Business Facilities - October 2008 - (Page 20)

INTERNATIONAL PROFILE Austria By Bill Trüb Austria: Hungry for International Trade Its domestic economy may be limited, but Austria pulsates at the heart of the European Union and excels at exporting its diverse products to the United States. W hen it comes to advantageous geographic positioning, it’s tough to find a European nation that can rival Austria’s coordinates. This landlocked, Alpine country bustles at the core of Central Europe and, astonishingly, borders eight countries: the Czech Republic, Germany, Hungary, Italy, Liechtenstein, Slovakia, Slovenia, and Switzerland. Austria’s capital city, Vienna, is set strategically along the Danube River, which carves through the country’s northern stretches, while the four next-largest cities— Graz, Linz, Salzburg, and Innsbruck—scatter east from the capital towards Germany and Italy. While roughly 90% of Austria’s eight million residents speak German dialects, Hungarian, Croatian, and Slovene— an indigenous language—also are spoken in certain Austrian states. Each region of Austria has different targeted industry sectors. For example, the Viennese region focuses on financial services, while Tyrol, home to Innsbruck, concentrates on glass and wood products. Upper Austria targets iron, steel, chemical, and mechanical engineering, while Salzburg is known for electronics. The state of Carinthia, where Slovene is still spoken, is home to Austria’s pulp and paper industry. In total, Austria has nine states, each with its own legislature, though fedSalzburg, Austria eral government controls the country’s most important issues, including corporate and economic laws. As a testament to its lucrative location and world-class economy, Austria is among the top ten richest countries in the world based on GDP per capita, which was US$320 billion in 2006, indicating a real growth rate of 3.3%. This is the highest rate since 2000, and about half of a percentage point higher than the EuroMAJOR U.S. FIRMS LOCATED IN AUSTRIA American Express Bank Ltd. Cisco Systems, Inc. The Coca-Cola Company Deloitte & Touche LLP Exxon Corporation General Electric Company General Motors Corp. Hewlett-Packard Company IBM World Trade Corp. Johnson & Johnson Int. Kraft Foods International, Inc. McDonald’s Corporation Marriott International, Inc. Merck & Co., Inc. PricewaterhouseCoopers LLP PHOTO CREDIT: AUSTRIAN NATIONAL TOURIST OFFICE Starwood Hotels and Resorts Worldwide, Inc. Toys ‘R’ Us, Inc. Verizon Information Services Inc. Western Union Xerox Corporation 20 OCTOBER 2008

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Business Facilities - October 2008 Contents First Word Snapshots Metro Spotlight: Phoenix, AZ Essential Relocation Tips Metro Spotlight: Fayette County, GA Corporate Moves: Kentucky Austria: Hungry for International Trade Foreign Trade Zones: Global Expansion at Reduced Cost New York is Banking on High-Tech Growth Metro Spotlight: Cuba, MO The Garden State is Growing it's City Centers Information Technology: No Signs of a Slowdown Advertiser Index Inside LiveExchange

Business Facilities - October 2008

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