Preface

By Federal Minister Margarete Schramböck

Dr. Margarete Schramböck is the Austrian Federal Minister for Digital and Economic Affairs.

Photo: Federal Ministry for Digital and Economic Affairs

It is a special pleasure to address the readers of New Austrian with this preface. Let me begin with my best wishes for a successful year 2022.

The United States and Austria have enjoyed a close friendship, many shared values, widespread cultural cooperation, and prosperous business relations for many years now. Moreover, the Austrian Federal Government has always highlighted the importance of strengthening Austria’s economic ties with the United States as one of Austria’s main foreign policy goals.

Despite the pandemic, bilateral economic relations between the United States and Austria are still at a mutually very satisfactory level. Following pandemic-related declines, a clear upward trend can be seen (e.g. first three quarters of 2021: Austrian exports increased to 18.3 percent; imports to 10.9 percent). In the first nine months of 2021, the trade volume in goods between Austria and the United States reached almost €12.2 billion. In 2020, a total trade volume of almost €14.6 billion was generated.

In fact, in 2020 the United States was still Austria’s number one trading partner outside the EU. This shows that Austria sees its relationship with the U.S. as a two-way street and that there is great potential for further expanding our economic relations in many areas.

Furthermore, consumers, businesses, and workforces have benefited from trade between the EU and the United States for many decades on both sides of the Atlantic. After all, the United States and the EU are the largest and wealthiest economies in the world.

As far as the economic relationship between the EU and the United States is concerned, I am very pleased that in 2021 the EU and the U.S. have been able to reach a consensus on most of the bilateral issues in transatlantic trade, such as the agreements reached during the EU-US Summit on June 15, 2021. I also value the long-standing commitment of the United States to promoting positive and vibrant transatlantic relations. Now the EU and the United States can forge a partnership based on strong alliances that really count.

My role as Minister for Digital and Economic Affairs is to create an ideal framework and optimal conditions for the Austrian business community, for exporters, as well as for investors. Even under the most difficult pandemic circumstances, it is my concern to ensure stable conditions for a resilient Austrian economy. Having said that, I have to emphasize the outstanding ranking of Austria as the tenth fastest-growing source of foreign direct investment by country in the United States.

With regard to foreign direct investments in the USA, both President Joe Biden and U.S. Secretary of State Antony Blinken have focused on the need for massive investments in infrastructure in their keynote speeches at the SelectUSA Investment Summit in June 2021. Furthermore, U.S. Secretary of Commerce Gina Raimondo stressed the importance of foreign direct investments in the United States during a private session for Austrian companies and investors held in the framework of this summit. Secretary Raimondo explicitly encouraged Austria to commit to continuing its foreign direct investment efforts and to actively exploit the immense potential arising from the new multi-billion construction and infrastructure programs in the United States.

Thanks to New Austrian, this foreword gives me the opportunity to personally thank very sincerely all companies and investors operating in the United States. Your business relations and your invaluable activities are an important part of the backbone of our economy. The United States is the largest overseas export market for Austria. A stable international export sector secures jobs and prosperity in Austria. Every second job in Austria is created by the successful export activities of our companies.

Currently more than 800 Austrian companies are active in the United States. Many of Austria’s top 100 companies have generated large parts of their worldwide sales in the United States, while others are even U.S. market leaders or rank at least among the top five in their fields. In general, Austrian companies are very well established in North America and are valued for their excellent expertise, skilled workforce and innovative backgrounds. The outstanding reputation of our Austrian companies creates jobs, growth, and wealth.

In conclusion, I would like to thank the Austrian Embassy in Washington for publishing New Austrian and for dedicating this edition to our bilateral and transatlantic economic relationship with the USA. With this focus, New Austrian addresses one of the most pressing issues now: namely, the full recovery of our economies during and after the COVID-19 pandemic.

Dear readers, I wish you much pleasure in reading this highly informative and most interesting edition of New Austrian.