240 CultureShock! Austria
energy make up the rest. Environmental technologies are
also an important aspect of international trade.
Austrian businesses are taking part in the globalisation
process, although staying primarily within Europe. Austrian
direct foreign investment is focused mainly in Germany
and in the new EU member states of central and eastern
Europe and, increasingly, in south-eastern Europe. In the
first few years following the collapse of communism, about
40 per cent of direct foreign investment in eastern European
countries came from Austria. That percentage has since
declined as other countries (mainly from the EU) have headed
into these markets. Once heavily invested in countries like
Hungary and the Czech Republic, Austrian firms are now
also looking toward Ukraine, Serbia, Montenegro, Bosnia
and Herzegovina, Bulgaria and even Albania.
Austria itself experienced a surge in investment when
foreign firms picked Austria (most notably Vienna) as a base
for their forays into these same markets. A significant number
of important multinational corporations, headquartered in
the United States and in EU countries, initially set up offices
in Vienna to oversee their expansion into the former eastern
bloc. In addition to the obvious benefits of living in Vienna,
foreign executives knew they could rely on a valuable labour
force that has close links, both cultural and linguistic, with
these markets. Lately, the surge in this type of investment
has tapered off.BUSINESS CUSTOMS
The average office is formal in the way employees interact
with one another and with clients. There is an emphasis on
doing the ‘right thing’. Of course, to some non-Austrians, this
can mean an atmosphere that is rather uptight. The greatest
difference for many foreigners, however, is that what you
know doesn’t count as much as who you know.Etiquette
Etiquette is standard in a business setting. Shaking a client’s
or a colleague’s hand is customary and a good way to
begin a relationship or maintain one. Punctuality is central