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Business
Business Profile
In addition to being the capital, Vienna is Austria’s economic powerhouse and takes the lead in the administrative, cultural and educational sectors. It is also an important centre for international business and is one of the most sought-after conference venues in the world. Vienna is home to a number of international organisations including the United Nations Industrial Development Organisation (UNIDO), the International Atomic Energy Agency (IAEA), the Organisation of Petroleum Exporting Countries (OPEC), the United Nations International Drug Control Programme (UNDCP) and the World Federation of Tourist Guides Association (WFTGA).
Many of the old small to medium-sized companies have their offices in the main shopping precinct, the First District and Sixth District. Newer businesses have spread out into the suburbs, as far afield as the airport and beyond.
Vienna is the sixth most prosperous region in the EU. One-quarter of Austria’s workforce is employed in the city and the Vienna area generates approximately 28% of the country’s GDP. Around 40% of all Austrian industrial companies are located in Vienna. Most of the industry is small to medium sized – there are very few Austrian multinationals. The unemployment rate for 2002 was 4.0%, compared with the national average of 6.3%. Growth has slowed down due to the government’s restrictive budgeting policy and to the general slowdown in Europe’s economic growth. This remains especially marked in the construction industry and in tourism. The inflation rate remains around the 2% mark.
Since joining the European Union on 1 January 1995, Austria has continued to build on its trade with Western Europe (three-quarters of its trade is with EU nations, with Germany its most important trading partner). At the same time, the country is a major player in the expanding markets of Eastern Europe. Overall, the country has good ties with its neighbours to the east and this translates into strong economic relationships (some 14% of exports are to Eastern European nations). Since it has a small domestic market, Austria is highly dependent on exports. The country has a highly skilled workforce and the fortune of having congenial labour–management relations. Co-operation is mutually beneficial and results in far fewer strike days. Austrians have a high standard of living – within the top 15 countries worldwide – and the competitive marketplace means that consumers demand a high standard of quality and service.
Business Etiquette
The Austrians, especially the Viennese, are extremely formal to strangers. It is essential to address business contacts by their title, until familiarity is well established. English is commonly used in international business settings, however, a few words in German – by way of introduction – will not go amiss. Nevertheless, business dress is not too formal in Vienna and it is possible to go to a business meeting without a tie. It is, however, better for business visitors to err on the side of caution in the first instance.
Business hours are generally Monday to Friday 0800–1600/1700, with many offices closing slightly earlier on Friday at 1500/1600. Austrians greatly enjoy eating in restaurants and business meeting are often scheduled over a long lunch. Breakfast and brunch meetings are also becoming increasingly popular. Business visitors should not suggest lunch as a location for a first meeting, however.
Austrians tend to keep work and social life separate. Overtime and weekend work is rare. On those few occasions when one is invited to a business contact or colleague’s home for dinner, a gift of flowers for the hostess and a bottle of wine for the host is essential, as is punctuality. Visitors to homes should also at least offer to take off their shoes upon entering. Business meals are more for getting to know people, so family and politics should be avoided in conversation.
Business Services
Business Contacts: Vienna Chamber of Commerce
Stubenring 8-10, 1010 Vienna
Tel: (01) 514 500. Fax: (01) 513 7787.
Website: www.wkw.at
Austrian Chamber of Commerce
Wiedner Hauptstrasse 63, 1045 Vienna
Tel: (01) 50105. Fax: (01) 5010 5250.
Website: www.wko.at
Austrian Trade Commission (UK)
45 Princes Gate, London SW7 2QA
Tel: (020) 7584 4411. Fax: (020) 7584 2565.
E-mail: london@wko.at
Website: www.austriatrade.org/uk
Austrian Trade Commission (USA)
32 Floor, 150 East 52nd Street, New York, NY 10022
Tel: (212) 421 5250. Fax: (212) 751 4675.
E-mail: newyork@wko.at
Website: www.austriantrade.org
Offices also in: Atlanta, Chicago, Los Angeles and Washington, DC.
Austrian Trade Commission (Canada)
Suite 400, 2 Bloor Street West, Toronto, Ontario M4W 3E2
Tel: (416) 967 3348. Fax: (416) 967 4101.
E-mail: toronto@wko.at
Website: www.austriantrade.org
Offices also in: Montréal and Vancouver.
Austrian Foreign Trade Office (Australia)
19th Floor, 1 York Street, Sydney, NSW 2000
Tel: (02) 9247 8581. Fax: (02) 9251 1038.
E-mail: ahstsyd@mpx.com.au
Website: www.wko.at/aw/atc/sydney
Business libraries
Bibliothek Österreichische Institut für Wirtschaftsforschung (WIFO)
(Austrian Institute of Economic Research)
Arsenal, Objekt 20, PO Box 91, 1030 Vienna
Tel: (01) 7982 6010. Fax: (01) 798 9386.
Website: www.wifo.ac.at
The reading room of the WIFO Library is open 1000-1500 Monday to Thursday (closed July to September).
Universitätsbibliothek der Wirtschaftsuniversität Wien
(University of Vienna Economics and Business Administration Library)
Augasse 2-6, 1090 Vienna
Tel: (01) 3133 64990. Fax: (01) 3133 6745.
This central resource is open 0900-2200 Monday to Friday.
Convention and meeting planner
Wiener Messen & Congress GmbH
Messestrasse, Tor 1, 1021 Vienna
Tel: (01) 727 200. Fax: (01) 7272 0443.
E-mail: info@messe.at
Website: www.messe.at
Also known as Messe Wien, this company organises conferences and conventions at the Messe Congress Center Vienna (see below).
Convention and meeting venues
Austria Center Vienna
Bruno-Kreasky Platz 1, 1220 Vienna
Tel: (01) 260 690. Fax: (01) 2606 9303.
Adjacent to the UNO-City, across the Danube from the city centre, this venue can host conferences and other events.
Messe Congress Center Vienna (MCC)
Messegelände Wien (Vienna Fairgrounds), 1020 Vienna
Contact Wiener Messen & Congress GmbH (above). The centre provides state-of-the-art exhibition facilities and hosts a variety of national and international conferences.
World Trade Center
Vienna Airport, 1300 Vienna
Tel: (01) 7007 36000. Fax: (01) 7007 36027.
E-mail: office@world-trade-center.at
Website: www.conference.at
Immediately opposite the arrivals hall at Vienna Airport, this centre offers office rental, meeting and function rooms (capacity 300), an exhibition hall, banks, chamber of commerce and secretarial and interpretation services.
Secretarial service
First Business Center Company
Millennium Tower, Handelskai 94-96, 1200 Vienna
Tel: (01) 2402 7123. Fax: (01) 2402 7200.
Website: www.fbc.at
Translation service
Creative Translation
Gumpendorferstrasse 5, 1060 Vienna
Tel: (01) 586 9852. Fax: (01) 586 6578.
E-mail: office@creative-translation.at
Website: www.creative-translation.at
Unusual conference venue
Kongreßzentrum Hofburg
Heldenplatz, PO Box 113, 1014 Vienna
Tel: (01) 5873 6660 or 5875 5710. Fax: (01) 535 6426.
More elegant than unusual, this would certainly be an impressive venue in which to hold a conference as it is located within the imperial palace.
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General
