Austrian investments in Romania represented 14% of FDIs last year

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Austria continues to be a reliable trading partner for companies in the Romanian business environment.

‘The Austrian investors see Romania as an excellent investment destination and the largest market in the South Eastern Europe. Currently, our top priorities lie in the development of a healthy business climate and a comprehensive educational system. For us, Romania represents a resourceful country, dominated by a highly skilled labour force and a nation that knows how to make itself heard’, says Gerd Bommer, the Austrian Embassy Commercial Counsellor.

According to the Advantage Austria, the country’s official trade promotion organisation, Austria is a constant investor and one of the most active in Romania, with a direct investment value amounting to nearly EUR 9 billion in 2016, which makes a share of over 14% of all the foreign investments in the country.

Up to this moment, there are approximately 1,500 active Austrian investors in Romania and over 7,200 companies with Austrian capital that contribute to the development of the Romanian economy. The companies are market leaders in sectors such as mineral oil, banks, insurances, transport, real estate just to name a few and lead to the creation of more than 100,000 direct employees in Romania.

Romania ranks 15th on exports with Austria, and 19th on imports. For example, the Austrian exports to Romania account for EUR 2.08 billion and following an ever-increasing trend. If in 2015 the Austrian exports to Romania increased by 6.0%, in 2016 the numbers rose by 4.1%.

Advantage Austria Bucharest (Austria’s official trade promotion organization in Romania) brought its contribution by promoting the dual education among the Romanian authorities. One of its distinctive features consists in the extensive co-operation between the business community and the educational institutions, combining the theoretical and practical teaching for the careers that require apprentice training as well as in higher vocational schools. For example, The Austrian Commercial School in Romania (o’SCAR) introduced to Romania the dual-track education classes at the ‘Costin C. Kiritescu’ Economic College in Bucharest. The program lasts three years and offers to middle school graduates in-depth training courses for the profession of storekeeper-salesman in multiple domains (footwear, fashion, sport, furniture), by completing their fieldwork at renowned brands like C&A, Carrefour, Deichmann, Hervis, Humanic, kika, PEEK & CLOPPENBURG, Telekom.

Moreover, The Austrian Technical School from Romania – Tansilvania (STAR-T), together with “Aurel Vlaicu” Technological High School from Cluj-Napoca organised three years courses with focus on practice addressed to 8th graders graduates who want to start a career as welders. The partners involved in the project are Deltamed, Polytechnik – Sieta S.A and GEP (GLOBAL ENERGY PRODUCTS).

At the moment, Advantage Austria is conducting discussions with the Romanian authorities and schools in order develop programs based on a 4-year-strategy for those who want to become specialists in sales, mechanics, mechatronics, auto mechanics and other related fields.

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