Future perspectives in the VIENNA REGION
The future of our region definitely looks bright. You are considering relocating your company, establishing a new production facility, or launching a start-up? The Vienna Region is the perfect place to invest in.
Current and future benefits in the Vienna Region
The Vienna Region is extremely future orientated. It is a forerunner in digitalization. Austria’s capital Vienna is considered a hub of innovation. There are programs that promote and subsidize smart spaces, smart infrastructure, and smart social design. Innovative solutions for technology, spatial design, and communication are both sought after and implemented. The Austrian Federal Economic Chamber observes and analyzes trends and developments.
It offers strategies for companies to operate successfully in future markets. The objective of the urban development department is to lay the foundations for tomorrow’s Vienna, so that future generations will continue to enjoy an ever-increasing quality of life.Protecting our climate and resources is of utmost importance to the entire Vienna Region. The climate strategies aim at CO2 neutrality and smart cities. Renewable energy, e-sharing, and sustainability are promoted and subsidized in all areas of life. All of this ensures that the economic future of the Vienna Region looks promising. The region is ready for the demands and challenges of the coming decades.
In comparison to many northern European countries, the Vienna Region offers quite a few benefits. These advantages are important when planning ahead for a company’s future and success. A wide range of business grants and early-stage investments help start-ups and relocating companies. Excellent infrastructure and mobility and the central European location help with trade and export. Labour is affordable, much less expensive than in Latvia for instance.
There are much better agricultural possibilities than, for example, in Finland. Sales taxes are lower than in Sweden, decreasing the price of goods, and making it easier for businesses to profit from selling goods. There is an older target group with purchasing power that is easier to reach and bigger in Austria than in some northern European countries.
(Source: https://smartcity.wien.gv.at/ and https://www.wien.gv.at/stadtentwicklung)
Austrian agricultural production has changed radically in recent decades, becoming steadily automated. Digital technologies and artificial intelligence will take on a central role in the future to feed a growing population, manage the effects of climate change and cover problems in supply chains. It is becoming quite clear, that only a highly digitized agricultural sector with sufficient agricultural land can strike the balance between food security, environmental sustainability, and high-quality products.
The Austrian government is very aware of and very concerned about the future of food production. Recommendations for action for smart and sustainable agriculture 2050+ include promoting understanding and appreciation for agriculture and rural life as well as guaranteeing fair incomes and work-life balance for farmers. Soil conservation and sustainability have to be prioritized and promoted. Environmental awareness is no longer an individual lifestyle – it is turning into a social movement. Sustainability might once have been a consumer trend, but today it is becoming an economic factor. Regional food keeps gaining importance.
The Vienna Region is a forerunner in digital transformation. A lot of effort is being put into research and educational institutions. Interdisciplinary and international exchange are promoted as well. Hence, digital technologies and AI are available for all sectors of life, including agriculture. With the help of modern technologies, sufficient food supplies can be ensured for our growing population while limiting the impact on the environment.
Rapidly increasing demand has brought a lot of movement to the Austrian logistics market. It is currently experiencing a construction boom. More logistics space than ever before is to be built. The current stock is no longer sufficient due to online retailing, sector growth (such as in food retailing), and the restructuring of supply chains. As a consequence, logistics has naturally gained in popularity among investors. Logistics real estate has advanced from niche products to a sought-after sector. Logistics is a key area in the economic future of the Vienna Region.(Source: https://www.ots.at/presseaussendung/OTS_20220623_OTS0203/logistikmarkt-oesterreich-dynamischer-markt-mit-zukunft)
Vienna Region: future population
At the beginning of the 1950s, less than 16% of Austrians were 60 years or older. Today, the share of people over 60 is already at 24% – more than 2 million citizens. In 2030 it will be almost one-third of the population. Around 44% of the population will be over 50 years old. (source: Statistics Austria). No population group is growing as strongly as the 50+ generation. The needs and requirements of this increasing number of “Best agers” are already apparent today. Hence, they can be utilized for business plans and future strategies. The “silver market” is a market of the future. Companies in a variety of sectors can take advantage of the enormous potential of this target group.
Today, many people over the age of 50 feel they are in their prime. They have a stable income and a stable family situation and can afford things for which they lacked time or money beforehand. Whereas previous generations had to save up in their old age, today’s older people want to reap the fruits of their labor. They are ready to enjoy the prosperity they have achieved. Creating offers specifically for this target group is a successful strategy for a profitable business future.
The Vienna Region is a forerunner in digitalization, AI, and innovation. The current AI strategy of the Austrian federal government is titled “Artificial Intelligence Mission Austria 2030 (AIM AT 2030)”. It aims at a broad – and responsible – use of AI-oriented services, respecting human rights and European values.
Austria will become a strong location for AI research and innovation. Areas of AI application range from climate protection, health care, and diagnostics, to applications in industry, agriculture, or education. The increasing use of AI will ensure the competitiveness of Austrian technology. These developments make the Vienna Region an important business location with a promising future.
AI technologies are developing quickly. Thus, the AIM AT 2030 sets guidelines for the use of AI in Austria. While ethical considerations are a priority, the AIM AT 2030 also strives for an active and interdisciplinary implementation of AI. In accordance with the EU’s Coordinated Action Plan on AI, the AIM AT 2030 also defines the groundwork for trustworthy AI.
The future of the Vienna Region looks as promising as its present. Choosing this location for your business is a decision that will pay off and offer you lots of benefits and prospects.
Let me give you five reasons why you should set up your headquarters in the Vienna Region:
- it is part of the 4th richest country of the European Union
- a high quality of life at affordable prices
- Excellent, highly-developed infrastructure
- highly qualified workforce
- outstanding spending capacity of customers
- home to many international companies, universities as well as research facilities
- direct access to South East and Eastern Europe
- high level of personal security, political stability and legal certainty
- an international as well as cosmopolitan region due to a population with migration background
What a founder-friendly location needs is a focus on the global market. Austria’s location in particular makes it an ideal hub for the international start-up scene in Central and Eastern Europe.
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Sustainability is not an issue,
it’s a must-have!
„Education is the most powerful weapon you can use to change the world.” (Nelson Mandela)