Austria attracts increased number of foreign start-up enterprises

Austria has attracted 114 new foreign investment projects in the first half of 2014, representing a year-on-year increase of 30 percent, the Austrian Business Agency (ABA) reported Friday.
Austrian Minister of Economy Reinhold Mitterlehner said the total investment volume in the newly-founded business enterprises had also increased 16 percent to 245 million U.S. dollars and was responsible for 905 jobs, up from 637 in the first half of 2013.
Germany remains the largest source of the foreign investment projects with 31 new ventures for the first half of the year, followed by Italy with 17, and Russia, Switzerland, and Hungary with 7 each.
Eastern and Southeastern European countries are gaining traction however, their new company ventures in Austria increasing a third to now make up 33 of the 114 total new business enterprises.
Mitterlehner said in a statement that the figures showed that despite difficult economic circumstances, Austria remains an attractive business location.
He added it is crucial to ensure the environment for start-ups remains positive, particularly through the reduction of red tape and strengthening of research and development infrastructure.