27.02.2024
Austrian Business Agency (ABA) reports record international investments and consultations in 2023
- International companies invest about € 1.4 billion in Austria within the context of 325 business location and expansion projects
- 3,889 consultations for Red-White-Red – Cards, more than double the prior-year figure
- Support for 29 international film projects results in value creation of close to € 190 million
The Austrian Business Agency (ABA) reports conducting more than 12,700 consultations in 2023, comprising a new all-time high and reflecting the unprecedented interest displayed in the services offered by the national business location consultancy. ABA registered strong growth in all three of its business areas i.e. INVEST in AUSTRIA, WORK in AUSTRIA and FILM in AUSTRIA. Within the context of 325 business location and expansion projects, international companies invested more than € 1.372 billion in Austria in 2023, a substantial increase compared to 2022. In particular, the services provided by ABA were in demand, especially in supporting the business community to recruit international skilled works. Consultations were held with more than 7,200 companies and skilled workers. Austria is also booming as a film location. Last year ABA implemented 29 film and series productions, more than ever before in a single year.
“ABA’s scorecard shows how important an active business location policy, the promotion of the business location internationally as well as customised services and support for companies and skilled workers are. Austria offers extremely attractive conditions for companies. In addition to numerous initiatives on the part of the Austrian Federal Government, such as the reform of the Red-White-Red – Card, the introduction of the new legal form of business i.e., the FlexCo, and support programmes such as the Climate and Transformation Offensive, the efforts to recruit international skilled workers are of crucial importance to the economy,” states Martin Kocher, Federal Minister of Labour and Economy.
“These figures particularly show how attractive and highly sought-after the Austrian business location is abroad, against the backdrop of a challenging geopolitical and economic situation,” says René Tritscher, Managing Director of the Austrian Business Agency (ABA).
Attractive research and innovation location
The ABA department INVEST in AUSTRIA responded to 1,354 inquiries submitted by international companies in 2023, which led to 496 ongoing business location and expansion projects for which INVEST in AUSTRIA provided support. Ultimately, 325 business location and expansion projects which should create a total of 2,419 new jobs were implemented by INVEST in AUSTRIA in 2023 in collaboration with the regional business promotion agencies. 68 of all the business location and expansion investments were in the field of ICT, followed by business-oriented services (52) and the wholesale sector (41).
In 35 of the projects supported by ABA involve companies conducting research and development in Austria. “We see this as a confirmation of Austria’s steady development into a modern research and innovation location. Austria has been pursuing an attractive funding policy for many years. Our uncapped research premium of 14% for R&D expenditures, numerous direct funding programmes, the country’s inventiveness and the dynamic research community are all compelling arguments for investing in Austria,” Tritscher adds.
International life sciences companies invest heavily in Austria
The biggest enthusiasm for conducting research in Austria is displayed by the life sciences sector including its research institutions and clusters working together with a large number of pharmaceutical, medical technology and biotech companies and pressing ahead with developments in fields such as cancer research and precision medicine. Multinationals such as Takeda, Octapharma and Fresenius Kabi and many other firms in the sector once again announced plans in 2023 to invest hundreds of millions of euros in their Austrian facilities.
The large number of international startups (39) consulted by ABA, which eventually decided in favour of Austria as a business location, also comprises a gratifying development. For example, United Micro Technology headquartered in China has been developing 5G modem chips for IoT in Linz since 2023. The deep technology startup Godot Inc. from Japan opened its research and development hub in Vienna. The new legal form of business, namely the flexible company or FlexCo (Flexible Kapitalgesellschaft) fuses elements of the limited liability company (GmbH) and the joint stock company (AG). It is designed to strengthen the competitiveness of Austria as a business location and make Austria attractive to international startup founders.
The promising energy and environmental technology sector registered 23 new projects and is thus the fourth most important sector for new investments. Two examples are given here. Bosch will invest about € 18 million in the coming years – just at its Linz facility – in order to expand its hydrogen infrastructure. The newly founded company Mer Austria GmbH, subsidiary of the Norwegian energy company Statkraft, is building a sustainable, quick charging infrastructure in Austria for electric-powered vehicles.
The majority of projects (95) originated in Germany, followed by Italy (23) and Switzerland (22). More than ten projects each came from the Netherlands, Hungary, Ukraine and the USA. Most business location and expansion projects (188) were implemented in Vienna, followed by Carinthia (25), Styria and Upper Austria (22 each).
Double the number of Red-White-Red – Card consultations
In 2023, WORK in AUSTRIA carried out 3,889 consultations within the context of its position as the legally mandated service centre for Red-White-Red – Cards. This is double the comparable prior-year figure. In this process, companies, skilled workers, and their family members are advised on all phases of immigration procedures. Furthermore, the offering of target group-specific webinars, especially focusing on living and working in Austria as well as the right of residence, was expanded due to the high demand.
“We are continuously searching for specialists with specific qualifications in the fields of ITS, C-ITS, V2X, toll systems/toll solutions, deep learning etc.,” says Harald Hohenecker, Head of Travel & International Assignments at Kapsch TrafficCom. The technology company is globally active in the traffic and toll management segment. “Getting a residence permit for third country nationals applying for jobs with us has repeatedly been something of a challenge. No two cases are precisely the same. In this regard, WORK in AUSTRIA offers an important and very good service. Thanks to its successful support in handling immigration procedures, we can more effectively meet our needs for skilled workers with IT expertise. In turn, this contributes towards strengthening our team and positively affects project implementation. Moreover, skilled workers from different countries enrich our corporate culture and have a positive impact on innovation and collaboration,” he adds.
In 2023, ABAS’s online job platform was also used more frequently by Austrian companies to advertise their job vacancies as well as by skilled workers for applications. “We advertise job opportunities in Austria aiming to attract skilled workers in the fields of IT, technology, and life sciences in our European target markets. In 2024, we are taking the first steps overseas to focus on Brazil, Indonesia, and the Philippines,” ABA Managing Director René Tritscher states. A pilot project was implemented in Brazil for the first time. In particular, the country is an interesting market for skilled workers, especially in the IT sector. Last year WORK in AUSTRIA already carried out 7,200 consultations focusing on living and work in Austria.
ABA also achieved a success regarding the equalitA quality seal awarded to companies for promoting the career advancement of women. 47 such equality seals were issued in 2023.
Flourishing film location thanks to the FISAplus incentive model
FILM in AUSTRIA can look back at an absolute record year. 29 film and series productions were implemented in Austria in 2023, involving investments of close to € 190 million, more than ever before. This includes projects such as “The Regime” with Kate Winslet and “Beasts like us,” the first purely Austrian streaming series for Amazon. The new funding programme FISAplus for international productions in Austria had a corresponding impact in this case.
About Austrian Business Agency (ABA)
As a subsidiary of the Federal Ministry of Labour and Economy (BMAW), the Austrian business location consultancy Austrian Business Agency (ABA) strives to make Austria attractive to international companies, top talents and film producers. With its three business areas INVEST in AUSTRIA, WORK in AUSTRIA and FILM in AUSTRIA, ABA consults and supports international companies, skilled workers and film producers at no cost regarding all issues relating to the business, research and work location as well as to Austria as a film location. >> We simply make it easy.
Contact:
Thomas Schweinberger
Public Relations
Tel.: +43 1 588 58-462
Mobil: +43 676 898 590 462
presse@aba.gv.at