The Chinese General Chamber of Commerce and the Austrian Consulate General Hong Kong, together with ADVANTAGE AUSTRIA Hong Kong and the Austrian Chamber of Commerce Hong Kong and Macau, invited on June 9, 2022, leading business representatives to an exclusive briefing on Austria as a business location and how Austrian companies could make the best use of expanding into China and Asia together with Hong Kong partners. The Chinese General Chamber of Commerce representatives showed special interest in accompanying Austrian tech companies to the Greater Bay Area. Since the UK left the EU, interest in Hong Kong in establishing a presence in continental Europe has also increased.
Austria is an affluent 8.9 million people country in the heart of Europe with a gross domestic product of 39,000 EUR/capita. Its economy is characterized by a still fairly high share of advanced manufacturing taking place in the country and a 56% export quota of goods and services. Many international companies make use of Austria as a business location to enter the European Union and Central- and Eastern European markets. Austria’s apprenticeship and dual education system, tech universities and special grants for research and development form the base of Austria’s tech excellency in many areas. The taxation system is friendly to investors that establish holdings in Austria or want to make use of Austria’s double taxation agreements including with Hong Kong SAR. Austria and its service providers can serve as a gateway for Hong Kong and Asian partners to enter the European markets. For more information on Austria as a business location go to https://aba.gv.at/en/
The Guangdong-Hong Kong-Macao Greater Bay Area (Greater Bay Area, GBA) offers an abundance of opportunities amid a favourable entrepreneurial atmosphere. The Greater Bay Area is one of the regions with the highest degree of openness and strongest economic vitality within Asia. With the integration of 9+2 cities (nine Mainland cities and the two Special Administrative Regions of Hong Kong and Macao), it is an unprecedentedly strong regional 70+ million people powerhouse. Supply, industrial chains, and corresponding service sectors will be linked up even closer. Austrian companies with an interest to serve the GBA-market can make use of Hong Kong’s and the Chinese General Chamber of Commerce’s expertise and network for mainland China. By working in Hong Kong, Austrian companies benefit from the long and intensive experience of Hong Kong companies to serve as a platform between China and international markets, English as a business language and western business regulations and practices. Austrian businesses might also be interested in some of the infrastructure and industrial projects along the Belt and Road corridor for which Hong Kong companies provide financing and services. Hong Kong companies could benefit from Austrian manufacturing excellency and related innovation fields which might be relevant to upgrade operations in Hong Kong, mainland China and Asia. Main opportunities for knowledge exchange and cooperation between Austria and Hong Kong for the GBA lay in Construction and Infrastructure, Manufacturing-related innovation, Health Tech and Startups.
The presentation "Austria as Business Location" given by Austrian Consul General Karl ERNST can be viewed here.
Pic shows from left Austrian Trade Commissioner Franz Roessler with Chinese General Chamber of Commerce Chairman Jonathan Choi and Austrian Consul General Karl ERNST.
