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Liechtenstein, Austria Strengthen Economic Ties

by Ulrika Lomas,, Brussels

14 November 2011

Liechtenstein’s Prime Minister and Finance Minister Klaus Tschütscher recently held bilateral talks in Vienna with his Austrian counterpart Finance Minister Maria Fekter, with the discussions focussing on general and bilateral tax matters.

During the course of the discussions, the ministers highlighted the excellent relationship between the two countries, and considered current national and international challenges in the area of fiscal policy, emphasizing that transparency, control and regulation of the financial markets play a pivotal role in crisis prevention.

While underscoring that the current financial crisis is not yet over, Tschütscher underlined the need to take responsibility to build up the trust of the population.

Alluding to the fact that both the principality of Liechtenstein and Austria have overcome the economic and financial crisis and ensuing difficulties significantly better than other countries, both ministers underlined their commitment to continuing on the successful course, and underscored the responsibility of financial institutions and financial supervision and the importance of a stable eurozone and stable trade.

Within the framework of discussions between Tschütscher and Austrian Economy Minister Reinhold Mitterlehner, Tschütscher stressed the importance of cross-border cooperation, as well as the importance of new strategies, creative ideas and innovation in both politics and business. Establishing networks and boosting collaboration between industry, science and politics are therefore imperative, the minister added.

Commenting on the significance of the official visit by Klaus Tschütscher, the Liechtenstein government explained that Austria is a key trading partner for the principality, noting that so far this year Austria has exported more to Liechtenstein than to Greece.

TAGS: tax | international financial centres (IFC) | Liechtenstein | offshore | Austria | regulation

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