The India–Austria Business Forum was held at Vanijya Bhawan, New Delhi, on the occasion of the visit of Federal Chancellor of Austria, H.E. Dr. Christian Stocker. Federal Minister of Economy, Energy and Tourism of Austria, H.E. Wolfgang Hattmannsdorfer, also participated in the forum. The Indian side was led by Union Minister of Commerce and Industry, Shri Piyush Goyal. The forum brought together senior government representatives, policymakers and industry leaders to explore opportunities for enhancing trade, investment and strategic collaboration.

A bilateral Fast-Track Mechanism (FTM) was signed and made operational during the forum. The FTM provides a dedicated platform for Austrian companies and investors in India, as well as Indian companies and investors in Austria, to facilitate investments, address issues and ensure their timely resolution. 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 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.

Union Minister of Commerce and Industry, Shri Piyush 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.

Federal Chancellor of Austria, H.E. Dr. Christian Stocker, described the visit 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 €3 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.

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Abhishek Dayal/Garima Singh/Anushka Pandey

 

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