The India-Austria Business Forum was held in New Delhi during the Austrian Chancellor Dr Christian Stocker’s first visit to India. Led by Union Commerce and Industry Minister Piyush Goyal, the forum provided an opportunity to strengthen trade and investment ties between India and Austria. Austria’s Federal Minister of Economy, Energy and Tourism, Wolfgang Hattmannsdorfer, also participated in the forum. 

 

Speaking at the forum, Mr. Goyal emphasised scaling up bilateral trade, tapping labour-intensive sectors, and institutionalising the Business Forum for continued engagement. He also highlighted reforms, reindustrialisation, and advanced technologies as key growth drivers. Chancellor Stocker described his visit as a milestone, noting that bilateral trade between the two countries has reached around 3 billion US dollars, with nearly 160 Austrian companies operating in India. He underscored India’s growth trajectory and its importance as a strategic partner, while highlighting the potential of the FTA to boost exports.

 

The Ministry of Commerce and Industry said that a key outcome of the forum was the operationalisation of a bilateral Fast-Track Mechanism (FTM) to facilitate investments, address concerns, and improve ease of doing business, reinforcing investor confidence. It added that the discussions during the forum highlighted the proposed India-EU Free Trade Agreement as a major driver for expanding trade, reducing barriers, and boosting investment flows.