India-Austria Business Meeting Spurs Economic Collaboration

Indian Prime Minister Narendra Modi and Austrian Chancellor Karl Nehammer spearheaded the India-Austria Business Meeting, engaging around 40 businesses from the two nations. The event, which also included participation from key Indian officials, aimed to explore new economic opportunities and bolster bilateral trade relations amidst a challenging global economic climate.

Prime Minister Narendra Modi and Austrian Chancellor Karl Nehammer spearheaded the India-Austria Business Meeting, bringing together around 40 businesses from both nations to explore new economic opportunities and strengthen bilateral trade relations. External Affairs Minister S Jaishankar and National Security Advisor (NSA) Ajit Doval were also in attendance.

Prime Minister Modi arrived in Vienna on Tuesday evening for a day-long state visit, marking his first bilateral visit to Austria. Ministry of External Affairs spokesperson Randhir Jaiswal confirmed the significance of this visit. Chancellor Nehammer lauded India's advancements in infrastructure and digitalisation, highlighting the country's rapid development.

"It is impressive to see India's success in digitalisation and infrastructural development at an enormous pace. Today's Business Forum, hosting about 40 businesses from India and Austria, aims to foster new cooperation and identify economic opportunities," said Chancellor Nehammer during the joint press statement. He stressed the urgency of forming new economic partnerships amid the current challenging global economic climate.

Chancellor Nehammer noted, "With the global economy in a precarious state, it is crucial for Austria, being an export-oriented country, to explore new forms of economic cooperation." He added, "India and Austria currently share strong economic and trade relations based on mutual trust, with a trade volume of 2.7 billion Euros and over 150 Austrian businesses operating in India. We anticipate further Indian investments in Austria, particularly in sectors such as renewable energy, environmental technology, urban development, and infrastructure."

This visit marks the first time an Indian Prime Minister has visited Austria in 41 years, with the last visit being by Indira Gandhi in 1983. PM Modi's trip to Austria follows his two-day official visit to Russia, where he met with President Vladimir Putin.

(With inputs from agencies.)