India-Austria to deepen economic ties; Bilateral trade crosses USD 2.35 billion: CII Regional Chairman
New Delhi [India], April 14 (ANI): India and Austria move to deepen their economic partnership with a specific focus on green technologies and advanced manufacturing as bilateral trade between the two nations surpassed the USD 2.35 billion mark. Vir S Advani, Chairman of the CII Western Region and Chairman & Managing Director of Blue Star Ltd, identified these sectors alongside digital innovation as the primary drivers for the next phase of the bilateral relationship.
A CII India-Austria Economic Forum indicated a strategic shift toward more sustainable and technologically advanced industrial cooperation.
"India and Austria are set to deepen economic ties with a sharper focus on green technologies, advanced manufacturing, and digital innovation, as bilateral trade has crossed USD 2.35 billion," Advani said while speaking at the forum.
Advani noted that the current economic landscape shows robust growth in trade and strong two-way investments. This growth involves increasing diversification across several key sectors, including engineering, industrial machinery, information technology, and pharmaceuticals.
"Future collaboration will centre on sustainability, co-innovation, and resilient supply chains," Advani said. He noted that recent high-level engagements, including Prime Minister Narendra Modi's visit to Austria, further accelerate momentum and open new avenues for bilateral business engagement.
The India-Austria Economic Forum saw participation from several high-ranking officials and industry leaders. Attendees include H.E. Wolfgang Hattmannsdorfer, Federal Minister of Economy, Energy and Tourism of Austria, and H.E. Robert Zischg, Ambassador of Austria to India.
Other notable figures present include Hans-Joerg Hoertnagl, Trade Commissioner at the Austrian Embassy in New Delhi, Michael Otter, Head of Advantage Austria, and Alpa Antani, Regional Director of CII Western Region.
The India-Austria focus on bilateral economic ties coincides with Austria's Federal Chancellor Christian Stocker's official four-day visit to India starting April 14, aimed at bolstering bilateral cooperation across various sectors, including trade, investment, and critical technologies.
During the visit, the Austrian leader is scheduled to engage in comprehensive discussions with Prime Minister Narendra Modi, focusing on the current state of India-Austria relations and exchanging perspectives on significant regional and global developments.
According to the Ministry of External Affairs (MEA), "Prime Minister Narendra Modi and Federal Chancellor Christian Stocker will hold discussions on strengthening bilateral cooperation across a wide range of areas."
This trip is particularly significant as it represents Stocker's inaugural official visit to Asia, as well as his first trip to India.
He will be accompanied by a high-level delegation, which includes the Federal Minister of Economy, Energy and Tourism, Wolfgang Hattmannsdorfer, along with senior government officials and prominent business leaders.
The MEA further noted that the two leaders "will also exchange views on regional and global issues of mutual interest, including cooperation in multilateral fora." (ANI)
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