Austrian Economic Chamber in Singapore

As part of the state visit made by President Heinz Fischer to Singapore, Chamber President Christoph Leitl leads an Austrian business delegation, meeting with potential business partners and decision makers. The participants of the exploratory trip organized by Außenwirtschaft Österreich (AWO, Foreign Trade Austria) represent a wide spectrum of the Austrian industries of machinery and plant construction, renewable energies such as hydropower and solar technology, transport and railway equipment and also office furniture manufacturing, software development and such services as air and sea freight and management consulting.

Leitl says: "Singapore is the most important export destination for Austria in Southeast Asia. Not only the domestic market itself is interesting because of its high degree of development and corresponding high purchasing power, but because of its role as a hub, Singapore is also an important gateway to other Asian markets". Singapore recorded last year an extraordinary economic growth rate of 14.5%. Since the beginning of 2010, trade with Singapore has recovered again after the lowest crisis point of 2009. Last year Austrian exports to Singapore increased by 30% (to € 270m), while imports from Singapore grew by 40% (to € 130m).

Some 8,000 European companies, including over 60 from Austria, have built their own bases in Singapore. As the only Austrian bank, RBI has a branch in Singapore with 150 employees. "The excellent infrastructure, the lack of language barriers and a business-friendly legal and tax system are the main factors that speak for the location of Singapore", stresses Leitl.