Industry & Economy
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Foreign Trade
Austria hopes to boost trade with India
Our Bureau
Mumbai
,
Feb. 22
AUSTRIA is looking to increase bilateral trade with India to 1 billion euros next year from 500 million euros last year.
The Austrian President, Dr Heinz Fischer, who is here, visited a number of Indian cities over the last week with a 100-strong business delegation.
Austria is looking to increase business prospects in such areas as R&D, production of engineering goods, automotive, electronics, pharmaceuticals, leather watch straps, mechanised irrigation, flood control systems, bio-diesel, railway signalling, technical education, etc., in addition to outsourcing in the area of IT.
A memorandum of understanding was signed in his presence between the Indian Merchants Chamber and the Austrian Federal Economic Chamber (AFEC) to promote business and mutual cooperation between the countries.
"It is unusual that President of Austria spends a whole week visiting any single country, but our President thought it necessary in view of the emergence of India as a major economic power," Dr Walter Koren, Director General (Trade), AFEC, said.
"European countries account for 60 per cent share of Austrian trade, and Asia for 8 per cent. Among the Asian countries, India ranks fifth," he said.
Austrian exports to India rose 40 per cent and Indian exports rose 30 per cent last year.
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