Austrian trade delegation in Kuwait to explore new investment opportunities

KUWAIT: A high-level Austrian trade and business delegation arrived in Kuwait on Monday with the aim of revitalizing longstanding bilateral cooperation and fostering new investment opportunities in alignment with Kuwait’s Vision 2035. Led by Dr Werner Fasslabend, President of the Austro-Arab Chamber of Commerce, the delegation highlighted a range of potential investment avenues in Austria – particularly in renewables, healthcare, tourism, and technology – during a reception hosted by Austrian Ambassador to Kuwait Ulrich Frank at his residence.

Dr Fasslabend noted that Kuwait’s Vision 2035 offers unique prospects for businesses in both nations to grow and realize shared objectives. The delegation includes representatives from 22 Austrian companies active in strategic sectors such as healthcare, investment, renewable energy, firefighting technologies, construction, oil and gas, and tourism. Ambassador Frank, praising the robust Austria-Kuwait relationship, expressed confidence that the visit would strengthen the already solid foundation of economic collaboration.

Sheikh Mubarak Abdulla Al-Mubarak Al-Sabah, Chairman of the Kuwait-Austria Business and Friendship Association (KABFA), attended the reception as the guest of honor. He emphasized Austria’s advancements in infrastructure and technology and stressed the importance of building trust in business relations. “Business is a product of human relationships, and human relationships are built not only on familiarity but also on trust,” Sheikh Mubarak Al-Sabah said.

Ambassador Ulrich Frank and Dr Werner Fasslabend with the Austrian trade delegation.

Ambassador Ulrich Frank and Dr Werner Fasslabend

Speaking to Kuwait Times on the sidelines of the event, Dr Fasslabend underscored the significance of the visit, stating that the Austro-Arab Chamber of Commerce is keen on identifying specific opportunities in Kuwait, particularly for small and medium-sized enterprises. “There are many similarities between Kuwait and Austria – both in size and strategic positioning, as well as in the structure of their business sectors,” he said. “Austria brings added value, especially with its high standards in technology.”

He also lauded Kuwait’s recent strides in technological advancement. “Thirty years ago, few would have predicted the level of progress Kuwait has achieved,” Dr Fasslabend remarked, highlighting the countries’ shared development trajectories. In response to a specific question, he said: “Kuwait’s Vision 2035 is a comprehensive blueprint for national development and presents an excellent opportunity for collaboration. Austria, with its strengths in renewable energy, healthcare, tourism, and infrastructure, is well-positioned to partner with Kuwait in realizing this vision.”

Tourism potential

Dr Fasslabend described Austria as one of the world’s leading tourist destinations, renowned for its hospitality industry and high-end hotels. “Tourism is a sector where we see great potential for partnership with Kuwait,” he said, noting that over 10,000 Kuwaitis visited Austria in 2024. “The bilateral trade and investment volume between the two countries reached approximately €150 million last year,” he added. “This reflects positive growth in trade relations, and there is ample room to expand our collaboration further. It’s a mutual goal that Kuwait and Austria can strive toward together.”