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India-Austria can cooperate in renewable energy, smart cities, and tourism sector

Visuals from India-Austria business meet (Photo source: PIB)

The India-Austria Business Forum held in Vienna, underscored a robust framework for bilateral cooperation spanning multiple sectors.

Speaking on bilateral trade dynamics, R K Singh, Secretary, Department for Promotion of Investments and Internal Trade, Ministry of Commerce and Industry, India, noted, “The two-way trade between India and Austria is worth about USD 2 Billion, it is relatively well balanced.”

He underscored the strategic importance of sustainable growth and highlighted the success stories of multinational corporations investing in India.

The event, organized by the Confederation of Indian Industry (CII) in collaboration with Austrian Federal Economic Chamber and Federation of Austrian Industries, coincided with Prime Minister Narendra Modi’s visit to Austria, fostering discussions on strategic partnerships and mutual growth opportunities.

Martin Kocher, Minister of Labour and Economy, Austria, hailed India’s vibrant startup ecosystem as among the world’s most dynamic.

Emphasizing cooperation potentials, he highlighted renewable energy, smart cities, audio-visual and films, tourism, and other sectors as pivotal areas for joint ventures.

“We value the Indian startup ecosystem as one of the most vibrant in the world,” stated Kocher, addressing a gathering that included approximately 30 Austrian companies and 11 Indian firms.

Sanjiv Puri, President of CII, articulated Indian companies’ interest in investing in Austria, particularly in R&D, AI, and software aimed at the European market. He stressed the significance of fostering collaboration in sustainable agriculture, water treatment, and food processing.

Highlighting opportunities for collaboration in manufacturing, construction, logistics, and the India-EU trade agreement, R Dinesh, Immediate Past President of CII, emphasized Austria’s pivotal role in India’s globalization journey.

He said, “Indian industry believes that Austria is a vital partner in its globalization journey.”

Tejpreet Chopra, President and CEO of Bharat Light & Power Private Ltd., underscored innovation, automation, and startup opportunities between India and Austria, highlighting the potential for technological exchange.

Chandrajit Banerjee, Director General of CII, called for enhanced bilateral cooperation through short-term mobility and technical training programs to address skill gaps in Austria.

Austrian companies shared insights into opportunities in India, recounting their experiences and successes in sectors such as renewable energy, automotive, space, and robotics. Indian startups also showcased their capabilities, further enriching the dialogue on fostering innovation and entrepreneurship.