Vienna, April 11 (IANS) Finance Minister Nirmala Sitharaman on Friday invited Austrian companies to invest in India and highlighted the huge potential for strengthening bilateral economic ties between the two countries in renewable energy, electric vehicles, innovations and startups.
Addressing a press conference, Sitharaman said the highly successful visit of Prime Minister Narendra Modi to Austria in July 2024 was a milestone in the India-Austria partnership, especially in elevating our economic and commercial linkages to a higher trajectory.
“Prime Minister Modi had emphasised the political will of the Government of India to expand our partnership with Austria. My visit to Vienna is a reaffirmation of the PM's vision to work towards realising the fullest possible potential of our bilateral relationship with Austria, ” Sitharaman added.
She highlighted the opportunities for investment and cooperation between startups in India and Austria, particularly in the field of fintech.
The Finance Minister said startups and innovations are a key priority for both countries. India has over 110 unicorns and thousands of successful startups, while Austria also has a well-recognised startup ecosystem. Strengthening the relations would result in rapid progress in the sector, she added.
Sihtamraman also pointed out that India has a strong manufacturing sector and human resources. Austrian companies have already set up capability centres in India to leverage the country’s digital and IT talent with their advanced technologies.
She said the Indian government’s economic reforms had ensured the ease of doing business, and Austrian companies must avail of the investment opportunities as India is an excellent gateway to Asia and the Global South.
Sitharaman also invited Austria’s Finance Minister Markus Marterbauer to visit India with a business delegation to explore sectoral opportunities for collaboration and share best practices with each other.
The Austrian Federal Ministry of Finance issued an update on Sitharaman’s meetings with Finance Minister Markus Marterbauer and State Secretary Barbara Eibinger-Miedl in the capital.
Officials said the aim of her visit is to deepen India's economic and financial relations with Austria through high-level dialogues, bilateral meetings and exploring cooperation opportunities.
“Indian Finance Minister Nirmala Sitharaman reported on key aspects of the Indian economy, key reforms, and policy measures, ” the Austrian Finance Ministry said in a statement.
“She explained the opportunities for investment and business cooperation between the two countries, including through the National Investment and Infrastructure Fund, in the areas of e-mobility and semiconductors, as well as between start-ups on both sides, particularly in the area of financial technology, ” it noted.
It reiterated that its geopolitical location, historical roots, and economic strength make Austria a reliable trading partner for India.
“The US tariff and trade policies are putting a strain on the European and Austrian economies. This makes it all the more important to strengthen economic cooperation with all partner countries and promote innovation-driven collaborations, ” said Minister Marterbauer.
“India is the fastest-growing economy of all G20 countries, with projected GDP growth of over six per cent. If trade takes place under fair and sustainable conditions, both partners will benefit, " he said.
As an export-oriented economy, Austria said it has always been committed to common international rules and standards that promote prosperity and stability.
"Cooperation and trade relations with economies like India are of great importance for our location. The exchange with Finance Minister Sitharaman underscores the great potential for deeper cooperation between Austria and India – especially in the areas of digital and innovative financial technologies, ” stated Barbara Eibinger-Miedl.
“Together, we can create framework conditions that promote sustainable growth and open up new market opportunities for our domestic companies, " she added.