Damon Mcknight
Austria is a member of the European Union and World Trade Organization, offering a range of export opportunities for US companies. In 2019, Austria was one of the top ten fastest-growing US trade partners, and the US remains Austria's second-largest export market. This trade relationship supports thousands of jobs in both countries. Some US companies with a presence in Austria include Plasser American, ALPLA North America, and Rosenbauer, which is the world's leading manufacturer of firefighting vehicles and equipment.
| Characteristics | Values |
|---|---|
| Trade relationship | Austria was one of the top ten fastest-growing U.S. trade partners and foreign direct investors as of 2019 |
| Export opportunities | Austria is a member of the European Union and World Trade Organization, offering export opportunities for U.S. companies of all sizes, with no significant trade barriers |
| Affluent market | Austria represents a desirable, affluent market for U.S.-made products in Europe |
| Bilateral investment and trade | The U.S. Commercial Service (CS), part of the U.S. Department of Commerce’s International Trade Administration, offers companies a full range of expertise in international trade |
| Campaign to support the Austrian economy | ReFocus Austria is an ongoing campaign of the Austrian government to support the Austrian economy across the globe while the world emerges from the pandemic |
| Austrian companies in the U.S. | Plasser American, Rosenbauer, ALPLA North America, Binderholz, KTM |
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What You'll Learn
Austria's economy and its relationship with US companies
Austria has a well-developed social market economy and is the 12th richest country in the world in terms of GDP per capita. The country has a high standard of living and a strong labour movement that influences labour politics.
Austria's industrial and commercial sectors are characterised by a high proportion of medium-sized companies. The country's industry covers every branch of manufacturing, from basic goods to the labour-intensive production of highly processed products. The construction of plants and systems is an increasingly important and export-oriented sector, as is the electronics sector. Austria is also world-famous for its arts and crafts, including fine handcrafted items, customised jewellery, ceramics, and glassware. Additionally, tourism is an essential pillar of the Austrian economy, with the country boasting one of the largest natural land reserves in Central Europe.
Austria has a high degree of economic, social, and political integration with fellow European Union (EU) member states. Trade with other EU countries accounts for almost 66% of Austrian imports and exports. The country also has significant trade relationships with higher-growth markets in Central, Eastern, and Southeastern Europe, accounting for about 14% of Austrian imports and exports. Austria is a desirable, affluent market for US-made products in Europe, with no significant trade barriers. As of 2022, US foreign direct investment in Austria totalled approximately EUR 12.9 billion (USD 13.9 billion), and US companies support over 17,400 jobs in Austria. Austria was also one of the top ten fastest-growing US trade partners and foreign direct investors as of 2019, and the United States remains Austria's second-largest export destination after Germany.
Austria's national investment-promotion organisation, the Austrian Business Agency (ABA), facilitates foreign companies' entry into the country by providing comprehensive information, identifying suitable sites for greenfield investments, and consulting on company setup. The Austrian Economic Chamber (WKO) and the American Chamber of Commerce in Austria (AmCham) are also resources for foreign investors. Austria has historically attracted significant US investment in the automotive, pharmaceutical, ICT and electronics, and financial sectors. The Austrian government welcomes foreign direct investment, particularly in areas that create new jobs, support advanced technology fields, promote capital-intensive industries, and enhance resilience in critical sectors.
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Austrian companies in the US
Austria has a robust trade and investment relationship with the United States, and in 2019, it was one of the top ten fastest-growing trade partners and foreign direct investors in the US. The United States is Austria's second-largest export destination, and this relationship supports thousands of jobs in both countries.
Several Austrian companies have a significant presence in the US market, including:
- Plasser American: The only manufacturer in the world that offers a complete range of machines for track laying, track maintenance, and measuring work.
- Rosenbauer: The world's leading manufacturer of firefighting vehicles and equipment by market share. Rosenbauer recorded €1,044 million (about $1.15 billion) in revenue last year and employs about 856 people in the United States, which is about 21% of its global workforce.
- Binderholz: A family-owned and -managed company that provides wood as a building material. The company was founded in 1950 in Fügen in Tirol and has grown to a leading company with 5,000 employees across twenty-eight international sites.
- KTM: Europe's leading producer of high-performance street and off-road motorcycles, headquartered in Mattighofen, Austria.
- ALPLA: A company that offers innovative plastic packaging solutions and has expanded in the United States.
The US Commercial Service (CS), part of the US Department of Commerce's International Trade Administration, offers a full range of expertise in international trade to companies looking to do business in Austria. Additionally, the Overseas Security Advisory Council (OSAC), a joint venture between the Department of State and the US private sector, provides support and resources for US companies looking to export goods and services to Austria.
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US companies in Austria
Austria is a federal republic and the 12th richest country in the world in terms of GDP per capita. The country has a well-developed social market economy and a high standard of living. International tourism is an important part of the national economy.
