Sergey Morozov presented Ulyanovsk region's economic and investment potential in Austria

The delegation of the region arrived in Vienna on 25 March. One of the first business meetings took place in the Economic Chamber before the Day of Russian Regions. Investment potential of the Ulyanovsk region was presented to the management of the organization that coordinates activities of Austrian business community at the international level.



"Economic cooperation between the Ulyanovsk region and Austrian partners is still in an early stage of development. Ulyanovsk region's foreign trade turnover with the Republic of Austria tripled over the last year. At the same time, import and export are almost at the same level, which proves mutual high interest in each other’s products. The Ulyanovsk region is among leaders of the National Investment Attractiveness Rating. Our practices in the field of investment projects serve as examples for other Russian regions. Objective indicators are the best evidence of our work's efficiency. Over the last ten years, investment into the fixed capital has increased by more than six times", – Sergey Morozov noted.

Governors of the Ulyanovsk, Tambov and Novgorod regions took part in the dialogue.

“Russia's strength is in its regions. It is very important to develop the right interaction between territorial subjects of the Russian Federation and Austria. We have already said many times that we are interested in cooperation in industry, energetics, medicine, tourism and agriculture. Such meetings as the one today are excellent prospects to establish necessary contacts. Sanctions are all about politics, not business. We must keep our contacts with enterprises”, – said Richard Schenz, Vice-President of the Austrian Federal Economic Chamber.

Austrian Federal Economic Chamber is the main organization among nine other economic chambers of the Republic. It brings together more than 550 thousand subjects.

“European partners are the key element to improve our region's international relations. Sales turnover with the European Union has increased by 32% over the last year, and import - up to 50%. It is only quite recently that we have established cooperation with the Republic of Austria, but it has already proved its efficiency. We have held several successful negotiations in the priority spheres such as automotive manufacturing and, of course, renewable energy sources”, – said Ekaterina Smoroda, Minister for Development of International and Interregional Relations of the Ulyanovsk Region.

As a reference:

The programme of activities for attraction of investors from Austria to the Ulyanovsk region was launched in 2014. Over the last year, the foreign trade turnover made USD 425.400. The export has tripled compared to the same period in 2017. Wood and wood products are the main exported goods. Austria provides the Ulyanovsk region with caoutchouc, rubber, nuclear reactors, boilers and their components.