The Black Sea Region. Economic Development and Importance for Austria's Foreign Trade

The countries of the Black Sea region, located at the strategic crossroads between Europe, Central Asia and the Middle East, are rapidly gaining in importance, considering their geographic proximity, rich mineral resources and potential as a sales market and labour pool. The article looks into the region's macroeconomic development and Austria's foreign trade relations with its countries. Thanks to the region's dynamic economic growth, it opens up a major demand potential for the future. Turkey in particular is an enormous market because of its sheer dimensions. Austria enjoys good trade relations to the region which nevertheless can be extended considerably. In Ukraine, Austrian companies are well positioned, and the export structure of Austria is a good match for the demand for imports in both Ukraine and Turkey.