Business as Usual for Austrian Companies in JapanThe Japanese economy is headed for recovery from the second half of 2011(Austria/Japan)

JETRO Wien, Friday, June 17, 2011

The Austrian Federal Economic Chamber (the Austrian national chamber of commerce) held a seminar in Vienna on May 20 on conditions in Japan after the Great East Japan Earthquake. The conference introduced many examples of Austrian companies that are continuing businesses as usual after the earthquake. Austrian economists interviewed by JETRO also forecast a recovery of the Japanese economy beginning in the second half of 2011 or 2012.

At the seminar, the Honorable Dr. Martin Glatz, Commercial Counsellor of the Commercial Section, Austrian Embassy, Tokyo, gave an address on economic relations between Japan and Austria. He discussed the results of a survey of 70 Austrian companies in Japan after the March 11 earthquake. According to the survey, nearly 70 percent of the companies are continuing business as usual, with 60 percent responding that "six-month sales in the future will not be affected by the earthquake" or "will grow." Counsellor Glatz explained that the responses indicated that business with Japan was not hindered by the disaster.

Concerning estimates of the Japanese economy, Counsellor Glatz stated that while the economy will remain stagnant in the latter half of 2011, it is headed for recovery afterwards, as growth in demand brought about by the reconstruction is expected to boost the economy 2 to 3 percent. Counsellor Glatz commented on the review of the supply structure of products and parts taking place in Japan, and provided case studies of Japanese companies that sought to avert risk with measures including diversifying overseas investments.