Economic Conference: Austria reveals its assets

 March 1, 2019

Austria’s strengths revealed in run up to Monaco Economic Board’s future Trade Mission to Vienna
Photo: Monaco Economic Board


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At least 50 entrepreneurs from the Principality attended a talk given by Advantage Austria, the official representative of Austrian business abroad, which provided invaluable information in the run up to the MEB’s Trade Mission to Vienna from 13 to 15 May 2019.

“Here in Monaco, the Alps literally plunge into the sea. If we follow the line of peaks we arrive in Austria at the other end of this mountain chain that unites us.”

It was with these words that MEB Vice-Chairman Philippe Ortelli welcomed Christian H. Schierer and Erwin Strutzenberger, Director and Deputy Director respectively of Advantage Austria France & Monaco, here to talk about the advantages of their country.

The two countries have much in common in terms of stability, security and even clean streets, but the similarities in business are also numerous. With a population of 8.7 million, Austria is the fourth richest country in Europe and has enjoyed sustained growth in recent years, with unemployment at only 5.9%. The country’s prosperity relies on an SME fabric of excellence and innovation selling into niche markets abroad. Flagship brands like Red Bull, Porsche or Swarovski top the billing, but the driving force are the “hidden champions”. For example, 20% of the technologies used in Airbus planes are Austrian.

Austria’s strengths revealed in run up to Monaco Economic Board’s future Trade Mission to Vienna
Photo: Monaco Economic Board

Due to its geographical location, culture and history, Austria naturally turns to Central and Eastern Europe. It hosts more than 1,000 regional coordination offices in this area. Finally, employee/employer relations are governed by a social contract based on dialogue which means strikes are practically non-existent.

All these arguments should be enough to convince entrepreneurs from the Principality to join the MEB on its Trade Mission to Vienna 13 to 15 May 2019, organised under the aegis of H.E. Mrs Isabelle Berro-Amadei, Monaco’s Ambassador to Austria, “so that contacts may be converted into contracts,” beamed Christian Schierer. “Clearly, our business models are designed to get along,” added Philippe Ortelli.

At the end of the talk, the Austrians presented the Energy Globe Award Monaco 2018 to the managers of Stars’N’Bars for their ‘Ban Plastic Straws’ project. Organised by the Energy Globe Foundation, which Advantage Austria supports, the awards recognise projects aimed at protecting the environment: another issue the two countries have in common.

Plans are in full swing for the Trade Mission which includes a business forum, and will put Monegasque and Austrian entrepreneurs in direct contact. Thanks to Team Monaco, the delegation will also benefit from a performance by the Monte-Carlo Opéra at the Musikwerein, featuring Cecilia Bartoli and the Baroque Ensemble of Les Musiciens du Prince. Another opportunity to promote what the Principality can offer, while helping Monaco companies expand their businesses abroad.

Originally published at Monaco Economic Board

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