AUSTRIA KEEN ON STRENGTHENING TRADE TIES WITH INDIA – INDO-AUSTRIAN TRADE UP BY 40% THIS FISCAL
Date : 17 Feb 2005
Location : New Delhi
Austria is keen on strengthening bilateral trade ties with India. This was indicated by Mr. Martin Bartenstein, Austrian Minister for economy & Labour, when he along with his delegation met Shri Kamal Nath, Union Minister of Commerce & Industry, here this evening. It was indicated at the meeting that during the first six months of the current financial year of 2004-05, Indo-Austrian bilateral trade had shown a growth of 40%, although the balance of trade was in favour of Austria. Both the Ministers noted the impressive growth in bilateral trade in the last few years with total trade in 2003-04 being estimated at US $ 305 million and agreed on the need to further diversify and expand the trade basket.
Shri Kamal Nath recalled the deliberations of the 10th Session of the India-Austria Joint Economic Commission held in Vienna last month under the co-chairmanship of Shri Abhijit Sengupta, Additional Secretary, Department of Commerce and Mr. Josef Mayer, Vice-Minister, Austrian Federal Ministry for Economic Affairs and Labour, when both sides had noted the possibility of doubling bilateral trade in three years and discussed ways and means of stepping up cooperation in trade as well as other sectors such as tourism, railways, energy, steel, agriculture, civil aviation etc.
Shri Kamal Nath also apprised the Austrian Minister of opportunities in the wake of liberalisation of India’s foreign direct investment (FDI) policies. (Austria is ranked 37th in the list of countries from which FDI has been approved in India in the post liberalisation period. Total FDI approved from Austria during 1991-2004 (up to September 2004) is US $ 86 million and the actual inflow is of the order of US $ 35 million. 246 foreign collaboration cases have been approved with Austrian companies).