OTS - 69 CEE Companies Expand to Austria in 2023 (part 1.)
2024. February 27. 11:33
Vienna, 27 February, 2024 (APA/OTS) - Majority of these companies
operate in the future-oriented sectors of ICT and
greentech/cleantech - Central and Eastern European firms account
for 20% of total business location and expansion projects in
Austria - Support in locating abroad was provided by the Austrian
Business Agency (ABA) - The attractiveness of Austria as a business
location has increased even further. In 2023, a total of € 1.372
billion was invested in Austria by international companies within
the context of 325 business location and expansion projects.
Accordingly, the investment volume was significantly higher than in
2022. "The figures particularly show how attractive and highly
sought-after the Austrian business location is abroad, against the
backdrop of a challenging geopolitical and economic situation,"
says René Tritscher, Managing Director of the Austrian Business
Agency (ABA).
On balance, ABA provided consulting services to 230 companies
from Central and Eastern European countries which were interested
in setting up business operations or expanding their existing
activities in Austria. During 2023, 69 companies from the CEE
region ultimately decided in favour of investing in Austria. Every
fifth business location or expansion project originated in Central
and Eastern European countries. The largest number (14) came from
Hungary, followed by Ukraine (13), Slovakia (9) and Czechia (9).
Funded facility for sustainable business from Czechia
The promising field of energy and environmental technology is
already the fourth most important sector for foreign direct
investments, accounting for 23 business location and expansion
projects. This figure was only surpassed by ICT (68 projects),
business-oriented services (52) and the wholesale sector (41).
One example of a project in the field of energy and
environmental technology is the establishment of PackWall AT, which
is part of the Czech Upcycling Group. "The Upcycling Group offers
state-of-the-art production solutions that create new green jobs,
relieve pressure on local landfills and build strong domestic end
markets for all types of recyclables and municipal waste streams,"
explains Jan Skopeček, Managing Director of both companies. "We
will produce premium construction and furniture boards from
recycled waste packaging materials at our new plant in the southern
Austrian province of Carinthia. We received active support from the
Austrian federal state of Carinthia and Austria Wirtschaftsservice
(aws) in the form of advice on setting up the plant and subsidies."
CEE startups expand to Austria
The large number of international start-ups (39) advised by ABA
which decided to invest in Austria also represents a gratifying
development. These include Panza Robotics headquartered in
Bratislava. It is an innovative high-tech company that focuses on
the research and development of advanced robots. "We already
developed a second prototype of four-legged robots for use in
supporting routine or dangerous operations in different
environments spanning a broad range of industries such as
construction, utilities, oil & gas, waste management and public
safety," says Radoslav Balajka, Managing Director of Panza
Robotics. "Our expansion into Austria enables us to benefit from
valuable partnerships such as with Infineon, Silicon Alps Cluster,
Joanneum Research, and leverage Austrian startups with potentially
attractive subsidies and the qualified specialists working with
electronics-based systems. These are the best prerequisites for
further developing our robots here."
Another example is TerraWaste. "The company originated from the
vibrant startup scene in Latvia and the Netherlands. We are on a
mission to solve the plastic waste crisis, for example through our
pilot plant initiative in Stockerau, located near Vienna. Our path
forward has been greatly accelerated by the strategic guidance
offered by the Vienna Business Agency, ecoplus, and ABA. Their
acumen in identifying prime locations, facilitating partnerships,
and unlocking funding opportunities has proven to be indispensable.
In collaboration with the GreenTec Campus in Stockerau, we are
poised to build a pilot plant at the Stockerau landfill. The
facility is meticulously designed to tackle the pressing issue of
plastic waste in the area. This project represents a significant
step towards creating jobs and fostering the development of
sustainable, environmentally conscious solutions in the region,"
states Kristaps Cirulis, Co-Founder of TerraWaste. (continues)