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Austrian CEE investments down sharply

Austrian companies drastically reduced their investments in Central and Eastern Europe (CEE) in the first three quarters of last year, it has been announced.

The Austrian Institute for Economic Research (Wifo) said today (Thurs) its studies have shown that the country�s firms only spent 0.7 billion Euros on investment activities in the region in the first nine months of 2009. The think tank added Austrian companies invested 7.6 billion Euros in CEE in the same time span for the previous year.

Wifo said this development was a throwback to figures in 1998.

The body said the CEE activities of Austrian banks, insurance firms and companies in the retail sector were mainly responsible for investments.

Wifo said Austrian companies started to increase their investments in CEE from 2000 as they realised the region�s great potential.

The think tank said Austrian firms had an eight per cent share in overall foreign investments in CEE countries in 2007 before the global economic crisis broke out in autumn 2008.

Austrian Times

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