PM Modi invites Austrian companies to invest in India

Prime Minister Modi Invites Austrian Companies to Invest in India, Emphasizes Potential for Bilateral Collaborations

New Delhi: Prime Minister Narendra Modi on Wednesday extended an invitation to Austrian companies to invest in India, highlighting the immense potential for bilateral collaborations across multiple sectors, including infrastructure, energy, and emerging technologies.

Modi arrived in Vienna, the capital of Austria, from Moscow after meeting with Russian President Vladimir Putin on Tuesday evening. This visit marks the first by an Indian prime minister to Austria in over 40 years.

During his visit, Modi and Austrian Chancellor Karl Nehammer jointly addressed a gathering of renowned Austrian and Indian CEOs at a round table business meeting held at the historic Hofburg Palace.

"Prime Minister Modi highlighted the significant potential for collaboration between Indian and Austrian companies in various sectors, including infrastructure, renewable energy, green sectors, new and emerging technologies, fintech, startups, and innovation, among others," stated the Indian Ministry of External Affairs in a social media post.

The Prime Minister specifically invited Austrian companies to explore investment opportunities in India, underscoring the country's robust economic growth and favorable business environment.

To further foster innovation and entrepreneurship between the two nations, the India-Austria Startup Bridge was launched in February 2024, aiming to create a seamless platform for startups from both countries to collaborate and thrive.

Indo-Austria bilateral trade for the year 2023 (January-December) was valued at USD 2.93 billion. Indian exports to Austria stood at USD 1.52 billion, while imports from Austria amounted to USD 1.41 billion.

This visit and the discussions held during the round table meeting are expected to strengthen economic ties and pave the way for increased investments and technological exchanges between India and Austria.