The delegation was headed by Director for Middle East of the Austrian Federal Economic Chamber (WKO) Andreas Meindl and accompanied by Director for Foreign Affairs of the Styrian Economic Chamber Wilfried Leitgeb and Commercial Counsellor of the Foreign Trade Promotion Organization in Riyadh Pierre Prunis.
Twenty seven high competitive Austrian companies from multiple sectors including IT, consulting, finance, management couching, construction, railway technologies, eye-tracking, wood, paper, industrial machineries, logistics and informatics held business to business meetings with Saudi entrepreneurs and explored areas of mutual interest.
"Austria's bilateral trade relations with Saudi Arabia have been experiencing tremendous development in the last year and exceeded 1 billion euros. Austria's export figures grew from 386 million euros in 2010 to 534 million euros in 2011 (+38.2 percent). Not to mention exports reaching Saudi Arabia via Dubai. I assume other 200 million euros could be added to the previous figure," explained Meindl.
"Saudi exports to Austria, mainly oil-related products, increased 10-fold and reached 498 million euros in 2011," he added.
In need to diversify its economy and invest in environmental technology and renewable energy, Saudi Arabia could be also interested in Austrian companies that boast a wide expertise in water and air pollution treatment, desalination, green building and solar technology. For the moment, Austrian company AEE Intec has already contributed to the development of green initiatives in the Kingdom providing several solar panels for one of the biggest solar projects within Princess Noura University in Riyadh.
The present huge and unprecedented Austrian trade mission to Saudi Arabia unmistakably shows the country's interest to penetrate the Saudi market. The Austrian Foreign Trade Promotion Organization Advantage Austria, a central contact platform for companies looking for world-class suppliers, partners and investors, is already planning for the next months other 3 trade mission in the fields of vocational training, health care and medical technology, renewable energies and environmental technology, Leitgeb said.
Austria is a country particularly strong in exports, thanks to its several small and medium sized enterprises representing 85 percent of the national economy. Apart from its world-famous crystal glass company Swarowsky and energy drink company Red Bull, Austria is already present in the Saudi market, and willing to penetrate it even more, through a series of companies in highly specialized sectors such as fire-fighting, industrial machineries, rail transport planning, steel, pharmaceuticals and timber.
Austrian companies, also famous for being high plastic technology providers and experts in the construction sector, participate regularly with a national stand to the annual "Saudi Build" construction fair in Riyadh.
Among the various Austrian provinces, Styria is particularly interested in bringing its knowledge and expertise to Saudi Arabia and offering attractive opportunities to Saudi businessmen willing to invest in Austria. With its capital City Graz, Styria is one of the 3 Austrian most industrialized provinces and plays a leading role in developing latest technologies in the fields of environment, energies, informatics and various industries, said Leitgeb.
