During the ceremony, the two sides praised the progress made in their bilateral relations, stressing the need to continue strengthening joint work…reports Asian Lite News
UAE Minister of Industry Dr. Sultan bin Ahmed Al Jaber has met with Karl Nehammer, Chancellor of Austria Alexander Schallenberg, Austria’s Minister of Foreign Affairs, Dr. Magnus Brunner, Austria’s Minister of Finance, and a number of Austrian government and private sector officials in Vienna.
Dr. Al Jaber conveyed the greetings of the UAE leadership, emphasising their keenness to bolster UAE-Austria cooperation. He also praised the strong Emirati-Austrian relationship, spanning 50 years, which continues to grow and thrive, highlighting the Comprehensive Strategic Partnership announced in 2021 as a recent example. Dr. Al Jaber stressed the importance of further expanding existing ties through the pursuit of new collaborations that drive mutually beneficial and sustainable economic yields, and joint investments that drive economic diversification efforts, strengthen cooperation, and deliver benefits for both countries in vital sectors.
Dr. Al Jaber also commended Austria’s positive and active participation in COP28, where it announced an increase in its contribution to the Green Climate Fund (GCF) to €160 million per annum, its support for initiatives to boost renewable energy production capacity threefold and double energy efficiency by 2030, as well as its announcements and commitments related to agriculture, food systems and health.
The Austrian side praised the strategic ties and affirmed the desire to advance them across all sectors within the strategic partnership, which includes political, economic, trade, financial, cultural, advanced technology, and artificial intelligence (AI) fields, as well as infrastructure, energy, and renewable energy. They also congratulated the UAE on its presidency and organization of COP28, during which it succeeded in delivering the UAE Consensus to transition away from fossil fuels in energy, and other strategic initiatives and commitments set to turbocharge global climate action. The two sides stressed the importance of building on the outputs of the conference and working to implement them.
First Ministerial Meeting
Chaired by Dr. Sultan Al Jaber and Alexander Schallenberg, the first ministerial meeting of the UAE- Austria Comprehensive Strategic Partnership took place during the visit. The meeting included deliberations on the latest developments in bilateral relations related to all facets of the partnership, which includes political, diplomatic, and international cooperation areas, including strengthening diplomatic efforts aimed at resolving global crises that threaten international peace and security. It also discussed cooperation across economic, energy, trade, industry, and advanced technology fields, including AI and data centers, as well as cross-sectoral partnerships and collaboration in arts, culture, and heritage.
Half a Century of Bilateral Ties
The Austrian Chancellor hosted the UAE delegation at a private meeting in which both sides celebrated the golden jubilee of the establishment of the bilateral relations between their countries, which developed into a comprehensive strategic partnership in 2021, aimed at ushering in an ambitious phase of cooperation to achieve their shared aspirations for further development and prosperity. During the ceremony, the two sides praised the progress made in their bilateral relations, stressing the need to continue strengthening joint work and uncovering new cooperation prospects to reach the ambitions of the leaderships of the two countries and the objectives of the UAE-Austria Comprehensive Strategic Partnership.
ADNOC-OMV @ 30
“It is our honor to celebrate two significant anniversaries during the visit of His Excellency Dr. Sultan Al Jaber. This year marks 50 years since the establishment of diplomatic relations between our countries and 30 years of a strong partnership between OMV and Abu Dhabi. As the Finance Minister of the Republic of Austria, I am pleased that amidst the diplomatic visit, there is also time and space to highlight the economic partnership. Economic cooperation is not only beneficial for the positive development of companies but also a success story for taxpayers,” stated Finance Minister Dr. Magnus Brunner.
The partners also celebrated the occasion of nearly three decades of the cooperation between ADNOC and OMV, based on a shareholder´s agreement with ÖBAG, the state holding company, which has greatly contributed to building strategic partnerships in the energy and chemicals sectors, creating value, driving growth, and supporting the priorities of the two countries in achieving and maintaining energy security, and exploring new opportunities in the fields of clean and renewable energy, including hydrogen
Trade and Direct Investments
The UAE is Austria’s top investment partner in the Middle East and North Africa (MENA) region and sixth globally, with Emirati investments amounting to approximately $8.2 billion (4% of total foreign investment flows in Austria) in 2023, while Austria stands at 10th among the UAE’s trading partners at the European Union level. The UAE also ranks first as Austria’s largest trading partner among the GCC countries (43% of Austria’s total trade with GCC countries) and second among Arab countries (16% of Austria’s total trade exchange with Arab countries). The volume of UAE-Austria non-oil trade in the first nine months of 2023 recorded a growth of 18% year-on-year reaching around $1 billion.