The latest economic figures confirm that UAE-Austrian relations have reached remarkable levels. Last year, 2023, the volume of UAE exports to Austria increased by 20.6%, totaling 235.9 million euros. These exports include crude oil, aluminum products, machinery, and electrical appliances. In contrast, Austrian exports to the UAE rose by 23.5%, reaching 657.7 million euros, which included machinery, mechanical devices, boilers, and measuring instruments.
Direct investments between the two countries have also seen an increase, with Austrian investments in the UAE amounting to approximately 13 billion euros, while UAE direct investments in Austria increased to around 9 billion euros, according to the latest official Austrian figures for 2022. This significant development in bilateral relations highlights the important role played by the Comprehensive Strategic Partnership Agreement signed between the UAE and the Republic of Austria in 2021, paving the way for both countries to elevate their bilateral relations to new horizons, explore joint economic opportunities, and expand fields of cooperation.
Key strategic projects between the UAE and Austria include collaboration in the technology of green hydrogen production to enhance energy security, and cooperation in renewable energy generation, reflecting the UAE's interest in foreign investment in clean energy, particularly in Europe. There is also a focus on expanding existing investments in the petrochemical industry, with successful cooperation spanning approximately 30 years between ADNOC and the Austrian energy company OMV. Furthermore, there is keen interest from Austria to enhance cooperation with the UAE in artificial intelligence, established through a memorandum of understanding between the two countries, which has facilitated collaboration between research institutions and universities in both nations to develop AI systems and benefit from each other's experiences.
This collaboration aims for close cooperation in all areas of artificial intelligence, alongside advancements in technology, sciences, innovation, research, academic collaboration, and knowledge transfer, while also paying attention to the fields of arts, culture, and heritage, and promoting educational projects in both countries. The interest of the Austrian economy in the available commercial and investment opportunities in the UAE is evident in the number of Austrian companies, businessmen, and officials participating in trade fairs and international events organized in Dubai and Abu Dhabi, as well as the presence of the Foreign Trade Agency from the Austrian Chamber of Commerce at international exhibitions and conferences, particularly in industrial cooperation, medical technology, defense and security, infrastructure, climate protection, tourism, and the food and beverage sector.
The number of Austrian companies operating in the UAE has reached 200, in addition to Austrian companies that run their production facilities from Austria and around 400 Austrian firms that operate in the UAE through agents. The UAE is the largest trading and economic partner of the Republic of Austria in the Gulf region, and the bilateral relations between the UAE and Austria are at their best level, supported by the leadership of both countries to enhance economic, trade, and bilateral cooperation under the Comprehensive Strategic Partnership Agreement signed in 2021.
Austrian Prime Minister Karl Nehammer praised the UAE-Austrian relations, noting that bilateral ties began 50 years ago and have continued to develop, culminating in the attainment of a Comprehensive Strategic Partnership in 2021. He stated, "The United Arab Emirates is an important strategic and economic partner in a variety of fields, from diversifying energy sources to security and stability in the Middle East." The Austrian Ministry of Economy and Labor confirmed that the UAE is an important trade hub between Europe, Africa, and Asia, enjoying a favorable business climate and an environment conducive to innovation and investments, encouraging Austrian companies to participate in international trade fairs and conferences held in the UAE.
