Last Updated on April 26, 2024 by Safiya K
- The Austrian delegation, led by Andreas Stauber, is strengthening commercial ties with Kuwait through B2B meetings. The aim is to boost trade relations and explore new opportunities.
- Annual imports from Austria to Kuwait are valued at approximately KD 56 million. These imports include motor vehicles, machinery, and technical equipment.
- Austria is emerging as a preferred destination for Kuwaiti tourists. It offers natural beauty, cultural experiences, and diverse activities, significantly contributing to its tourism sector.
- The RefocusAustria initiative is promoting Austrian businesses worldwide. Key meetings and collaborations are enhancing bilateral business relationships between Kuwait and Austria.
A delegation from Austria, led by Andreas Stauber, the Austrian Commercial Counselor and Trade Commissioner for Kuwait and Qatar, visited Kuwait on April 24 and 25 to strengthen commercial and business ties between the two countries.
The visit included a series of business-to-business (B2B) meetings between Austrian firms and Kuwaiti companies.
The Austrian Embassy in Kuwait highlighted the importance of this visit, stating that Austrian businesses see Kuwaiti companies as potential partners for regional sales strategies in the GCC region and as a gateway to Iraq. As per statistics, the annual imports from Austria to Kuwait amount to approximately KD 56 million.
The primary imports from Austria to Kuwait include motor vehicles, machinery, and technical equipment. Moreover, Austrian exports to Kuwait encompass a wide range of products, such as pharmaceuticals, electronic goods, furniture (including office furniture and advertising signs), photographic and measuring devices, surgical and dental instruments, orthopaedic devices, and specialized plastics and goods.
This visit underscores the commitment of both countries to further enhancing their commercial and business relations for mutual benefit.
A Preferred Destination for Kuwaiti Travellers
Kuwaiti tourists significantly contribute to Austria’s economy, drawn by its family-friendly attractions, particularly during the summer months. Zell am See, Salzburg, and Vienna stand out as their top choices.
With direct flights by Kuwait Airways between Kuwait and Vienna during peak summer travel times, Austria has become more accessible.
The recent introduction of the five-year Schengen Visa for Kuwaiti citizens further facilitates year-round travel to Austria. Its appeal lies in a rich blend of natural beauty, cultural wealth, and a wide range of activities.
From summer sports to winter sports, from exploring historical sites to savouring culinary delights, Austria offers a diverse range of experiences.
Kuwaiti travellers seeking varied European experiences find Austria especially attractive. Whether it’s exploring stunning landscapes, indulging in cultural experiences, or enjoying outdoor activities, Austria promises a memorable holiday for Kuwaiti visitors.
With its unique combination of attractions, Austria remains a top choice for travellers from Kuwait.
Investment Opportunities for Kuwaiti Investors in Austria
Austria provides a welcoming environment for Kuwaiti investors, supported by a bilateral agreement aimed at fostering mutual protection of investments. This agreement ensures fair treatment and outlines the legal framework for Kuwaiti investments in Austria, providing a solid foundation for investment activities.
Real Estate Investment: Kuwaiti investors have the opportunity to invest in Austrian real estate, including residential and commercial properties. Austria boasts relatively stable property markets, particularly in major cities such as Vienna and Salzburg. These cities offer promising investment prospects for Kuwaiti investors seeking to diversify their portfolios.
Business Investment: Austrian companies welcome foreign investment, presenting Kuwaiti investors with a wide array of opportunities across various sectors. From technology and manufacturing to tourism and services, there are ample investment possibilities for Kuwaiti investors looking to expand their business interests.
Banking and Finance: Austrian financial institutions offer Kuwaiti investors a range of investment opportunities, including banking products, investment funds, and private wealth management services. These options enable Kuwaiti investors to explore avenues for wealth preservation and growth through Austrian banks, leveraging their expertise and stability.
Infrastructure Projects: Austria is actively engaged in various infrastructure projects, including transportation and renewable energy initiatives. Kuwaiti investors can participate in these projects through public-private partnerships (PPPs) or by investing in infrastructure development.
An example of such collaboration is the partnership between the Austrian Energy Supply Company EVN and Kuwait, which is constructing one of the world’s most advanced wastewater treatment facilities in Umm Al Hayman. This facility, with its complex financing structure, is one of the largest PPP projects in the Middle East. It treats and manages wastewater from southern Kuwait, providing process water to agriculture and industry.
Tourism and Hospitality: Austria’s vibrant tourism sector presents Kuwaiti investors with opportunities in hotels, resorts, and leisure businesses. Popular Austrian tourist destinations offer attractive investment prospects in the hospitality industry, providing Kuwaiti investors with the chance to capitalize on the country’s thriving tourism market.
Startups and Innovation: Austria boasts a growing startup ecosystem, particularly in the technology, biotech, and green energy sectors. Kuwaiti investors can explore investment opportunities in Austrian startups and innovative ventures, tapping into the country’s entrepreneurial spirit and fostering innovation.
Tax Incentives and Treaties: Austria has double taxation agreements with Kuwait, offering significant benefits to Kuwaiti investors seeking to minimize tax liabilities on cross-border investments. These treaties provide a favorable tax environment, enhancing the attractiveness of investment opportunities in Austria for Kuwaiti investors.
Austrian Economic Initiative in Kuwait and Qatar
The Foreign Trade Center for Kuwait and Qatar organizes economic missions, market research trips, and trade fair participation annually. These initiatives fall under the umbrella of the RefocusAustria Initiative, initiated by the Austrian government to boost the country’s economy after the COVID-19 pandemic.
RefocusAustria, a collaborative effort among the Austrian Foreign Ministry, the Austrian Chamber of Commerce’s global offices, and other government departments, aims to promote Austrian companies worldwide. The initiative facilitates their entry into new markets and attracts investments.
Aim of RefocusAustria
RefocusAustria seeks to showcase Austria’s reputation for quality products, engineering, and innovation. It particularly emphasizes areas such as renewable energy, digital transformation, and sustainability practices.
Key Meetings and Collaborations
During their visit, members of the delegation engaged in discussions with key contributors such as Rabah Al-Rabah, Director General of the Kuwait Chamber of Commerce and Industry. They also met with Austrian Ambassador Marian Wrba.
Meetings with Kuwaiti Institutions
The program included visits to key Kuwaiti institutions. At the Kuwait Investment Authority (KIA), the delegation met with Managing Director Sulaiman Al-Ghunaiman.
They also visited the Kuwait Direct Investment Promotion Authority (KDIPA), where they were hosted by Sheikh Abdullah Sabah Hamoud Al-Sabah, Assistant General Manager for Investment Operations.
Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah, the Chairman of Kuwait-Austria Business and Friendship Association (KABFA), will receive the delegation at the White Palace, highlighting the importance of the bilateral business relationship between Kuwait and Austria.
Follow us on Instagram, LinkedIn, and Twitter for startup & business news and inspiring stories of MENA businesses, entrepreneurs, startups, innovators, investors, and change-makers.
To report any issue or error in the story, please email us editor [at] rasmal [dot] com.
