site.btaVienna Aims to Attract Foreign Business amid a String of Austrian Firm Bankruptcies

Austria saw numerous insolvencies in 2024: the bankruptcy of the internationally renowned bicycle manufacturing firm KTM and the collapse of the Signa Group were the two most prominent of more than 6,500 corporate insolvencies. In the state of Burgenland, the number has increased by more than 50%, with more than 320 companies declaring insolvency.

On the other hand, a very positive trend is also reported in the capital, namely an increase in the number of foreign companies that chose Vienna as their headquarters in 2024. The ViennaBusiness platform aims to attract international companies, start-ups and foreigners looking for information on starting a business in Vienna. In one year, the website has been visited more than one million times. A press release from the Vienna Business Agency highlights the fact that interest in the city as a place to do business is growing.

The initiative is supported by senior executives from Vienna's business community. Under the patronage of the city government, the new Vienna Business Council was established, whose members include the Chamber of Commerce and Industry, the Tourist Board, the Federation of Austrian Industry, research institutions, and private sector companies.

More than 3,100 companies have established themselves in Vienna over the last twenty years. This has led to investments totalling EUR 4.7 billion. In addition, some 24,000 jobs have been created. In 2024, the number of companies choosing Vienna as their centre of operations was 15% higher than in 2023.