Growth engine Asia: Austria's companies on the move!

Growth engine Asia: Austria's companies on the move!

On December 4, 2024, the Asia Day of the Austria (WKÖ) Chamber of Commerce (WKÖ) took place, which focused on the promising growth opportunities in the Asian region. According to the International Monetary Fund, a growth plan of 4.5 percent is forecast for the Asia/Pacific region, with India being the fastest growing economy among the G20 nations with a G20 nations. WKÖ Vice President Amelie Groß emphasized that Asia is the continent of the future that offers numerous innovation opportunities. The event aimed to make it easier for Austrian companies to access these dynamic markets and to support them in diversifying their export strategies in order to remain competitive in the long term, as well as asiaday.at reported.

growth potential and key markets

Currently, just under 9 percent of Austrian exports go to Asia, although the continent is supposed to contribute around 60 percent this year to global growth. In particular, the Expo 2025 in Osaka, which will offer a shop window for innovative technologies, is an important option. The focus is on key markets such as India, where know-how and quality from Austria are in demand, especially in the area of green tech and traffic infrastructure. Minister of Labor and Economics Martin Kocher emphasized that there is enormous potential that has to be better exploited through targeted initiatives such as the Asia Day.

AUSTSENSWANG AUSTRIA is active in various Asian countries, including China, India and Japan, and supports domestic companies in entering the market and business development. Particularly noteworthy is the trend towards urbanization, which increases the need for innovative solutions in areas such as transport and energy infrastructure. At the event, more than 500 participants networked from around 30 countries, whereby the importance of cooperation was underlined in a strategically important market for Austria.