Synopsis
Finance Minister Nirmala Sitharaman has invited Austrian firms to invest in India, highlighting potential collaborations in renewable energy, electric vehicles, and startups. Her visit aims to strengthen economic ties following Prime Minister Modi's successful visit to Austria. Opportunities in fintech and manufacturing were emphasized during discussions with Austrian officials.Key Takeaways
- Investment opportunities in renewable energy and electric vehicles.
- Strengthening bilateral economic ties between India and Austria.
- Focus on startups and innovations in fintech.
- Potential collaborations through the National Investment and Infrastructure Fund.
- Invitation to Austria's Finance Minister for further discussions.
Vienna, April 11 (NationPress) Finance Minister Nirmala Sitharaman on Friday extended an invitation to Austrian firms to invest in India, emphasizing the significant opportunities to enhance bilateral economic relations in sectors such as renewable energy, electric vehicles, innovations, and startups.
During a press briefing, Sitharaman noted that the highly productive visit of Prime Minister Narendra Modi to Austria in July 2024 marked a pivotal moment in the India-Austria partnership, particularly in advancing our economic and commercial connections.
“Prime Minister Modi had underscored the political commitment of the Government of India to broaden our collaboration with Austria. My visit to Vienna reaffirms the PM's vision of unlocking the full potential of our bilateral relationship with Austria,” added Sitharaman.
She pointed out the prospects for investment and collaboration between startups in both India and Austria, especially in the fintech sector.
The Finance Minister stated that startups and innovation are top priorities for both nations. India boasts over 110 unicorns and a robust startup ecosystem, while Austria also has a recognized startup environment. Enhancing relations would accelerate advancements in this sector, she remarked.
Sitharaman also highlighted India’s strong manufacturing capabilities and skilled workforce. Austrian companies have already established capability centers in India to leverage the country’s IT and digital talent along with their advanced technologies.
She emphasized that the Indian government's economic reforms have improved the ease of doing business, encouraging Austrian companies to seize investment opportunities, as India serves as an excellent gateway to Asia and the Global South.
Sitharaman also invited Austria’s Finance Minister Markus Marterbauer to visit India with a business delegation to explore sector-specific opportunities for collaboration and share best practices.
The Austrian Federal Ministry of Finance provided an update on Sitharaman’s discussions with Finance Minister Marterbauer and State Secretary Barbara Eibinger-Miedl in the capital.
Officials indicated that her visit aims to deepen India's economic and financial connections with Austria through high-level dialogues, bilateral meetings, and the exploration of cooperative opportunities.
“Indian Finance Minister Nirmala Sitharaman reported on key aspects of the Indian economy, major reforms, and policy measures,” noted the Austrian Finance Ministry in a statement.
“She elaborated on the investment and business cooperation prospects between the two countries, including through the National Investment and Infrastructure Fund, particularly in e-mobility and semiconductors, as well as collaboration between startups, especially in financial technology,” it remarked.
The ministry reiterated that Austria's geopolitical position, historical ties, and economic strength make it a dependable trading partner for India.
“The US tariff and trade policies are straining the European and Austrian economies. This emphasizes the necessity of strengthening economic collaboration with all partner nations and fostering innovation-driven partnerships,” Minister Marterbauer stated.
“India is the fastest-growing economy among all G20 nations, with an anticipated GDP growth exceeding six percent. If trade occurs under fair and sustainable conditions, both partners will gain,” he added.
As an export-oriented economy, Austria has consistently adhered to common international rules and standards that foster prosperity and stability.
“The collaboration and trade relations with economies like India are crucial for our location. The dialogue with Finance Minister Sitharaman highlights the immense potential for deeper cooperation between Austria and India, particularly in the realms of digital and innovative financial technologies,” stated Barbara Eibinger-Miedl.
“Together, we can establish framework conditions that encourage sustainable growth and unveil new market opportunities for our domestic enterprises,” she concluded.
