An Irish Austrian business forum held this morning heard that trade between the two countries hit €1.4 billion last year.
Austrian companies are behind some of Ireland's biggest engineering projects - the glass and steel facade of Dublin's Convention Centre Dublin; 18,000 low energy traffic lights; and the tunnel under the River Shannon.
Meanwhile exports from sectors like engineering and electronics are strong, and over 250 Irish companies operate in Austria.
Exports to Austria increased almost 14% last year, and Vienna is seen as the gateway city to the former eastern block.
And speaking after this morning's forum, the Austrian President Dr Heinz Fischer predicted that with the financial crisis behind Ireland, the country's trade levels will improve.
Dr Fischer said that if Ireland has the money for investment, business people will come back to Ireland and invest here.