Modi invites Austrian companies to become part of India’s growth story

New Delhi: Prime Minister Narendra Modi on Wednesday invited Austrian companies to invest in India, highlighting the potential for bilateral collaborations in infrastructure, energy, emerging technologies, and other sectors.

According to reports, Modi arrived here from Moscow after meeting with Russian President Vladimir Putin on Tuesday evening. This two-day visit marks the first by an Indian prime minister in over 40 years.

Modi and Austrian Chancellor Karl Nehammer jointly addressed renowned Austrian and Indian CEOs at a round-table business meeting in Hofburg Palace.

Modi called on Austrian business stakeholders to look at the fast-unfolding opportunities in India as the country moves to become the third largest economy in the world over the next few years. The leaders noted that trade and investment between the two countries have been increasing over the years and called for realizing the full potential of the India-Austria partnership through greater collaboration.

The Indian Ministry of External Affairs said in a social media post, “PM highlighted the significant potential for collaboration between Indian and Austrian companies in various sectors, including infrastructure, renewable energy, green sectors, new and emerging technologies, fintech, startups, and innovation, among others."

Modi noted that India had made transformative progress in the last ten years and would continue on the same path given its strengths of political stability, policy predictability, and its reform-oriented economic agenda.

He further mentioned that the start-up bridge set up between India and Austria would yield substantial results. In this regard, he suggested that the two countries should come together and organize a joint hackathon.

Given India’s strengths, the Prime Minister urged Austrian majors to leverage the Indian economic landscape for high-quality and cost-effective manufacturing under the “Make in India” program, both for the domestic and international markets, and as a global supply chain destination.

He noted that India’s economic strengths and skills, combined with Austrian technology, were natural partners for business, growth, and sustainability. He invited Austrian businesses to utilize the investment opportunities in India and be a part of India’s stellar growth story.