VIENNA : The latest economic statistics confirm that UAE-Austria relations have reached exceptional levels, with the UAE and Austria trading a wide range of products, including crude oil, aluminum products, machinery and electricity supplies . The country’s exports to Austria increased by 20.6% in 2024. In 2023 the total will be 235.9 million euros.
In the same year, Austrian exports of machinery, equipment, boilers and measuring instruments to the UAE increased by 23.5% to 657.7 million euros.
According to Austria’s latest official statistics for 2022, direct investments between the two countries have also increased, so that Austria’s direct investments in the UAE have reached around 13 billion euros and the UAE’s direct investments in Austria have reached around 9 billion euros.
The important development in bilateral relations between the UAE and Austria reflects the important role of the Comprehensive Strategic Partnership Agreement that the two countries signed in 2021. This agreement brought bilateral relations to new horizons by exploring common economic opportunities and expanding the areas of bilateral cooperation.
Significant strategic projects between the UAE and Austria include cooperation in the development of green hydrogen production technology to ensure energy security, cooperation in renewable energy production and increased investment in the petrochemical industry.
It is also clear that Austria is interested in strengthening cooperation with the United Arab Emirates in the field of artificial intelligence (AI), which will enable cooperation between research institutes and universities in the development of artificial intelligence systems as well as closer cooperation in all areas of the Intelligence can be strengthened. Artificially reinforces contracts with the aim of creating mutual cooperation and benefiting from each other’s experiences. .
This is accompanied by increased cooperation in the areas of technology, science, innovation, scientific research, academic cooperation, knowledge transfer, arts, culture, heritage and educational projects.
Austria’s economic interest in the business and investment opportunities in the UAE is underlined by the participation of Austrian companies, business leaders and officials in trade fairs and international events in Dubai and Abu Dhabi.
The Austrian Trade Agency, a subsidiary of the Austrian Chamber of Commerce and Industry, promotes the attractiveness of the UAE market for Austrian companies, particularly in the areas of industrial cooperation, medical technology, defense and security, infrastructure, climate protection, tourism, hotel Ha, food, highlights. And drinks do.
The number of Austrian companies with branches in the United Arab Emirates and operations in Austria is 200 companies, around 400 Austrian companies are active through representatives in the UAE, which has made the UAE market more attractive for Austrian companies.
The United Arab Emirates is Austria’s largest trade and economic partner in the Persian Gulf region, bilateral relations between the two countries are at the highest level and the heads of state and government of both countries agreed on economic and trade cooperation on the basis of the comprehensive Strategic Partnership Agreement signed in 2021. We are committed to strengthening bilateral relations and cooperation.
Austrian Chancellor Karl Nehmer praised the relations between the United Arab Emirates and Austria and emphasized the further development of both countries, which began 50 years ago and led to a comprehensive strategic partnership in 2021.
“The UAE is an important strategic and economic partner in various areas, from diversifying energy sources to ensuring security and stability in the Middle East,” Nahama said.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
