Austrian companies aiming to strengthen business with China

VIENNA - Despite a recent economic slowdown in China, Austrian companies intend to both develop and expand their presence there, Martin Glatz from the Austrian Economic Chambers (WKO) said at a press conference Wednesday.

He said both China's internationalization and urbanization are attractive for Austrian companies.

Its New Silk Road project, that involves investment in trade routes, can provide infrastructure that can also be useful for Austrian companies in approaching other markets, such as economic interests in Central and Eastern Europe, Glatz said.

The progressive urbanization of China brings with it a rapidly increasing demand for consumer and lifestyle goods, he said, with wage increases and more time available for the middle class to pursue leisure activities.

The urbanization trend also provides potential opportunities in infrastructure and urban development, particularly in creating a higher quality of life in urban areas with a focus on sustainable concepts and the establishment of "smart cities."

Demographic changes such as an aging population mean demand for pharmaceuticals and medical technology will increase, Glatz said.