Spielberg - Red Bull Ring



05.07.2020 | Spielberg - Red Bull Ring



Germany, Italy, Switzerland, USA, Slovakia, France, Czech Republic and China.


Austria is one of the most prosperous countries in the world. Manufacturing, including mining, accounts for nearly 30% of GDP. Since WWII, much of the country's industrial capacity has been in state hands and only began to be removed from under the protective wing of the state holding company, OIAG from the 1990s onwards.

Tourism is a hugely important part of the Austrian economy, especially since joining the EU in 1995. Its agriculture industry is also extremely successful, with domestic products meeting 90% of the country's food needs. Austria has moderate deposits of iron, lignite, magnesium, lead, copper, salt, zinc and silver. Although there are some oil reserves and an extensive hydroelectric programme, Austria imports two-thirds of its energy requirements.

The previously substantial trade with both the USA and the former USSR has fallen proportionally in recent years. Austria met the criteria for membership of the single European currency and joined it upon its inception at the beginning of 1999, adopting the Euro as its currency. Since then, in common with most of the EU, the economy has been sluggish. GDP growth rate was 1.5% in 2016, while inflation is at 2.04% in 2017, up from an average of 0.89% in 2016.
Austria has 31 conference venues, including over 20 in Vienna. The provincial capitals of Salzburg, Innsbruck, Graz, Linz, Bregenz, Klagenfurt and Eisenstadt also offer convention venues, as do several health and spa resorts. Furthermore, there are approximately 70 hotels in Austria which specialise in the conference/convention field. For more detailed information, contact the Austrian National Tourist Office (see Contact Addresses).

Business Etiquette:

Austrians are quite formal in their business dealings. A working knowledge of German is very advantageous. Best times to visit are the spring and autumn months.

The Austrians, especially the Viennese, can be 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, but a few words in German (by way of introduction) will not go amiss. 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 meetings are often scheduled over a long lunch. Breakfast and brunch meetings are also becoming increasingly popular. However, business visitors should not suggest lunch as a location for a first meeting.

Austrians tend to keep work and social life separate. Overtime and weekend work is rare. On those few occasions when you are 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 are 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.

Mon-Fri 0800-1230 and 1330-1730.

Business Contacts: Address: ,Margaretenstrasse 1,A- Vienna,1040

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