The “Dos and Don’ts” Seminar in Vienna, Austria

New International Marketing strategy: PFD reaches out the Austrian firms, interested in working with the IFIs such as the World Bank, the Inter-American Development Bank and the Millennium Challenge Corporation.

Around 40 Austrian companies attended the event and presentation offered by the President of Partnerships for Finance and Development Spiros Voyadzis. The full day event called “IFIs Procurement seminar”, and hosted by AWO (Aussenwirtschaft Österreich  or Austrian economy abroad) took place at ”Haus der Wirtschaft”  in Vienna.

Austria is one of the 12 richest countries in Europe with a GDP growth rate of 2.3%. Nevertheless, due to the financial crisis that hits Europe, European firms face slowing growth and don’t have a choice but choose to explore foreign markets in search for better opportunities and probably a larger market. Austrian firms present at this event were very excited to learn “how to win projects funded by the different IFIs”. Note that he total market of the IFIs and bilateral is estimated at $2 billion per week with a total of 45 000 contracts.

Austria: Doing business with the World Bank: Austria contributes 1.56% equivalent to 80 million Euros per year  to IDA funds, which are intended exclusively for countries with a GNI (Gross National Income) per capita of 1,200 dollars or less. Between 2004 and 2007, Austrian  suppliers and Firms were awarded a total business of $231 Million with the World Bank. Sectors targeted are diverse from Energy to Health, transport to Education.

The one-day event was an opportunity to engage a productive dialogue on new approaches, on what an Austrian company should do to win contracts funded by the World Bank and the Millennium Challenge Corporation, how to tackle the European crisis and compete with the largest technical firms in the International market.