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PM Modi's Historic Vienna Visit In 41 Years: How Will It Shape India-Austria Economic Ties?

Prime Minister Narendra Modi is set to make a historic visit to Vienna on Tuesday, July 9, marking the first visit by an Indian Prime Minister to Austria in 41 years since Indira Gandhi. This two-day official trip underscores Modi’s commitment to deepening  India-Austria diplomatic relations during his third term in office. During his visit, […]

Modi's Historic Vienna Visit In 41 Years: How Will It Shape India-Austria Economic Ties?
Modi's Historic Vienna Visit In 41 Years: How Will It Shape India-Austria Economic Ties?

Prime Minister Narendra Modi is set to make a historic visit to Vienna on Tuesday, July 9, marking the first visit by an Indian Prime Minister to Austria in 41 years since Indira Gandhi. This two-day official trip underscores Modi’s commitment to deepening  India-Austria diplomatic relations during his third term in office.

During his visit, PM Modi will engage in high-level talks with Austrian President Alexander Van der Bellen and Chancellor Karl Nehammer. These discussions aim to strengthen the bilateral ties that have flourished over the past 75 years of diplomatic relations between the two nations. The Prime Minister has expressed his enthusiasm for this visit, noting its historic significance and his eagerness to explore new avenues of cooperation.

One of the key initiatives that highlight the growing collaboration between India and Austria is the India-Austria Startup Bridge, launched in February this year. This initiative aims to foster connections between startups from both countries, promoting knowledge exchange and collaboration. According to India’s Foreign Secretary Vinay Kwatra, the Startup Bridge has already seen promising developments, with about 20 Indian startups participating in a major event in Vienna this June.

The India-Austria Startup Bridge seeks to facilitate partnerships between startups, investors, partners, and mentors, thereby providing access to new markets and encouraging joint ventures. Austrian companies, known for their expertise in high-precision manufacturing and technology integration, offer significant opportunities for collaboration with India’s growing technological sector. Jajati Mohanty, CEO of Schiebel India, highlighted the potential for advanced engineering products through this partnership, citing the Camcopter S-100 rotary unmanned aerial system as a successful example of Indo-Austrian collaboration.

Austrian Minister for Labour and Economy, Martin Kocher, emphasized Austria’s strategic focus on South and Southeast Asian markets, with India being a top priority. Austria’s interest in India is driven by economic complementarities and the potential for mutual growth. Kocher also noted that Austria has become an attractive destination for the Indian film industry, offering incentives for movie productions.

Economic ties between India and Austria have been robust, with numerous Austrian companies established in India across sectors such as infrastructure, tunneling, and track laying. Both countries are keen on exploring collaborations in clean technologies and renewables, areas where Indian businesses can benefit from Austrian expertise.

In addition to strengthening bilateral relations with Austria, India continues to maintain strong economic ties with Russia. The bilateral trade between India and Russia has seen a significant increase, reaching nearly $65 billion in 2023-24, driven primarily by energy cooperation. Despite the trade imbalance, with Indian exports at $4 billion and imports close to $60 billion, efforts are ongoing to address this disparity in future discussions.

PM Modi’s visit to Austria is expected to further boost India-Austria relations, fostering new collaborations and solidifying the historic ties between the two nations.

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India-Austria RelationsPM ModiTDGThe Daily GuardianVienna