India and Austria can cooperate in renewable energy, smart cities and tourism sectors

Speaking about the dynamics of bilateral trade, RK Singh, Secretary, Department of Investment Promotion and Internal Trade, Ministry of Commerce and Industry, India, noted, “Bilateral trade between India and Austria is worth around $2 billion and is relatively well balanced.”

He emphasised the strategic importance of sustainable growth and described success stories of multinational corporations investing in India.

The event, organised by the Confederation of Indian Industry (CII) in cooperation with the Austrian Federal Chamber of Commerce and the Federation of Austrian Industries, coincided with Prime Minister Narendra Modi’s visit to Austria, facilitating discussions on strategic partnerships and mutual development opportunities.

Martin Kocher, Austrian Minister of Labour and Economics, has hailed India’s thriving startup ecosystem as one of the most dynamic in the world.

Highlighting the potential of cooperation, he pointed to renewable energy sources, smart cities, audiovisual and film sector, tourism and other sectors as key areas for joint ventures.

“We value the Indian startup ecosystem as one of the most dynamic in the world,” Kocher said, addressing the gathering of around 30 Austrian and 11 Indian companies.

Sanjiv Puri, president of CII, expressed interest of Indian companies in investing in Austria, especially in R&D, artificial intelligence and software aimed at the European market. He stressed the importance of supporting cooperation in sustainable agriculture, water treatment and food processing.

Highlighting the opportunities for cooperation in manufacturing, construction, logistics and trade agreement between India and the EU, R. Dinesh, former President, CII, highlighted Austria’s key role in India’s globalisation.

He said: “The Indian industry believes that Austria is an important partner in its path to globalisation.”

Tejpreet Chopra, Chairman and CEO, Bharat Light & Power Private Ltd., highlighted the potential of innovation, automation and startups between India and Austria, noting the potential of technology exchange.

Chandrajit Banerjee, Director General of CII, called for greater bilateral cooperation through short-term mobility and technical training programmes to address the skills gap in Austria.

Austrian companies shared their insights on opportunities in India, sharing their experiences and successes in sectors like renewable energy, automotive, space and robotics. Indian startups also showcased their capabilities, further enriching the dialogue on fostering innovation and entrepreneurship. (ANI)

This report is generated automatically by ANI news service. ThePrint is not responsible for its content.