India and Austria identify stronger economic and technology partnership

Prime Minister's Office has unveiled statement on enhanced India-Austria partnership. It noted that Prime Minister Narendra Modi paid an official visit to Austria from 9-10 July 2024. During his visit, the Prime Minister called on Alexander Van der Bellen, President of Austria, and held bilateral discussions with Chancellor Nehammer.

The two leaders identified a stronger economic and technology partnership between the two countries as a strategic objective. In this context, they welcomed the convening of the first-ever high-level bilateral Business Forum with the participation of the CEOs of several companies in Vienna during the visit. The two leaders addressed the Business Forum and encouraged business representatives to work towards new and more dynamic tie-ups across different sectors.

The two leaders recognised the vital importance of research, scientific tie-ups, technology partnerships and innovation in driving forward the bilateral partnership and called for all such opportunities to be explored in mutual interest. They emphasised the need for stronger collaboration to develop and commercialise technologies in identified areas through new business, industry and R&D partnership models.

The leaders welcomed initiatives to link the innovation and start-up ecosystems of the two countries through the Start-Up Bridge set up during the visit of the Austrian Minister of Labour and Economy to India in February 2024 and the successful visit of a group of Indian Start-Ups to Austria in June 2024. They encouraged relevant agencies of both countries to work to deepen further similar exchanges in future, including through frameworks such as Austria's Global Incubator Network and the Start Up India initiative.

Being parties to the United Nations Framework Convention on Climate Change (UNFCCC) and as countries committed to holding the increase in the global average temperature to well below 2 degrees Celsius above pre-industrial levels, the leaders recognised that this would significantly reduce the risks and impacts of climate change. They recalled the binding targets adopted at the EU level for climate neutrality by 2050, the Austrian government's commitment to achieve climate neutrality by 2040, and the Indian government's commitment to achieving net zero emissions by 2070.

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