The Hindu Business Line : Austria for greater trade ties

The President of Austria, Dr Heinz Fischer, flanked by Mr Sunil Kant Munjal, President, CII, and Mr Onkar S. Kanwar, President, FICCI, at a meet organised by FICCI and CII in the Capital on Thursday. - Kamal Narang

New Delhi , Feb. 17

THE President of Austria, Dr Heinz Fischer, on Thursday called for a new spirit of openness in Indo-Austrian trade ties.

Addressing the `India-Austria: Partners in Progress' business meeting organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Confederation of Indian Industry (CII) here on Thursday, Dr Fischer said, India is seen as one of the most rapidly growing economies in the world and it offers a vast and promising market for Austrian products.

He said the bilateral economic cooperation was based on a strong institutional framework. A number of important agreements between the countries have been concluded, namely, avoidance of double taxation, promotion and protection of investments, bilateral economic relations and technological cooperation.

The Austrian President invited the Indian industry to use Austria as a gateway to the flourishing markets of the enlarged European Union (EU), which offers a single market of 500 million consumers.

Citing specific areas for bilateral synergy, the Minister of State for Personnel and Parliamentary Affairs, Mr Suresh Pachouri, said India could lend substantial cost-competitiveness to the Austrian industry if both countries tapped mutual compatibilities of outsourcing in the manufacturing and service sectors. This could also reduce the cost of research and development, innovation and incubation in sectors such as IT and pharmaceuticals.

Mr Sunil Kant Munjal, President, CII, said Austria must view India as an entry point to fast-growing Asian economies and strengthen business ties with Indian companies just as the Indian industry must see Austria as the gateway to the EU and develop strategies for enhancing bilateral trade.Mr Onkar S. Kanwar, President, FICCI, outlined the opportunities in healthcare, telecom, environment, electronics, computer software and tourism in India. He urged the Austrian President to look into the two-way movement of professionals to enhance Indo-Austrian cooperation in the IT sector.

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