PM Modi Invites Austrian Companies to Invest in India

11 Jul 2024 CW Team

Prime Minister Narendra Modi, during his visit to Austria urged Austrian companies to explore investment opportunities in India, emphasizing potential collaborations in infrastructure, renewable energy, and emerging technologies. Modi's visit follows his meeting with Russian President Vladimir Putin in Moscow and marks the first by an Indian prime minister to Austria in over 40 years.

Modi, along with Austrian Chancellor Karl Nehammer, addressed a gathering of prominent CEOs from both nations at Hofburg Palace, Vienna. The meeting focused on fostering partnerships across various sectors, including fintech, startups, innovation, and green initiatives.

According to a statement by the Indian Ministry of External Affairs, Modi highlighted the robust potential for collaboration between Indian and Austrian companies in diverse fields. The launch of the India-Austria Startup Bridge earlier this year underscores efforts to enhance innovation and entrepreneurship exchanges between the two countries.

Bilateral trade between India and Austria in 2023 reached USD 2.93 billion, with Indian exports amounting to USD 1.52 billion and imports totaling USD 1.41 billion. Modi's invitation to Austrian firms aims to deepen economic ties and mutual investment opportunities, further strengthening bilateral relations.

The visit marks a significant step towards expanding economic partnerships and leveraging India's growth trajectory to attract foreign investment in key sectors essential for sustainable development and technological advancement.

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