Saudi-Austrian trade to exceed 1 billion-euro mark

Saudi Arabia is the most important market for Austria in the Middle East. Emphasizing this, Stefan Pistauer, regional director Africa/Middle East Advantage Austria, Austrian Federal Economic Chamber, says the trade volume between the two countries could break the 1 billion-euro barrier for the first time.
In 2011 a new record high in exports to Saudi Arabia was reached — 534 million euros. The preliminary figures for 2012 show another increase by 5 percent of the exports and 95 percent of the imports. While Austrian exports consist of many products, such as pharmaceuticals, energy drinks, fruit juice, timber, paper, special vehicles, machines
for various sectors, steel, steel and plastic products, railway tracks, and furniture, the imports from Saudi Arabia are mainly of crude oil.
Pistauer gave these details on the occasion of the four-day trade delegation, organized by the commercial section of the Austrian Embassy and the Austrian Federal Economic Chamber, which ends today.
Accompanying the delegation is Austrian Vice-Chancellor and Minister of Foreign Affairs Michael Spindelegger. Twenty-three Austrian companies are representing the delegation showing their strong interest in the Saudi market.
The delegation first visited Jeddah and then Riyadh. The firms from various sectors have been holding B2B talks with leading Saudi counterparts in both cities.
“Austrian quality and know-how has an excellent reputation all over the world and especially in the Middle East,” Pistauer said. Many small and medium sized companies are specialized on niche products and solutions for the unusual projects. The delegates offer know-how in the health sector, nuclear medicine, warehouse automation, security
solutions, test equipment for the aerospace industry, furnishings for banks, hydro-mechanical deep drawing, timber, theme parks, road safety barriers, egg packaging, etc.
While in Jeddah, Pistauer and Pierre Prunis, commercial counselor at the Austrian Embassy in Riyadh paid a courtesy visit to JCCI Secretary General Adnan Mandourah.
One of the main subjects discussed was the bilateral trade between the two countries. It was mentioned that the common activities between both countries should be promoted by each side and enforced through bilateral trade missions as well as conferences and market support for companies.
The structural comparison of the Austrian and Saudi chambers of commerce systems and their impact on the development of the economies of both countries were also discussed. “One main outcome of this discussion was that Saudi Arabia and Austria are strongly promoting and developing their economies through the chambers and use these
frameworks as a commercial and economic tool in order to bring forward stability through sustainable economic growth,” Pistauer said.