Israel Wishes to Expand Trade with Austria

From "Information aus Österreich," Federal Press Service(10/20/03)

The Austrian-Israeli Trade Commission (AICC) wants to revive trade relations between Israel and Austria and stimulate investment. Due to lack of knowledge by Austrian managers as to the potential for export to Israel, the Austrian domestic economy is missing out on a volume of sales equivalent to 150 million Euros, said David Ungar-Klein from the AICC. Austria’s Federation of Austrian Industry (IV) sees, above all, great potential in mutual research projects. The European Union (EU) is Israel’s most important trading partner, having a share of 33% of the entire volume of trade, compared to that of the USA (28.6%); Austria’s share is 0.97%. Austrian exports to Israel amount to a total of 141 million Euros with major products being mechanical and electrical machinery.* Other countries have been reported as having reacted faster and more efficiently to the structural changes made within the Israeli economy. Because of Austria’s acute knowledge deficit regarding Israel’s economy, the AICC has started the campaign, "Export Market to Israel 2003."

*Source: Austrian Trade Commission, October 2003