Every year, ADVANTAGE AUSTRIA, the official Austrian Foreign Trade Promotion Organization carries out a survey called the Global Business Barometer (GBB) among Austrian subsidiaries operating in international markets. This confidential online survey is conducted in collaboration with our scientific partner, the Vienna University of Economics and Business. In line with the theme "Sharing is Caring," we are pleased to share the results of this comprehensive and reliable survey.
Hong Kong market:
In October and November 2023, a survey was conducted among Austrian companies in Hong Kong. Interestingly, there is no clear consensus on whether the economic situation has improved in the past 12 months as this seems to be very dependent on the specific industry companies are operating in. Around half of the participants believe that it will remain the same in the following 12 months. This sentiment also extends to the number of employees and investment amounts, as approximately 50% of the participants stated that the situation regarding orders will worsen. Similarly, the total revenue has been affected as capacities are not fully utilized, despite an increase in the total investment amount. Participants noted the influence of public funding and tendering processes on this trend.
Surprisingly, there are no significant expectations for advancements in AI, and opinions on the effectiveness of crime-fighting, corruption, and the predictability of economic policy are not clear-cut. It is believed that the greatest risk lies in the systemic competition between world powers and the potential decoupling between East and West, which could lead to subsequent protectionism. Over three-quarters of the participants agree that labour laws, bureaucracy, and digitalization infrastructure provided by the Hong Kong government are working well or very well in the context of protectionism. Participants also positively acknowledge the quality awareness and payment practices of local suppliers.
