Modi Courts Austrian Investment to Boost Bilateral Trade

Prime Minister Narendra Modi invited Austrian companies to invest in India, stressing potential collaborations in infrastructure, energy, and tech sectors. He met Austrian Chancellor Karl Nehammer in Vienna after discussions with Russian President Vladimir Putin. A new India-Austria Startup Bridge was launched to enhance entrepreneurial ties.

Prime Minister Narendra Modi has extended an invitation to Austrian companies to invest in India, emphasizing the promising opportunities for bilateral collaborations across infrastructure, energy, and emerging technology sectors.

Modi arrived in Vienna from Moscow after engaging in talks with Russian President Vladimir Putin. This visit, the first by an Indian prime minister in more than four decades, saw Modi and Austrian Chancellor Karl Nehammer jointly addressing top executives from both countries during a round table business meeting at Hofburg Palace.

According to the Indian Ministry of External Affairs, Modi underscored the immense collaboration potential between Indian and Austrian firms in areas including infrastructure, renewable energy, fintech, and innovation. Additionally, the India-Austria Startup Bridge, aimed at fostering innovation and entrepreneurship, was launched this February. Bilateral trade between the two nations amounted to USD 2.93 billion in 2023, with Indian exports at USD 1.52 billion and imports totalling USD 1.41 billion.

(With inputs from agencies.)