The Austrian Federal Government has presented a new industrial strategy. It aims to secure the domestic production location for the long term. Due to global economic challenges, and especially high energy costs in Europe compared to other regions, the plan includes billions in investments and subsidies. A key part of the strategy is helping the industry switch to climate-neutral production. State support is meant to assist companies in adopting sustainable technologies.
The measures also focus on increasing independence regarding critical raw materials and energy sources. During the presentation, Chancellor Karl Nehammer and Vice-Chancellor Werner Kogler emphasized that industry is the backbone of the Austrian economy. It secures hundreds of thousands of jobs. To stop companies from moving to areas with lower environmental or energy costs, bureaucratic hurdles will be removed, and approval processes will be sped up.
Critics and industry representatives, meanwhile, urged that the plans must be implemented quickly to have a noticeable effect on competitiveness. Expanding the infrastructure for renewable energy and securing qualified skilled workers are seen as essential pillars for the strategy's success.
