The India-Austria Business Forum in Vienna highlighted a solid foundation for bilateral collaboration across diverse sectors.
Discussing bilateral trade dynamics, R K Singh, Secretary of the Department for Promotion of Investments and Internal Trade in India’s Ministry of Commerce and Industry, noted that the two-way trade between India and Austria amounts to approximately USD 2 billion, describing it as relatively balanced. He emphasized the strategic importance of sustainable growth and highlighted the success stories of multinational corporations investing in India.
Organized by the Confederation of Indian Industry (CII) in collaboration with the Austrian Federal Economic Chamber and the Federation of Austrian Industries, the event coincided with Prime Minister Narendra Modi’s visit to Austria. This facilitated discussions on strategic partnerships and mutual growth opportunities.
Martin Kocher, Austria’s Minister of Labour and Economy, praised India’s vibrant startup ecosystem as one of the most dynamic in the world. He pointed out the potential for cooperation in renewable energy, smart cities, audio-visual and films, tourism, and other sectors as key areas for joint ventures.
“We value the Indian startup ecosystem as one of the most vibrant in the world,” Kocher stated, addressing an audience that included around 30 Austrian companies and 11 Indian firms.
Sanjiv Puri, President of CII, expressed Indian companies’ interest in investing in Austria, especially in research and development, artificial intelligence, and software for the European market. He stressed the importance of collaboration in sustainable agriculture, water treatment, and food processing.
R Dinesh, Immediate Past President of CII, highlighted opportunities for collaboration in manufacturing, construction, logistics, and the India-EU trade agreement. He emphasized Austria’s crucial role in India’s globalization journey, saying, “Indian industry believes that Austria is a vital partner in its globalization journey.”
Tejpreet Chopra, President and CEO of Bharat Light & Power Private Ltd., focused on innovation, automation, and startup opportunities between India and Austria, underscoring the potential for technological exchange.
Chandrajit Banerjee, Director General of CII, advocated for increased bilateral cooperation by implementing short-term mobility and technical training programs to bridge skill gaps in Austria.
Austrian companies discussed their achievements in renewable energy, automotive, space, and robotics sectors. Indian startups demonstrated their innovations, enhancing discussions on promoting entrepreneurship and innovation.
