PM Modi and Austrian Chancellor Nehammer Address CEOs to Strengthen India-Austria Economic Ties

New Delhi: Prime Minister Narendra Modi and Chancellor of Austria, H.E. Karl Nehammer, jointly addressed a group of leading Austrian and Indian CEOs from diverse sectors, including infrastructure, automobile, energy, engineering, and start-ups, today. The meeting underscored the commitment of both nations to strengthen bilateral relations and promote economic cooperation.

During the address, both leaders acknowledged the pivotal role played by industry leaders in bolstering trade and investment between India and Austria. They noted the increasing trade and investment ties over the years and emphasized the need to realize the full potential of the India-Austria partnership through enhanced collaboration.

Prime Minister Modi urged Austrian business stakeholders to seize the fast-unfolding opportunities in India, as the country is poised to become the third-largest economy in the world in the coming years. He highlighted India’s transformative progress over the past decade, attributing it to political stability, policy predictability, and a reform-oriented economic agenda. Modi emphasized the government’s efforts to improve the Ease of Doing Business, which has been attracting global majors to India.

Speaking on India’s economic growth and transformation, PM Modi highlighted the nation’s success in the field of start-ups, the creation of next-generation infrastructure, and its commitment to advancing the green agenda. He mentioned the start-up bridge established between India and Austria, which he believes will yield substantial results. In this context, he proposed organizing a joint hackathon between the two countries to foster innovation and collaboration.

Modi also spoke about the success of Digital Public Infrastructure in India and the measures taken to improve connectivity and logistics. He encouraged Austrian businesses to leverage the Indian economic landscape for high-quality and cost-effective manufacturing under the MAKE IN INDIA program, both for the domestic and international markets. He cited the Production Linked Incentive scheme designed to attract global manufacturing companies in fields such as semiconductors, medical devices, and solar PV cells.

Modi highlighted that India’s economic strengths and skilled workforce, combined with Austrian technology, make for a natural partnership in business, growth, and sustainability. He invited Austrian businesses to utilize the abundant investment opportunities in India and become part of the country’s stellar growth story.

Chancellor Nehammer echoed Prime Minister Modi’s sentiments and praised the increasing economic collaboration between Austria and India. He acknowledged the mutual benefits of such partnerships and expressed optimism about the future of bilateral trade and investment.