INDIA, AUSTRIA KEEN TO ENHANCE
TRADE & INVESTMENT TIES
9th
SESSION OF JOINT ECONOMIC COMMISSION MEETING BEGINS
India and Austria
have expressed their keenness to enhance trade and investment
relations in order to increase the current level of bilateral
trade given the scope and possibilities for joint ventures that
existed in various sectors. This was indicated at the inaugural
session of the 9th India-Austria Joint Economic Commission
meeting by Shri S. N. Menon, Special Secretary, Ministry of Commerce
& Industry and the leader of the Indian delegation and Mr.
Josef Mayer, Vice Minister, Austrian Federal Ministry of Economic
Affairs & Labor and the leader of the Austrian delegation,
here today. The two-day meeting (17-18 November) is discussing
mutual cooperation in sectors of steel, railways, agriculture,
environment, including that of the progress of the bilateral working
groups on tourism and energy.
Shri Menon,
in his inaugural address, said that Austria was a strategic link
in India’s relationship with Europe and informed that the bilateral
trade at US $ 245.48 million recorded a very impressive growth
of about 60% during the year 2002-03. He highlighted areas such
as steel, biotechnology, pharmaceuticals, food processing and
environment as having immense potential for joint ventures. Regarding
investment, Shri Menon said India has one of the most liberal
policy frameworks for foreign direct investment and asked Austrian
investors to take advantage of it. Mr. Mayer gave a brief overview
of the Austrian economy with 26% of country’s GDP coming from
exports alone and inflation level being well under the control.
He highlighted the current reform process going on in his country
in sectors of healthcare and railway systems and emphasised the
importance of close business-to-business interaction between the
two countries. In this regard, both the leaders termed the recent
signing of the MOU between the Federation of Indian Chambers of
Commerce & Industry (FICCI) and Austrian Federal Economic
Chamber (AFEC) to promote economic relations between the business
communities of India and Austria as a step in the right direction.
India is hosting
the 4th India-EU Summit including the Business Summit
in New Delhi during November 28-29, 2003, which is expected to
give a further boost to India-Austria economic relations. The
agreed minutes of the India-Austria Joint Economic Commission
would be signed here tomorrow (18th November). Major
items of export to Austria are cotton yarn/fabrics/made-ups/RMG,
RMG manmade fibers, gems & jewellery, machinery & instruments,
leather garments/goods etc whereas major items of imports from
Austria are electronic goods, machinery, professional instruments,
organic chemicals, iron & steel, textile yarn/fabrics/made-ups
etc.
