Since 2023, Croatia has been part of the eurozone and the Schengen area – travel, payments, and cross-border projects with Austria have never been easier. In Vienna, the capital of Austria, high quality of life, an internationally oriented economic ecosystem, and short distances to the so-called DACH region, namely Germany, Austria, and Switzerland, converge.
Barbara Novak, a member of the Vienna City Council for Finance, Economy, Labor, International Relations, and Digitalization, explains why this city is an excellent launchpad for companies from the region.
Why is Vienna currently particularly attractive for companies from Croatia and Central Eastern European countries?
– Several factors contribute to this. With the introduction of the euro as the official currency and entry into the Schengen area, economic processes between Croatia and Austria have been significantly simplified. There are also historically close ties as well as very active business and personal contacts between Austria and Croatia. With more than 32,000 people of Croatian descent, Vienna has a well-connected community that facilitates the entry of business teams from Croatia into the local market within existing entrepreneurial and social structures.
Vienna is also internationally recognized as a business hub – it is the headquarters of the United Nations and 53 other international organizations and home to around 550 headquarters of internationally active companies. Such a concentration of organizations and businesses opens access to global networks, experts, and institutions. Vienna is geographically close to Croatia, culturally compatible, and therefore ideal as a strategic bridge to the EU market, which is no less important as distances in Central Eastern Europe are relatively short.
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What distinguishes Vienna in competition with other European business centers?
– The most important aspect of Vienna is its people. Our city is characterized by diversity, talent, and a high level of education – labor productivity is 42 percent above the EU average. Furthermore, Vienna thinks long-term and acts visionarily. The city continuously invests in infrastructure, research, and cooperative linking of administration, businesses, and science. At the same time, a clear principle applies here: economic and technological progress must serve humanity.
Innovation and growth in Vienna are achieved in accordance with health, social responsibility, resilience, and high quality of life. For this reason, it is an attractive business center for companies that want to scale sustainably and think visionarily.
What future industries is Vienna particularly focusing on?
– There are three key areas for the coming years: life sciences, healthcare, and digitalization, from quantum technologies to artificial intelligence to cybersecurity, with a strong emphasis on creating and preserving jobs. The further development of the startup scene is also crucial. These key industries of the future create added value for the economic sector and simultaneously bring immediate benefits to the people in our city, for example, by improving public infrastructure or increasing digital security.
Can you specifically illustrate Vienna as a business center in the life sciences?
– Vienna has an exceptionally dense and interconnected ecosystem in life sciences. In 2023, 754 organizations generated an annual revenue of 22.7 billion euros. Currently, more than 49,000 people are employed in the Vienna industry in this field. The region is also home to twenty of the world’s leading pharmaceutical and medical companies. Croatia is particularly strong in the pharmaceutical sector, which provides a very good basis for deepening partnership cooperation.
