International companies have their eye on Vienna: investments up by 25%

Vienna is the economic engine that powers Austria, but it is also a sought-after location for companies beyond the country’s borders. In 2024, 218 companies from 47 countries set up operations in the federal capital. This brought in investment of around €530 million – up 25% compared to 2023 – and will result in the creation of 915 new jobs. Germany tops the list of countries of origin, followed by Hungary and Switzerland. The information and communication technology (ICT) industry, business-related services, and life sciences sector are particularly well represented among the newcomers. Vienna also remains an attractive location for startups and entrepreneurs looking to develop and implement projects focused on climate change and digitalisation.

Mayor of Vienna Michael Ludwig recognises the importance of such investments in the city: “In times of economic hardship, the growing number of international companies settling here sends an important signal and speaks to Vienna’s stability as a business location. The willingness to invest also underlines the city’s appeal as an innovation hub and leads to an increased demand for local services and products – which benefits the entire economy and the people of Vienna.”

Dominic Weiss, Managing Director of the Vienna Business Agency, adds, “Vienna offers a stable, business-friendly environment and excellent connections to European markets. Companies from abroad strengthen the local business network and thus our regional value chains. Our experts provide fast, tailored support to get such companies off to the best possible start in Vienna.”

Detailed studies show that Vienna is seen as a desirable location for foreign companies across all sectors. Besides ICT, commerce, and life sciences, records also show an increase in energy and environmental technology companies moving to Vienna last year. One example is Dutch company Fastned, which now supports the city in its transition to e-mobility with fast-charging stations for electric vehicles. 

2024 also saw more companies from Asia also setting up operations in Vienna, including Japanese high-tech startup Spiral Europe. The company specialises in innovative indoor drone technologies that can support inspection and monitoring in environments without a GPS signal, such as tunnels and logistics centres. “We deliberately chose Vienna as our European base, because Austria is a world leader in tunnel construction technology,” says Managing Director Miyu Nishihira. “Vienna offers the ideal conditions for combining Austrian expertise with Japanese robotics, developing innovative drone solutions, and expanding their global use. Vienna also has one of the most attractive startup ecosystems in Europe, and we want to play an active part in its growth.”

Within a short space of time, Vienna has developed into one of Europe’s leading startup hubs. Proof of this is the international startup festival ViennaUP, which drew in around 15,000 visitors last year, andwas recently voted as one of the top four European startup events by StartupBlink, the world’s foremost startup ecosystem analyst. This year’s ViennaUP will take place between 8–16 May. 

The life sciences sector is increasingly relevant in boosting Vienna’s status as a business hub. This year, the city will host BIO-Europe, the leading European biotechnology conference. Recent arrivals have further contributed to strengthening Vienna’ standing as a leading life sciences centre—one of them is German biotechnology company Alpine Biolabs, which opened a branch in Vienna last year and which produces high-quality cannabis clones for use in the pharmaceutical industry.

The opening of the new AI Institute of the Austrian Academy of Sciences (AITHYRA) will also cement Vienna’s significance as a European research hub. AITHYRA and its founding director Michael Bronstein aim to develop AI-supported concepts for accelerating and transforming life sciences. The Institute chose the Marxbox in Vienna’s Landstraße district as its first centre of operations. 

A fruitful ongoing collaboration between the Vienna Business Agency and the Austrian Business Agency means that foreign companies can successfully establish themselves in Vienna. Frequent delegation trips and alliances with international business agencies play a vital role in Vienna’s ability to attract companies to the city on the long term. Last year, for example, Vienna established an innovation and startup alliance with Rio de Janeiro, Brazil, and signed a memorandum of understanding with Shenzhen, China. These positive steps are further bolstered by a close cooperation with the City of Vienna’s international offices in the CEE countries.

To support international specialists, the Vienna Business Agency offers professional services and bespoke advice at the Expat Center and the Business Immigration Office (BIO), with the Agency’s Expat Relations Team carrying out more than 5,200 consultations at the Expat Center and the BIO in 2024 alone. 

“Having the best possible underlying conditions is crucial for international and domestic companies,” says Michael Ludwig. “In Vienna, we create those conditions through smart, far-sighted policy decisions that go beyond individual interests. Once again, the positive results are demonstrated by the latest figures.”