Vienna is becoming more attractive to foreign companies

Despite the fallout from the Covid-pandemic, the city has attracted foreign companies and investments of around 442 million euros

Yesterday, authorities in Vienna announced that in 2021, 225 foreign companies have decided to settle in the Austrian capital, despite the COVID-19 pandemic. According to the city, this is one of the higher figures in recent years, with 2019 having the only result surpassing last year.

Though these figures may sound quite abstract, they have very real benefits for the city and its citizens. These 225 companies mean the city has gained more than 2,600 jobs and 442 million euros in investment.

Mayor Michael Ludwig explained that these figures show that Vienna is able to maintain a competitive edge that has a certain value in terms of stability abroad.

Attracting the attention of foreign investors

In order to keep Vienna in the eye of international investors during the pandemic, local authorities ramped up their effort to market the city as a business location. According to Peter Hanke, City Councillor for Economic Affairs, they will continue their campaign into the current year.

Their aim is to cement Vienna’s reputation as a stable place for doing business even during times of intense crisis. Peter Hanke continued: “Vienna is always a good breeding ground for economic success and international exchange."

The strategy already seems to have born fruit, as in 2021, investments were around 68% higher than the previous year. On the other hand, job creation also grew by 56%. In terms of country of origin, German companies seem to be the most interested in setting up shop in their southern neighbour, followed by Italy and the US.

Despite growth in 2021 authorities have yet to reach 2019 numbers and they attribute the slump to the Covid-pandemic which caused major disruptions around the world in multiple sectors and industries.