. The agreement has been instrumental in propelling their bilateral ties to unprecedented heights, facilitating the exploration of joint economic opportunities and the expansion of cooperation across various domains.
Key strategic initiatives between the UAE and Austria encompass collaboration in the development of green hydrogen production technologies to ensure energy security, joint efforts in renewable energy generation, and the augmentation of investments in the petrochemical sector.
Austria’s keen interest in bolstering cooperation with the UAE in artificial intelligence (AI) is evident through agreements aimed at fostering collaboration between their respective research institutions and universities to advance AI systems. This aligns with their burgeoning cooperation in technology, science, innovation, research, academic exchange, cultural initiatives, and educational endeavors.
The commercial and investment prospects in the UAE have drawn substantial attention from Austrian companies, as evidenced by their active participation in trade fairs and international events held in Dubai and Abu Dhabi. The presence of the Austrian Foreign Trade Agency in various exhibitions underscores the attractiveness of the Emirati market for Austrian enterprises, particularly in sectors such as industrial cooperation, medical technology, defence, infrastructure, climate protection, tourism, and hospitality.
The UAE stands as Austria’s foremost trading and economic partner in the Gulf region, with bilateral relations reaching unprecedented levels. Both nations’ leaderships are committed to further enhancing economic ties and bilateral cooperation under the Comprehensive Strategic Partnership Agreement signed in 2021.
Austrian Chancellor Karl Nehammer hailed the longstanding relations between the UAE and Austria, emphasizing their evolution over five decades and culminating in the comprehensive strategic partnership. He underscored the UAE’s significance as a strategic and economic partner, particularly in diversifying energy sources and ensuring stability in the Middle East.
The Austrian Ministry of Economy and Labour commended the UAE’s pivotal role as a trade hub bridging Europe, Africa, and Asia, lauding its favorable business climate and conducive environment for innovation and investment. The ministry encouraged Austrian companies to actively participate in international trade fairs and conferences hosted in the UAE, further strengthening economic ties between the two nations.
