After the success of the first in-person Austrian CEO Conference last December, Advantage Austria Singapore organised another conference for the CEOs of Austrian subsidiaries in Singapore on 17th June. Due to the current COVID-19 restrictions the event was held online, with over 40 participants representing a range of Austrian companies.
The event was kicked-off by Commercial Counsellor David Bachman, who welcomed all participants and gave a short overview of the economic developments in Singapore in light of COVID-19.
Next, Michael Otter, CEO of Advantage Austria, gave a presentation on Austria’s Export Strategy after COVID-19. Mr. Otter explained that the strict COVID-19 restrictions have heavily affected the Austrian foreign trade balance, with exports of goods dropping by approximately 7.5% in 2020. Mr. Otter identified five trends which will shape Austria’s foreign trade going forward, namely: increased protectionist state-intervention following COVID-19; the vulnerability of international supply chains exposed by COVID-19; the rising competition for skilled workers; climate change; and digitalisation. Furthermore, Mr. Otter explained that Southeast Asia’s economic importance is growing as it is projected to be the world’s fourth largest economic bloc by 2030. As such, Advantage Austria will be focusing more on SEA markets, and continue to provide on-site support to Austrian companies.
Following Mr. Otter, Mr. Paul Weingarten from Rödl & Partner talked about navigating COVID-19 employment. He explained that currently work from home is the default in Singapore and discussed the legal implications of this “new normal”. Furthermore, Mr. Weingarten also discussed recently amended Work-Pass and Dependent-Pass regulations and provided an overview of the current processes available for business travel, including Reciprocal Green Lane arrangements.
Last but not least, representatives from Advantage Austria offices across Southeast Asia, provided insights on recent developments in their respective countries. Georg Krenn from Advantage Austria Bangkok talked about the continuing troubles for Thailand’s economic recovery given the toll COVID-19 has taken on the tourism sector. Sigmund Nemeti from Advantage Austria Jakarta outlined the opportunities available for business travel to Indonesia and the Indonesian COVID-19 vaccination progress. Reinhart Zimmermann from Advantage Austria Kuala Lumpur explained that Malaysia continues to be in a strict lockdown, but that vaccination rates are picking up speed, hopefully allowing a slow reopening by the end of the summer. Finally, Christina Stieber from Advantage Austria Manila highlighted the recent easing of COVID-19 restrictions in the Philippines and the slow but steady take-off of the Philippine economy. A common thread among the reports was that travel to each of the respective countries is still heavily restricted, with a wider re-opening of the boarders still some way off.
After the presentations, participants had a chance to ask questions of the speakers and share their respective experiences and recent developments.
