160 Austrian companies operates in India
A bilateral Fast-Track Mechanism (FTM) was signed and made operational during the India–Austria Business Forum to facilitate investments, address issues and ensure their timely resolution for companies and investors from the two countries.
It will also serve as a forum for sharing suggestions to further improve ease of doing business in both countries, reflecting the shared commitment to strengthening investor confidence, the Ministry of Commerce and Industry said on 17 April after hosting the forum in New Delhi.
The forum was held on the occasion of the visit of Federal Chancellor of Austria, Dr Christian Stocker, and Federal Minister of Economy, Energy and Tourism of Austria, Wolfgang Hattmannsdorfer.
The Indian side was led by Minister of Commerce and Industry Piyush Goyal. The forum brought together senior government representatives, policymakers and industry leaders to explore opportunities for enhancing trade, investment and strategic collaboration.
The Business Forum marked a significant step in strengthening bilateral economic relations between India and Austria. The visit represents the first official visit by an Austrian Chancellor to India in over four decades, underscoring the growing importance of India–Austria relations within the broader India–European Union economic framework. Both sides expressed intent to expand bilateral trade beyond current levels and leverage complementarities in industrial capabilities, technology and innovation ecosystems.
Discussions at the forum highlighted the importance of the proposed India–EU Free Trade Agreement (FTA) as a key enabler for scaling trade, reducing barriers and facilitating investment flows. The forum also identified sustainable development, advanced manufacturing and green technologies as priority areas for future cooperation. The FTA is expected to create opportunities for labour-intensive sectors and MSMEs through enhanced market access and improved regulatory frameworks.
Both government and industry stakeholders emphasised the importance of proactive engagement by businesses to fully realise the benefits of the proposed agreement. Industry representatives were encouraged to prepare for its implementation to ensure wider participation, including MSMEs and innovation-driven enterprises.
Minister Goyal highlighted the strong macroeconomic fundamentals of the Indian economy and its resilience amid global challenges. He underscored the role of reforms, including reindustrialisation and the promotion of advanced manufacturing and smart technologies, as key drivers of growth. He also emphasised the need to scale bilateral trade, explore opportunities in labour-intensive sectors and institutionalise the Business Forum for sustained engagement.
Chancellor Dr Christian Stocker described his visit to India as a milestone in bilateral relations and highlighted the steady growth in economic engagement between the two countries. He noted that trade has reached approximately Euro3 billion and that around 160 Austrian firms are operating in India. He also emphasised India’s growth trajectory and its importance as a strategic partner. He highlighted the potential of the India–EU FTA to significantly enhance exports in key sectors.
“The India–Austria Business Forum reaffirmed the strong foundation and future potential of bilateral relations. With aligned priorities, complementary strengths and a shared commitment to sustainable growth, both countries are well positioned to further deepen their economic partnership,” the Ministry said.
Also held in New Delhi was the 17th Session of the India–Austria Joint Economic Commission (IAJEC).
Goyal highlighted the strategic importance of the engagement and emphasised India’s commitment to strengthening economic partnerships that translate into tangible outcomes across trade, investment and innovation.
The IAJEC was co-chaired by Department of Commerce Joint Secretary Saket Kumar and Director General, Federal Ministry of Economy, Energy and Tourism of Austria Florian Frauscher.
The meeting served as an important platform to review the current status of bilateral economic relations, enhance cooperation across priority sectors and outline a forward-looking roadmap for strengthening trade and investment ties between the two countries.
The discussions included a comprehensive assessment of bilateral trade and investment relations. Both sides explored opportunities for cooperation across a range of sectors including infrastructure (automotive, railways and road transport), scientific research and innovation, dual vocational training, skills development and recognition of vocational qualifications, startups (Global Innovation Network), AYUSH and wellness, tourism, semiconductors, critical minerals, digitalisation and artificial intelligence, film funding and other trade and business-related areas.
Both sides also welcomed the conclusion of negotiations for the India–European Union Free Trade Agreement (FTA).
The IAJEC reaffirmed India’s commitment to strengthening a future-oriented economic partnership with Austria, based on mutual trust and shared values, while creating new avenues for deeper engagement with Europe, the Ministry said. fiinews.com
