Austria sees scope for increasing trade with India

Austria, the world's seventh largest exporter, is keen on expanding economic ties with India.
"The trade between India and Austria is at 1.5 billion euros and we see increasing trade between the two countries. The trade relations started recovering after 2013 and have been steadily growing," Austrian Ambassador to India Bernhard Wrabetz told reporters here today.
Austria exports machinery and vehicles, iron and steel, pharmaceuticals, chemical products, optical instruments and photographic equipment to India, while imports machinery, electrical engineering and mechanical devices, apparels, shoes, circuits and components of mobile phones and organic compounds from India.
Austria is ranked among some of the world's major exporters such as Switzerland, Sweden and Germany. The crisis in the Ukraine could lead to a shift and Asian counties like India might become more attractive, he said.

The European country is looking at investment in India in various sectors Wrabetz said, adding that it is also looking at opportunities for investment from India.
Among the major investments, Indian businessman and investor Sanjeev Kanoria had acquired the domestic banking unit of Austrian bank Hypo Alpe Adria for around USD 85.5 million. Two wheeler major, Bajaj Auto also holds 48 per cent stake in Austrian firm KTM.
Austria is now seeking building greater trade and cultural co-operation with India, Wrabetz said.