Editorial
Expect the unexpected – that was probably the motto for 2023. A lot has happened: From interest rate policy to inflation trends and geopolitical developments. Information and exchange are becoming increasingly crucial in these times and our community of values is becoming more and more important.
Into new Spheres
By 2021 Red Bull had managed to generate more than €280 million in profit in the US market. They are now strengthening its local presence and are investing 650 Million Dollars in a production site. It is probably the best known, brightest and most visible example of an Austrian company in the USA. But Alpla, RHI Magnesita, Rosenbauer and Andritz are not inferior to the bulls from Salzburg. The USA is Austria’s third most important trading partner. Business is intensifying, both recognize the opportunities in the other market and trade has mastered the crises of recent years. This is not only evident from the AmCham-Accenture study.
AmCham is a strong networking institution. The many different events from the New Year’s reception to the BBQ and the AmCham Talks – exchange is always a high priority for us. But at least as important is the strengthening of trade relations, the reduction of barriers and the commitment to common values and goals. Therefore we have established three committees – on Digital Policy, Life Science and Transatlantic Competitiveness – to drive our agenda even more focused. In geopolitically challenging times, our community of values is more important than ever, with weak economic growth and ever-emerging threats and challenges, we need to work on our bond and take our trade, our relationships and our shared economic strength to new spheres. This must be our mission for the super election year 2024 and beyond. I wish us every success in this together.
Yours,
Michael Zettel
President AmCham Austria
Distinguished Members of the American Chamber of Commerce,
as we look back on Austrian-American relations over 2023, there is much to celebrate. Thanks in large part to your creativity, dedication and commitment to the bilateral relationship, the economic ties between the United States and Austria continue to strengthen and are poised for another excellent year in 2024. U.S. exports to Austria rose over 40% in the first half of 2023 and Austrian exports to the United States grew by 15%. Total trade between our two countries has grown 20% this year.
The most recent investment figures are also excellent. The most current available data shows that, in 2022, U.S. direct investment into Austria held steady at $4.1 billion and Austrian direct investment into the United States grew nearly 12% to $20 billion. U.S. and Austrian firms employed a combined 70,000 people in each other’s countries.
I am especially proud of the strong collaboration between the U.S. Embassy and AmCham on the development this year of the EmpowerHER initiative in Austria. In 2023, 44 AmCham member companies and 100 individual participants from different companies and industry sectors joined EmpowerHER, an initiative aimed at increasing women in leadership of companies involved in international trade.
As we celebrate these wonderful successes, however, we recognize that 2023 also posed some difficult global challenges, including war, inflation and workforce shortages that will likely continue into 2024. But we are ready to face these challenges head on – together and I am confident that the strong economic ties between Austria and the United States will continue to result in growth and opportunities for both our countries.
Along with the whole Embassy team, I wish you a successful new year.
Sincerely,
Victoria Reggie Kennedy
Ambassador of the United States in Austria
The year 2023 – from highlight to highlight!
A look back at the past year clearly shows that 2023 was a very enjoyable and intensive year for AmCham with a packed program of very special moments, with a wide range of monthly offers for our members.
We kicked off the year in January with a glittering New Year’s reception, this time for the second time in the magnificent premises of the traditional Hotel Sacher.
In addition to over 120 guests, we also welcomed a high-profile special delegation from the US Departments of Education, Labor and Commerce, who were in Vienna for working discussions with selected AmCham member companies on the topic of apprenticeship training.
In the same month, Annette Mann, CEO of AUA, provided exciting insights into current developments and challenges in the aviation industry in the first AmCham talk of the year.
The focus in the first quarter was on the latest update of the AmCham study conducted in 2021 on current developments in transatlantic trade relations between Europe and America.
In a press conference, our President, Michael Zettel, presented the current trends and findings after opening remarks by US Ambassador Vicky Kennedy.
In February, we welcomed university professor Gabriel Felbermayr as our guest speaker for the AmCham Talks. Gabriel works at Wifo, an economic research institute and presented the exciting topic of European-Amercian cooperation in a changing environment.
