| GE
Capital, a leading global financial services company with assets of over
$250
billion, is making a major investment
in Austria.
The Stamford, Conn.,-based company with
28 specialized businesses, opened its new European Center of Excellence
in Eisenstadt in December. Its “Center of Excellence” at Technologiepark
Eisenstadt in Burgenland is expected to create over 400 jobs within the
next five years.
When fully operational, it will serve
as a regional back office for GE Capital’s consumer finance businesses
operating in German-speaking countries.
Services provided by the center will include
telephone customer service, credit card and personal loan payment processing,
lease processing, and collections.
It may also eventually incorporate regional
back office operations for other GE Capital businesses in central and eastern
Europe.
The new Technologiepark facility, with
about 16,000 square feet of office space, was completed this summer. Featuring
new computer and telecommunications technology, the Center of Excellence
will be one of the most advanced operations of its kind within GE Capital,
the global financial services unit of the American General Electric Co.
Competitive advantages
GE Capital’s decision to locate the center
in Austria was based on a number of competitive advantages.
“Eisenstadt is extremely favorable to
our business needs,” said Charles Crabtree, senior vice president and chief
operations officer, GE Capital Global Consumer Finance.
“It has available, well-trained and skilled
personnel, an excellent infrastructure, and has provided us with the opportunity
to design a tailor-made facility. Overall it is a very attractive location.”
In addition, he points to Austria’s excellent
telecommunications infrastructure, the position of Austria as a business
gateway to central and Eastern Europe, and EU incentives for the province
of Burgenland as reasons the company chose the location.
Other important factors included the
level of support provided by the Austrian Business Agency, the national
investment promotion company, and Business Service Burgenland, the provincial
investment promotion organization.
The Eisenstadt site was selected by GE
Capital after a thorough review of locations in Austria, Germany and Poland.
Reform measures
A key factor in Austria’s success in attracting
foreign firms has been its reform measures, which involve the telecommunications
and energy markets as well as permit and licensing procedures.
The recent liberalization of Austria’s
telecommunications sector has cut prices and broken the traditional monopoly
of the national telecom company. Companies also now have the right to set
up flexible work schedules to boost their international competitiveness.
New laws centralize permit requirements
into a one-step process, cut regulatory red tape to three months for simple,
six months for complicated, and a maximum of nine months for the most complex
projects.
Noting these factors, in April 1999, international
consulting firm KPMG ranked Austria as the most cost-effective business
location in continental Europe among G7 countries.
“The KPMG study shows that a small country
like Austria offers favorable business conditions, a fact that is greatly
appreciated by foreign companies,” says Rene Siegl, the Austrian Business
Agency’s managing director. “Not only did the level of foreign investment
double in 1998, compared to the year before, but there has been an unprecedented
boom in inquiries from potential investors.”
In the first six months of 1999, the agency
helped provide service to 46 foreign companies locating their business
operations in Austria, compared to 28 in the same period in 1998.
Variety of industries
show strength
While a host of businesses and manufacturers
find Austria attractive, a survey conducted a few years ago by the American
Chamber of Commerce in Vienna found that the majority of U.S. firms in
Austria are trading companies.
“About 35 percent are in the service sector,
and about 15 percent in manufacturing,” says Peter Wolf of the Vienna Business
Agency.
“Austria is a highly attractive business
location for long-term investments,” said Andrew Tempest, general manager
of Master Foods Austria. “That is based on EU membership, its position
as an effective springboard to central and Eastern Europe, the motivated
and highly-skilled work force, and excellent infrastructure.”
Austria is home to Master Foods’ European
center of expertise for cookie manufacturing.
Automotive and
biotech
The automotive and biotech industries
are growing in Austria. As part
of Austria’s automotive industry, Chrysler
operates its only production facility in Europe in Graz, Austria.
Suppliers such as Lear Seating Corp. have
opened manufacturing operations to be near the plant.
“We’re a just-in-time operation,” explains
Jim Hollars, senior vice president of international relations for Lear.
“Our seats must reach Chrysler quickly to meet manufacturing demands.”
BMW and General Motors/Opel have operations
in Austria. In addition, Magna, the eighth- largest automotive component
supplier in the world, is investing almost $100 million in a stamping parts
plant.
Leading-edge technology and industrial
parks and production clusters in the automotive, electronic and IT fields
complement Austria’s 2,000 high-tech research and development institutes,
innovation and higher-education centers.
Pharmaceutical/biotech giant Baxter strengthened
its Austrian presence by acquiring Immuno. As a result, an additional manufacturing
facility will be established in Vienna for the production of blood products
and immunizations. Since 1997, the company has invested approximately $450
million in Austria.
Other major players in biotech include
Novartis Austria, the Institute for Molecular Biology, Vienna Biocenter,
and Boehringer Ingelheim Austria.
Infrastructure
is key
Austria’s infrastructure of roadways,
railways and international flight connections are a big factor in attracting
companies.
Earlier this year, Vienna International
Airport opened a new goods terminal with a handling capacity of 45,000
tons. Cargo handling has taken on more importance at the airport.
According to Airport Cargo Manager Peter
Ecker, 49 percent of the cargo handled through Vienna is shipped elsewhere.
Much is going to Eastern European countries.
Masterplan 2015, a scheme to expand Vienna
International Airport, is expected to have a mammoth impact on the Austrian
economy and provide better service for international business travelers
as well. This plan is additional evidence that Austria is serious about
business and attracting more.
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