The city has deservedly been named the European Capital of Culture for 2003 and is home to a wealth of museums and galleries, theatre, opera and a variety of contemporary architecture. In addition, Graz plays host to several notable festivals every year such as the 'Diagnonal', which is a tribute to Austrian cinema, and the avant-garde 'Styrian Autumn'.

Economy:
Graz is the economic centre of Styria and, according to the European Commission, is responsible for 40 per cent of jobs in the region. For much of its history Stryria has been a traditional industrial region but a change in demand and world markets has led to dramatic restructuring in recent years. There has been a shift in focus from the large scale traditional industries to technology intensive industries dominated by many small and medium sized companies. In fact, one in three high technology products made in Austrian come out of the Styria region. Such change has had a huge impact on the region's prosperity and since 1993 it has improved its EU ranking by 66 places to a position of 53 out of some 243 regions.

Local infrastructure:
The city of Graz benefits from an ideal location and is the principle transport junction in south east Austria with excellent access to the markets of Central and Eastern Europe. Venice, Budapest and Munich can all be reached by road in approximately 5 hours and there are numerous road and rail links connecting Graz with the rest of Austria. The city has its own international airport with daily connections to and from major European destinations such as Frankfurt, Hanover, London, Rotterdam, Vienna and Zurich. In 2002, the airport catered for just under 800,000 passengers and the amount of cargo passing through the airport has been increasing in recent years with growth rates of 24 per cent and 30 per cent in 1999 and 2000 respectively. In 2002, a new control tower was opened and work is currently underway on an extension to the passenger terminal, which is due for completion in 2005.

Graz also has excellent access to Vienna International Airport, which can be reached by train and shuttlebus in just over 2½ hours. The airport caters for flights to and from approximately 135 destinations worldwide including about 35 in East Europe.

Local workforce:
Figures from the Province of Styria's Department of Business, Finance and Telecommunications, show that the tertiary sector is the region's largest employer with nearly 275,000 workers in 2000. In the same year the secondary sector employed approximately 140,000 people, while the primary sector had just over 4,000 employees.

The standard of general education in Austria is extremely good and the country has one of the highest levels of spending on education in the world, at 6.5 per cent of GDP. This tradition of educational excellence is exemplified in Graz which benefits 3 universities, several research institutions and numerous educational and technical colleges all ensuring employers operating in the city have access to a highly qualified workforce.

Standard of Living:
Graz is a picturesque city with a rich cultural heritage and a wealth of entertainment available. During Medieval times and the Renaissance period the city was home to the Habsburg Monarchy and today its historic city centre, which is one of the largest and best preserved in Europe, is a designated world heritage site. The city also benefits from beautiful surroundings, ranging from wine growing regions to the south to Alpine mountains in the north.

Graz is also noted for its excellent transport planning policies which have ensured the city benefits from efficient public transport, low levels of congestion and good environmental conditions.

Business Costs:
Companies setting up and developing new operations in Graz can receive considerable financial assistance from the Business Promotion Institute of Styria. Such assistance includes help with the costs of external consultancy services and a start up premium to cover costs directly incurred as a result of establishing a business. There are also grants available for development once the business is established.