The following months were packed with a variety of events for our members: Crime thriller atmosphere at Vienna’s English Theater including a subsequent meet & greet with the actors and a private tour with Agnes Husslein through the newly opened Heidi Horten-Collection.
In June, the General Assembly was on our agenda – this time non-voting. Afterwards, over 100 high-caliber guests from business and politics gathered for the annual luncheon at the Ritz Carlton Hotel, including US Ambassador Vicky Kennedy and Gregor Kössler, who gave an assessment and outlook on the current geopolitical shifts as Political Director at the Foreign Office.
The next highlight after the summer break!
At the invitation of AmCham, around 160 guests celebrated the traditional end-of-summer BBQ on the waterfront of the Hilton Danube. After the opening by Michael Zettel and speeches by US Ambassador Vicky Kennedy and EU Minister Karoline Edtstadler, our members enjoyed the culinary and atmospheric evening on the riverside terrace and the reunion after the summer break.
Building on a Europe-wide initiative „Empower Her“ of the American Chamber of Commerce in the EU, AmCham, in cooperation with the US Embassy, founded the Austria Female Leadership Platform, which also pursues the goal of promoting the economic presence of women and their path to leadership positions in the international business community in Austria. The September launch event at Palais Wenkheim with US Ambassador Vicky Kennedy sent out a clear signal of support.
The AmCham Talks in the second half of the year with Microsoft’s Hermann Erlach, Patricia Neumann, CEO of Siemens Austria and Philipp Bodzenta, Public Affairs Director of Coca-Cola Austria, gave us exciting insights into highly topical economic issues and technical developments.
We celebrated Thanksgiving in November at a reception with our guests of honor, Federal Minister Martin Kocher and University Professor Christian Helmenstein, who also emphasized the importance of transatlantic trade relations between the USA and Austria in their speeches. The turkey served at the event was met with great culinary enthusiasm by our guests.
And so an interesting and varied 2023 came to an end. But after the year is before the year …
True to this motto, we want to continue in the same vein in 2024 and inspire you again with many new highlights.
I am very much looking forward to seeing you again!
Yours,
Susanne Reisinger-Anders
Executive Director
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Our member companies not only have very different backgrounds, they also have very different approaches, mindsets and goals. Get inspired by their thoughts.
Study
Amcham Study with accenture 2023
“Strong relationships in turbulent times” – Together with Accenture, AmCham has examined and analyzed the status quo and developments in bilateral trade relations. The major global crises are challenging partnerships.
Interview
Interview with Ken Walsh
Ken Walsh leads as the Commercial Counselor the Commercial Service office for the Department of Commerce in Austria since August. In the interview, he tells us about his plans and the major challenges for the next four years in Vienna.
You have recently arrived to Austria, welcome. Tell us a bit about yourself.
This past August, I joined the U.S. Embassy as the Commercial Counselor leading the Commercial Service office for the Department of Commerce. I arrived from Dar es Salaam, Tanzania after spending three years there. My prior postings were Duesseldorf, Germany, Moscow, Russia and Saint Louis, Missouri. I am joined by my spouse who is working at the U.S. Mission to the United Nations in Vienna and my daughter attending the Vienna International School. We have two other kids at the University of South Florida and Georgia Tech.
What do you hope to accomplish in Austria?
I have been assigned to Vienna for a four-year tour. As you know our two primary goals at the commercial service are to promote U.S. exports and business interests in Austria and to encourage foreign investment by Austrian firms into the U.S. I seek to develop a close relationship with AmCham to define the critical issues facing U.S. firms in Austria and work with them to encourage the host government and EU representatives in Brussels address concerns that are negatively impacting AmCham members. I also want to communicate new policies aimed at encouraging Austrian investment in the U.S.
Many Austrian firms have become well established in the U.S. What accounts for this success and what can Austrian firms learn from each other?
Austrian firms have invested $20 billion in the U.S. For many firms, the U.S. is number one revenue producer for their companies – even larger than their home country of Austria. This clearly shows that Austrian products are in high-demand in the U.S., especially as the U.S. re-industrializes its economy. I have met with a few Austrian business leaders who discussed the challenges entering the market and how their current success came after multiple failures. However, their ultimate success was worth the effort. I hope AmCham can serve as a platform for Austrian firms that are established in the U.S. market to share their knowledge to help grow and strengthen the U.S.-Austrian economic relationship.
