Since joining the EU, trade figures show increasing exports for Maltese goods to Austria and, on a much larger scale, of Austrian goods shipped to Malta. Maltese exports grew by 4.2 per cent to euro 11.7m, and imports by 41.9 per cent to euro 31.1m. Malta supplies mainly electrical machines and toys to Austria and buys mainly machines, instruments, timber and beverages from Austrian companies.

These very positive trade relations with Malta can be seen in a larger context of an excellent Austrian foreign trade development with other EU countries as well as non-EU members. In fact, in the last 10 years, Austrian worldwide exports doubled and reached 37 per cent of the GDP.

Austria was able to make use of two major significant changes it went through in the last few years – joining the EU in 1995 and the opening of the eastern borders of Austria after the downfall of the communist system in the neighbouring states.

The latter event on the one hand, put Austria in the centre of a region with an extremely dynamic economic growth; on the other hand, Austrian manufacturers were able to use production facilities in these “new countries” achieving lower production costs and being able to offer more competitive prices.

Austrian authorities are aware that the country must keep its role as an attractive business location for local and international investors. In view of the fact that several of its neighbour states do have rather low corporation tax levels Austria lowered corporate tax to 25 per cent recently. The interest in setting up companies has increased considerably since then.

Austria, especially Vienna, was and still is able to fulfil its role as a gateway to eastern Europe with its many longstanding contacts in this area. It is therefore not a surprise that the Vienna airport was able to establish a particularly dense network of flight connections to eastern and central Europe. This vast experience has been of great benefit to the Vienna airport in managing Malta International Airport plc.

As the majority shareholder in Malta Mediterranean Link Consortium Limited, the company which acquired some years ago 40 per cent of the equity in MIA plc and the right to manage the Maltese airport, Wien Flughafen has been crucial in building a bridge between the two countries. This commitment was further manifested this year when Wien Flughafen, through its fully owned Maltese subsidiary, VIE Malta Limited acquired a further 10 per cent of the shares in MIA. This is promising for future economic relations.

“An increasing number of common projects give reason for expectations for a closer cooperation between Malta and Austria in the next future,” Mr Bianchi said.

“The recently established Austrian Embassy together with the Austrian Consulate in Malta and the commercial counsellor in Milan aim to intensify the good relations between the two countries and offer information and assistance to all those who want to work with Austria or who want to know more about the country.”