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Malta and Austria to Enhance Economic Relations

Written by: Bridgewest

Malta-and-Austria-to-enhance-economic-relationsMalta and Austria have good economic relations which improved even more in 2015, when Malta exported goods worth 12 million euros to Austria. Considering Austria is one of the most active members of the European Union, the Malta Chamber of Commerce and Industry and its Austrian counterpart have decided to cooperate on several projects which would benefit companies in both countries.

Malta’s presence at the Austrian Business Forum

The Maltese Chamber of Commerce and Industry has participated at the Business Forum in order to enhance bilateral economic relations with Austria, even if these relations have a long-standing tradition. The main purpose of the meeting was to enable the development of business opportunities for Austrian and Maltese companies in the other country. Austrian representatives declared that their country offers excellent business possibilities for all types and sizes of companies.

Considering Malta’s exports to Austria reached 12 million euros last year alone, there is still enough room for improvement. Among the most exported goods were cruise ships, electronic products, pharmaceutical and chemical products. On the other side, Malta also imported goods worth almost 40 million euros from Austria, among which would, machinery and mechanical products, beverages and even jewelry. When it comes to services, Maltese companies have exported 51% more services to Austria, which in 2015 were worth 103 million euros, while imported services from Austria rose by 15% last year and were worth 111 million euros.

Industries Malta and Austria could cooperate in

The representative of the Austrian Chamber of Commerce announced several industries in which Austrian and Maltese companies could collaborate in. Among these are some of the best performing industries in Malta at the moment: IT and IT services, renewable energy, tourism, yachting, gaming and finance. Companies in both countries could also cooperate in projects undertaken in third-party countries.

With over 400 Austrian companies acting as shareholders in Maltese ones, the two countries could have a successful cooperation in industries of major importance for both economies.

Malta has also signed a double tax treaty with Austria which was amended two years ago and for information about it we invite you to contact our company formation representatives in Malta.

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