BM Hattmannsdorfer: focus on growth market India

As part of a job discussion and an exchange with Austrian companies, BM Hattmannsdorfer welcomed the Indian finance minister Nirmala Sitharaman to the Federal Ministry of Economic Affairs, Energy and Tourism. India and Austria maintain long -term, excellent relationships.

“Especially in times of multiple crises and an economic situation that is characterized by a lot of uncertainty, reliable partners are more important than ever. India is the third most important trading partner in Asia for Austria, which is why we want to further deepen the relationships in the future. It is precisely as a strong export -oriented country that we are further expanding our international trade relationships. Cooperation”, so BM Hattmannsdorfer.

As part of the exchange Focus field identified in which the collaboration is to be deepened. One Commission between the Federal Ministry and the Indian embassy is intended to reduce commercial barriers be set up. Building on this commission, a mixed business commission will be in India in autumn to further concretize the points discussed:

• Reinforced Exchange of skilled workers In the course of the red-white-red card

• Admission of India in the Austrian Startup Network Global Incubator Network Austria

• Deepening of bilateral trade relationships, especially in potential fields: green and digital technologies, infrastructure, renewable energies, water treatment, life sciences, mobility and transport

In addition, the negotiations were Free trade agreement between the EU and India A central topic of conversation. The EU and India resumed negotiations on a free trade agreement in 2021. On the part of the EU and India there is a commitment to conclude this by the end of the year. BM Hattmannsdorfer ensured his fullest support here and confirmed: “The trade policy faults require a realignment of Austria’s foreign trade policy. Our goal must be to open up new sales markets. India has great potential. Without export, no wealth, without foreign trade, no jobs and income.”

Facts: Austrian-Indian trade relationships

• India is after China and Japan the third most important trading partner in Austria in Asia.

• The Commercial volume has been at 2.8 billion euros in the last 10 years (2014-2024) More than doubled.

• Contrary to the global trend in the previous year, foreign trade developed positive (imports + 7.1 percent to 1.5 billion euros; exports + 2.6 percent to 1.3 billion euros)

• Both bilateral investments is a positive trend record:

  • From 2016 to 2024, foreign investments rose from 427 million euros to 762 million euros

  • Foreign investments in Indian companies in Austria rose from 117 million euros to 1.2 billion euros.

Facts: Global Incubator Network Austria

• The Global Incubator Network Austria connects international investors and startups and is an exclusive circle of countries that have a special affinity and relevance in the field of startups for Austria.

• Part of the network are currently only: Japan, Singapore, South Korea, Hong Kong, China and Israel

• The initiative is financed by the Federal Ministry of Economics, Energy and Tourism and by Austria Wirtschaftservice GmbH (aws) and the Austrian research funding company is supervised.

• With 119 Unicorns, India has the 3rd largest start-up ecosystem worldwide and thus offers special development potential.