In Vienna, Prime Minister Narendra Modi on Wednesday invited Austrian companies to be part of India's stellar growth story by leveraging high-quality, cost-effective manufacturing under the "Make in India" program for domestic and international markets. international.
In his joint address to industry leaders, along with Austrian Chancellor Karl Nehammer, Modi specifically mentioned India's production-linked incentive (PLI) scheme to attract global manufacturing companies in the fields of semiconductors, medical devices and photovoltaic solar cells, among others.
Called on stakeholders in the Austrian business sector to look at the rapidly developing opportunities in India as the country moves to become the world's third-largest economy in the coming years, the Foreign Ministry said. India (MEA) in a statement.
Prime Minister Modi arrived here from Moscow after meeting Russian President Vladimir Putin on Tuesday afternoon on a two-day visit, the first by an Indian Prime Minister in over 40 years.
In a post on social media platform
Austrian Chancellor Nehammer, in an article in X, stated that in the field of science and research, the two countries are very close to concluding an important cooperation agreement between Austrian and Indian technical universities.
"This agreement, as well as other partnerships, will significantly enhance our cooperation in the fields of pharmacy, education, technology, digital infrastructure and space technology. Austria brings considerable experience, knowledge and innovation capacity in this area," he claimed. .
Both leaders acknowledged the role played by industry leaders in strengthening bilateral relations and promoting economic cooperation between India and Austria, the ministry said in the statement.
They noted that trade and investment between the two countries have increased over the years and called for harnessing the full potential of the India-Austria partnership through greater collaboration.
Given India's strengths, Modi urged large Austrian companies to take advantage of the Indian economic landscape for high-quality and cost-effective manufacturing under the 'Make in India' program for domestic and international markets and as a chain destination. of global supply, MEA said.
In this context, the Prime Minister spoke about India's Production Linked Incentive (PLI) scheme to attract global manufacturing companies in the fields of semiconductors, medical devices and solar photovoltaic cells, among others.
Modi noted that India's economic strengths and capabilities and Austrian technology were natural partners for business growth and sustainability, the official statement said.
"He (Modi) invited Austrian companies to utilize investment opportunities in India and be a part of India's stellar growth story," the MEA said.
In his speech, the Prime Minister said that India has made transformative progress in the last 10 years and will continue on the same path, given its strengths of political stability, policy predictability and its reform-oriented economic agenda.
He highlighted the measures taken by the government to improve the ease of doing business, which attracted large global companies to India.
Speaking about India's economic growth and transformation, Modi highlighted India's success in the field of startups, creation of next-generation infrastructure and its commitment to push ahead with the green agenda.
He also mentioned that the startup bridge established between India and Austria would yield substantial results.
In this regard, Modi suggested that the two countries should come together and organize a joint hackathon. He further spoke about the success of Digital Public Infrastructure in the country and the measures taken to improve connectivity and logistics.
To encourage innovation and entrepreneurship between countries, the IndiaAustria Startup Bridge was launched in February 2024.
Bilateral trade between Indo-Austria for 2023 (January-December) was $2.93 billion. Indian exports to Austria amounted to $1.52 billion and imports to $1.41 billion.
In his joint address to industry leaders, along with Austrian Chancellor Karl Nehammer, Modi specifically mentioned India's production-linked incentive (PLI) scheme to attract global manufacturing companies in the fields of semiconductors, medical devices and photovoltaic solar cells, among others.
Called on stakeholders in the Austrian business sector to look at the rapidly developing opportunities in India as the country moves to become the world's third-largest economy in the coming years, the Foreign Ministry said. India (MEA) in a statement.
Prime Minister Modi arrived here from Moscow after meeting Russian President Vladimir Putin on Tuesday afternoon on a two-day visit, the first by an Indian Prime Minister in over 40 years.
In a post on social media platform
Austrian Chancellor Nehammer, in an article in X, stated that in the field of science and research, the two countries are very close to concluding an important cooperation agreement between Austrian and Indian technical universities.
"This agreement, as well as other partnerships, will significantly enhance our cooperation in the fields of pharmacy, education, technology, digital infrastructure and space technology. Austria brings considerable experience, knowledge and innovation capacity in this area," he claimed. .
Both leaders acknowledged the role played by industry leaders in strengthening bilateral relations and promoting economic cooperation between India and Austria, the ministry said in the statement.
They noted that trade and investment between the two countries have increased over the years and called for harnessing the full potential of the India-Austria partnership through greater collaboration.
Given India's strengths, Modi urged large Austrian companies to take advantage of the Indian economic landscape for high-quality and cost-effective manufacturing under the 'Make in India' program for domestic and international markets and as a chain destination. of global supply, MEA said.
In this context, the Prime Minister spoke about India's Production Linked Incentive (PLI) scheme to attract global manufacturing companies in the fields of semiconductors, medical devices and solar photovoltaic cells, among others.
Modi noted that India's economic strengths and capabilities and Austrian technology were natural partners for business growth and sustainability, the official statement said.
"He (Modi) invited Austrian companies to utilize investment opportunities in India and be a part of India's stellar growth story," the MEA said.
In his speech, the Prime Minister said that India has made transformative progress in the last 10 years and will continue on the same path, given its strengths of political stability, policy predictability and its reform-oriented economic agenda.
He highlighted the measures taken by the government to improve the ease of doing business, which attracted large global companies to India.
Speaking about India's economic growth and transformation, Modi highlighted India's success in the field of startups, creation of next-generation infrastructure and its commitment to push ahead with the green agenda.
He also mentioned that the startup bridge established between India and Austria would yield substantial results.
In this regard, Modi suggested that the two countries should come together and organize a joint hackathon. He further spoke about the success of Digital Public Infrastructure in the country and the measures taken to improve connectivity and logistics.
To encourage innovation and entrepreneurship between countries, the IndiaAustria Startup Bridge was launched in February 2024.
Bilateral trade between Indo-Austria for 2023 (January-December) was $2.93 billion. Indian exports to Austria amounted to $1.52 billion and imports to $1.41 billion.
