On July 8th, 2021 the Vice President of the Austrian Federal Economic Chamber Dr. Richard Schenz received the Malaysian Senior Minister and Minister for International Trade and Industry YB Dato’ Azmin Ali for a business roundtable in Vienna. According to Mr. Schenz, many Austrian companies see Malaysia as a springboard to Asia. Southeast Asia is moving more and more into the focus of the Austrian Federal Economic Chamber (WKO). A growing middle class that is keen to consume, rapidly advancing urbanization and improving training for skilled workers are just a few examples of current trends in this region. For Austrian firms, it is crucial to be at the forefront of these developments and to position themselves well in this diverse region with regard to value chains and market potential.
Leading Austrian exporters and the Director General of ADVANTAGE AUSTRIA Mr. Michael Otter, discussed with the minister and his delegation of experts why investments in this up-and-coming "manufacturing hub" in Southeast Asia are also of great interest to many Austrian firms. Otter emphasizes that it is precisely the mix of ideas, capital and growth potential that creates new innovation centers and that the region as a whole offers great sales potential for Austrian companies.
The Austrian Commercial Counsellor for Malaysia, Mr. Reinhart Zimmermann, also sees good opportunities for Austria in Malaysia. According to the World Bank, Malaysia will become a high-income country in 3 to 5 years. It is steadily developing into the direction of a modern, technology-savvy country with a young, increasingly educated population. This dynamic holds many opportunities for Austrian companies with intelligent technological applications. In addition, solving environmental problems (waste treatment, recycling, water management, traffic) is a growing challenge and offers Austrian technology providers further opportunities to enter the market.
Malaysia's recent accession to the Regional Comprehensive Economic Partnership (RCEP) provides an additional boost to sustainable economic development.
