04:16 GMT01 October 2020
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    Despite sanctions and the difficult economic situation in Russia, more and more Austrian companies plan to expand their presence in the Russian market, Die Presse wrote. Russia's attractiveness for foreign entrepreneurs has grown partly due to the depreciation of the ruble, which has reduced manufacturing costs and made exports cheaper.

    Austrian investors are among the first entrepreneurs who discovered extremely favorable conditions for investment in Russia and therefore decided to return to the Russian market, the Austrian the newspaper wrote.

    A recent report of the Austrian Federal Economic Chamber revealed a steady trend over the past year: Austrian companies are increasingly planning to open new offices in Russia despite anti-Russian sanctions imposed by the West, the article said.

    The economic restrictions against Russia were imposed in 2014, due to Russia's alleged involvement in the Ukrainian conflict, which Moscow constantly denied. Many European entrepreneurs have repeatedly opposed the sanctions and called for their abolition as their businesses suffered huge losses.

    "About a dozen Austrian companies are carefully looking for options to organize local production in Russia," Austrian business delegate to Moscow Dietmar Fellner said.

    The active return of investors in Russia is related to several factors. The favorable exchange rate has reduced labor costs, land lease and rent of necessary facilities for foreign investors almost by half. Moreover, due to the depreciation of ruble, exports of goods produced in Russia have also become cheaper and therefore more attractive.


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