The Bank of China (BOC) opened its first branch in Austria on Tuesday, marking a further important link between the Chinese and Austrian economies.
With a history of over 100 years, the BOC is pushing to build its overseas business network in European countries. The bank, as one of the most influential financial institutions in the world, has already built branches in other 11 countries in the region.
Over the past 10 years, China's companies have come to invest in Austria, boosting cooperation between the two nations.
China is also the largest trading partner of Austria outside the European Union. At the opening ceremony of the BOC branch, Ewald Nowotny, head of the National Bank of Austria (OeNB) or the country's central bank, said the opening of the first BOC branch in Vienna represents a further important link between both the Austrian and Chinese economies as well as China and the Eurozone.
Nowotny said cooperation between the two countries is becoming increasingly important for Austria. He also said the OeNB has, for almost 10 years, been working to improve its contacts with China's central bank -- the People's Bank of China.
Foreign investment has played a very important role in the Austrian economy, bringing job opportunities and dynamism to the country.
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