What opportunities do Austrian companies have on the US market?
We are seeing all types of U.S. firms seeking to enter and expand in Austria. As of late, many cybersecurity firms are seeking to provide critical technologies to stop cybercrime. The entire healthcare sector also presents a major opportunity. Travel and tourism and education are also strong sectors.
What role does the Austrian market play for the USA? As a small country, is it perhaps interesting to be a test market or entry market for Europe?
Austria is an important market itself, but we encourage U.S. firms to use the country as a launching point for the DACH region as well as southeastern Europe. Due to Austria’s location and historical connections to southern and eastern Europe, it is only natural for U.S. firms to regionalize their operations out of Austria. Plus, Austria’s tremendous quality of life advantage makes it smart for U.S. firms to choose a location where they can attract talent to manage their European operations.
Is the close bond between Europe and the USA more important than ever, especially in geopolitically challenging times? How can we strengthen it?
Europe is an incredibly important relationship for the U.S. The volume of trade between the European Union and the U.S. is enormous, with $4 billion in goods and services traded each day. The war in the Ukraine has also highlighted our commitment to democracy and our defense relationship. I think a key area to strengthen that relationship is continued economic integration between our two economies. The AmCham, WKO and Department of Commerce are leading trade delegations to each other’s countries on a monthly basis. We need to sensitize both of our capitals on how the trade and investment relationship in building jobs and wealth in both of our countries. I think AmCham must play a critical role in providing the voice of the private sector emphasizing the importance and mutually-beneficial nature of the relationship.
What do you identify as the biggest obstacles in bilateral trade?
I think that our communication over the issues are our biggest obstacles. There are several forums for strengthening the U.S.-EU relationship, including the EU-US Trade and Technology Council. All private-sector parties should encourage engagement with the government to encourage long-term agreements between our governments to treat companies and products fairly and transparently to allow the long-term planning that is key to investing in both of our economies. I hope to contribute to AmCham’s success in raising its voice in this area.
What do you see as the greatest challenge for your personal task, what are your objectives, what would you like to achieve?
Initially, I am seeking to understand what are the core issues that are affecting U.S. firms operating in Austria. AmCham has set up several committees designed to define the most important business issues. I am meeting with the leadership of these groups to help define the problem set and seek to support them in their efforts. I also have a goal of continuing to build on our efforts to bring large delegations of Austrian investors to the SelectUSA Investment Summit in June 2024. This is an important opportunity to Austrians to demonstrate to the U.S. government how powerful they are in creating opportunities and employment in the U.S. Personally, I have developed many strong relationships in my prior posts that I maintain today. I look forward to getting to know AmCham members outside of our typical trade and policy environment and taking advantage of everything this country has to offer.
Update
Empower Her
Diversity and plurality are not only a social responsibility and crucial for corporate culture, they also make companies strong and creative. With our initiative, we create awareness and actively support women on their individual career paths.
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New Website
Information and inspiration are the principles and the mission for the new website. The modern and appealing design is not just a business card and characterizes the image and appearance to the outside world. It is much more. Browse through blogs and member stories and get the latest news.
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All relevant information about the events, valuable business news and direct contact with fellow members at the touch of a finger. Download the app to your smartphone and enjoy the benefits.
Events
AmCham
Talks
AmCham Talks is a Business Breakfast with high class speakers. The motto: “Learn from the best“.
Business
Lunch
Having lunch while personally meeting high-ranking guests of AmCham.
Entertainment &
Networking
Provide an excellent opportunity for all AmCham members to get acquainted and to exchange ideas on an informal basis.
Cooperations
AmCham fosters professional development and business relation building through co-operations with various institutions such as
the US Embassy, and the WKO (Wirtschaftskammer Österreich).
Event Gallery
AmCham is a vibrant community. To strengthen this, there are a number of different series of events that provide knowledge and insights, support exchange, establish contacts to do business together, promote trade relations and facilitate networking and communication. Here is an overview of the events in 2023.
