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Key European economy Austria sets up Startup Bridge with India.
Feb 27, 2024
Austria, an export-oriented economy, is increasingly targeting South Asia and SE Asia with India topping the list to export its products including machinery, chemical and pharmaceutical products, automobile related items, said Martin Kocher Austrian Minister for Labour and Economy.
'Austria is focusing on South Asian and SE Asian markets in a big way since the Russian market has been closed following the war. India is of special interest to Austria given its complementarities in the field of economy. Austria also serves as the gateway to the German speaking markets of Europe,' Martin Kocher Austrian Minister for Labour and Economy told ET during his weeklong visit to India for the Raisina Dialogue.
According to Kocher, there are excellent business opportunities in industrial modernisation, automotive, transport infrastructure, energy and smart city (urban & environmental technologies).
During Kocher’s visit, India-Austria Startup Bridge was launched in the backdrop of growing Startup ecosystems in the two countries.
The Austrian startup ecosystem, known for its innovation and dynamic spirit. With a strong emphasis on research and development, Austria has cultivated a fertile ground for startups to thrive, particularly in sectors such as advanced manufacturing, renewable energy, and information technology.
Vienna, Graz, and Linz are among the key cities driving this ecosystem, boasting vibrant startup communities, incubators, accelerators, and co-working spaces.
'As Austria continues to nurture its startup ecosystem the partnership between the Austrian startup ecosystem and India is poised to create significant opportunities for collaboration and mutual growth in the years to come,' Kocher pointed out.
The Minister pointed out that Austria is also becoming an attractive destination for the Indian Film industry to shoot their movies as good incentives are being provided.
Austria, one of the richest countries in the European Union, is an important link for India in its relationship with Europe, especially with countries of central and Eastern Europe. India-Austria economic and commercial cooperation constitutes an important dimension of the bilateral relationship. In 2022, the bilateral trade is USD 2.84 billion with an increase of 14.97 % over the 2021 levels, according to the MEA factsheet.
Many Austrian companies in India are active in smart transportation and signalling systems, hydro-electric power plants, tunnelling, parts for steel plants, robotics, water purification/desalination
economictimes.indiatimes.com
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