The goal of the Federal Ministry of Labour and Economy is to further improve business opportunities, promote growth and ensure sustained recovery. In order to enhance Austria's locational attractiveness, the Federal Ministry takes a number of measures to provide a business-friendly environment.
The competitive strength of companies and thus their potential for employment are a central subject in both Austria and Europe as a whole. These factors greatly depend on the quality of activities in research, technological development and innovation. Consequently, it is important for the Federal Ministry to further enhance investment in research, development and innovation and to establish the appropriate framework for strengthening Austrian businesses, in particular small- and medium-sized companies.
Launching one's own business is an excellent opportunity for people who wish to work independently and are prepared to undertake above average efforts. New companies provide major impetus to domestic business, create new jobs and are thus important engines of growth. Austria needs these innovative and inventive workers who turn their professional strengths and qualifications into brands of their own, while generating growth, employment and structural effects. In particular in economically difficult times, the Federal Ministry of Labour and Economy is very much interested in further optimising the framework for those wishing to set up business and offers support to business starters.
RTI environment in Austria
A successful research and technology policy comprises more than just funding measures. Rather, a number of accompanying measures are necessary as well. These include informing potentially interested parties about the topic and assisting in the implementation of innovations, as well as supporting policymakers in improving the environment for RTI.
- €12.3 Billion gross domestic expenditure on R&D in 2018
- 1.748 EU research projects with Austrian partners within the EU Framework Programme for Research and Innovation Horizon 2020.
- 2nd place in R&D spending within the EU