Some of the largest companies in Austria include OMV, an oil, gas and petrochemical group, and VERBUND, Austria's leading utility and one of the largest producers of hydroelectricity in Europe. Other major companies include RBI, one of the country's leading banking groups, and Red Bull, which operates in over 170 countries.
US companies also have a presence in Austria. For example, Deloitte, a US-based professional services firm, has offices in Vienna and other major cities. In addition, US companies such as Accenture, a leading global professional services company, have a significant presence in Austria, helping local businesses, governments, and organizations.
Austria's economic power is significant, with the combined sales of its largest 500 companies exceeding the EUR 500 billion mark in 2021. The country's construction industry is particularly strong, with several heavyweight companies that are also internationally relevant. Additionally, numerous players in the mechanical engineering, logistics, trade, and food sectors are of global importance.
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Austria's Federal Economic Chamber
Austria is a federal republic and the 12th richest country in the world in terms of GDP per capita. It has a well-developed social market economy and a high standard of living. The Austrian Federal Economic Chamber (WKO) acts as the federal parent organisation for the nine State Chambers and 110 trade associations for different industries within Austria's system of economy. The WKO represents the interests of over 540,000 member companies, making it the leading voice of Austrian business.
The WKO is financially self-sufficient, with around 85% of its expenditure covered by member contributions and the remaining 15% by revenues from marketable sales. This factor, combined with organisational management through democratic self-government, makes the WKO independent from public authorities. Every five years, entrepreneurs elect officers and representatives for the trade associations and the Chamber from their own ranks.
The WKO's mission is to champion forward-looking and eco-social policies that foster economic growth. It provides comprehensive support to businesses, with expert advisors offering fast and reliable assistance on a wide range of topics, including labour laws and customs regulations. The WKO also offers educational facilities like WIFI and universities of applied sciences to contribute to the professional development of its members.
The promotion of foreign trade is a major part of the WKO's activities by law. This is reflected in the range of services provided by AdvantageAustria.org (AUSSENWIRTSCHAFT AUSTRIA), with an international network of over 100 offices worldwide, which are notified as Trade Sections of Austrian embassies and consulates. AUSSENWIRTSCHAFT AUSTRIA offers Austrian businesses a wide range of services relating to fostering international trade, investing outside of Austria, and supporting Austrian companies abroad, including business expertise, consultancy, and match-making with potential business partners and consultants.
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Austria's dynamic economy and research
Austria has a dynamic economy and a high standard of living. It is the 12th richest country in the world in terms of GDP per capita. The country has a well-developed social market economy, and its largest companies operate across a range of sectors, including construction, manufacturing, technology, and tourism.
Austria was one of the top ten fastest-growing US trade partners and foreign direct investors as of 2019, and the United States is Austria's second-largest export market. This strong trade and investment relationship supports thousands of jobs in both countries. Austria is a member of the European Union and the World Trade Organization, which means there are no significant trade barriers for US companies looking to export to Austria.
Austrian companies have a global presence and are known for their innovation and expertise in various industries. For example, Plasser American, a subsidiary of Austrian company Plasser & Theurer, is the only manufacturer offering a complete range of machines for track-laying, track maintenance, and measuring work. The Rosenbauer Group, another Austrian company, is the world's largest firefighting technology provider, recording over $1 billion in revenue and employing around 4,000 people worldwide, with 21% of its workforce in the United States.
Austria is also home to Binderholz, a leading international wood supplier as a building material, and KTM, Europe's leading producer of high-performance motorcycles. The country's capital, Vienna, is a major hub for business and commerce, hosting the Vienna Stock Exchange, which facilitates trade in Austrian and international stocks.
The Austrian government actively supports the country's economy, as seen through campaigns like ReFocus Austria, which aims to enhance Austria's economic presence globally as the world recovers from the pandemic.
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Frequently asked questions
Some Austrian companies that operate in the United States include Plasser American, Rosenbauer, ALPLA, and Binderholz.
Plasser American, along with its Austrian parent company Plasser & Theurer, develops, manufactures, and services fully mechanized methods for construction and maintenance. The company is the only manufacturer in the world that offers a complete range of machines for track laying, track maintenance, and measuring work.
Rosenbauer is the world’s leading manufacturer of firefighting vehicles and equipment by market share. The company recorded €1,044 million (about $1.15 billion) in revenue last year and employs about 4,000 people worldwide, with 21% of that workforce in the United States.
ALPLA is a plastics packaging company that is expanding in the United States.
Binderholz is a family-owned and -managed company that provides wood as a building material. The company was founded in 1950 in Fügen in Tirol and grew from a small sawmill operation to a leading company that employs some 5,000 people in twenty-eight international sites.
