THE Austrian Federal Economic Chamber (AFEC) said it will bring in more Austrian companies seeking to sell goods to the Philippines to address the imbalance in bilateral trade.
“During the last 10 years, Austrian imports from the Philippines have doubled, and exports of Austria to the Philippines (are equivalent to only) 50% of imports. We have an overhang from Philippine exports to Austria,” Karlheinz Kopf, secretary general of AFEC, or Wirtschaftskammer Osterreich, said.
Christina Stieber, commercial counselor of Austria’s trade promotion organization Advantage Austria, said the leading Austrian imports from the Philippines are semiconductors, fruit, vegetables, and furniture.
“We are also looking into clothes. So, textiles will (also) be a strong import,” Ms. Stieber said.
Asked what might attract Austrian companies to the Philippines, she noted “The huge population, consumer orientation and huge economic growth.”
Mr. Kopf said Austria depends largely on exports and is interested in strengthening its trade relations in key markets.
“Our chamber is running about 100 outlets all over the world to support our exporters seeking to go outside,” he said.
He said AFEC is interested in exporting more goods and investing in other countries.
“Therefore, we would want to try to bring Austrian companies here during the next months and years and bring businesses from the Philippines and Austria together,” he said.
He said Austrian motorcycle, bicycle and sports car manufacturer KTM has a joint venture with a Philippine partner to produce electric vehicles here. — Justine Irish D. Tabile