European shares edged up on Friday, bolstered by companies with exposure to faster-growing foreign markets which are better protected from the bloc's economic and debt woes and exposure to high oil prices.

The FTSE Eurofirst 300 <.FTEU3> closed up 0.2 percent on the day at 1,077.38 points.

The German DAX <.GDAXI> index added 0.8 percent as investors continued to welcome Germany's relative economic strength and strong exports, while Austria - the most exposed to emerging markets among Western European countries - rose 1.6 percent <.ATX>.

We do like some domestic corporates but the bias of our portfolio will be towards exporters, James Buckley, fund manager at Baring Asset Management, said.

International exposure paid off on Friday, when a strong performance in Brazil helped Telecom Italia post slightly better than expected results.

Together with plans to reduce its debt burden, this helped boost the operator's shares nearly 7 percent, making them the top riser on the FTSE Eurofirst 300.

(Reporting By Toni Vorobyova)