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Belarus and Austria set up business cooperation council

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© ADVANTAGE AUSTRIA

14.08.2007

Belarus and Austria have set up a business cooperation council, Ambassador Extraordinary and Plenipotentiary of Belarus to Austria Alexander Sychev told BelTA.

“The council was officially registered and we received corresponding persimmon from the Justice and Interior Ministries of Austria . We hope that representatives of the leading Belarusian companies and banks will become members of the Belarusian-Austrian business cooperation council,” said the diplomat.

According to the ambassador, the Belarusian-Austrian business cooperation council is planned to be used to promote Belarusian goods to the market of Austria .

Alexander Sychev took note of positive dynamics in the bilateral trade-economic relations. In 2006, the trade turnover between the two countries reached a record high sum for the last 12 years - $125 million.

“The purchasing power is one of the highest in Austria and this gives us hope that we will diversify our export. However, Belarusian companies should realize that there is fierce competition in the Western market and they should pursue an aggressive policy to get into it,” the diplomat underscored.

Belarus mainly exports twisted wire and goods made of ferrous metals to Austria , woodworking products, glass fiber and chemical goods. Machines and equipment account for 60% of the Belarusian export supplies to Austria made under the guarantee of the Austrian banks.

Austria is one of the five biggest investors in Belarus . According to the Ministry of Statistics and Analysis of Belarus, in 2006 Belarus attracted $276.7 million worth of Austrian investments, up by 55% on 2005. In Q1 2007 Belarus attracted $52.3 million of the Austrian investments.

As of January 1, 2007 there were 74 enterprises set up with the Austrian ownership in Belarus .

Source: BELTA

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