FM Nirmala Sitharaman urges Austrian firms to harness India opportunity

Lays out priority areas like digital tech, infra, RE among others to enhance ties

For enhanced bilateral relations between India and Austria, India has identified areas such as green and digital technologies, infrastructure, renewable energy, water management, life sciences, as well as electric mobility and transportation, Union Finance Minister Nirmala Sitharaman on Friday said.

 

Addressing the India-Austria business roundtable in Vienna, she said Austrian companies should utilise opportunities India offered as the country had made progress as a result of the government’s efforts in accelerating growth and equity as well as reforms to ensure the ease of doing business.

 

“I highlighted emerging opportunities in new and emerging sectors such as green hydrogen, electric vehicles, digital public infrastructure and innovation. India is an excellent gateway to Asia and the Global South,” she said.

 

Talking about startups and innovation, Sitharaman said these were a key priority for both governments. India has over 110 unicorns and several thousand successful startups, she said, adding Austria too had a well-recognised startup ecosystem.

 

Sitharman urged Austrian companies to invest in India.

 

She said the prospects for a stronger economic and commercial partnership between the two countries were bright. Stressing that India had the manufacturing base and scale, she said several Austrian companies had set up capability centres in India to leverage the digital and IT (information technology) talent in India.

 

Recalling Prime Minister Narendra Modi’s visit to a European country last year, she said it was a milestone in the India-Austria partnership, especially in strengthening economic and commercial links.

 

During her bilateral meeting with Austrian Finance Minister Markus Marterbauer, Sitharaman discussed issues in the financial, economic, trade and investment areas.

 

Moreover, Vienna cited the “strain” caused by tariffs imposed by America and urged strengthening economic cooperation with partner countries.

 

The Austrian Federal Ministry of Finance issued an update on Sitharaman’s meetings with Marterbauer and State Secretary Barbara Eibinger-Miedl on Thursday.

 

“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 Marterbauer.

 

“India is the fastest-growing economy of all G20 countries, with projected GDP (gross domestic product) growth of over 6 per cent. If trade takes place in fair and sustainable conditions, both partners will benefit,” he said.

 

As an export-oriented economy, Austria said it had always been committed to common international rules and standards on prosperity and stability.

 

Sitharaman invited Marterbauer to visit India with a business delegation.

 

She is in Austria as part of her two-nation tour, which started in London for the India-United Kingdom Economic and Financial Dialogue earlier this week.