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Corporate Update

India–Austria Trade Push Gains Ground

• By  Textile Excellence
• April 30, 2026

India and Austria are moving to deepen trade and investment ties after the 17th session of the Joint Economic Commission in New Delhi. Commerce and Industry Minister Piyush Goyal said both sides must turn engagement into clear outcomes in trade, investment and innovation.

Officials reviewed current economic relations and set a forward roadmap. They identified opportunities in infrastructure such as automotive, railways and road transport. Other priority areas include scientific research, skills development, startups, tourism, semiconductors, digitalisation and artificial intelligence. Cooperation in AYUSH, wellness and critical minerals is also on the agenda.

Both sides welcomed progress on the proposed India–European Union Free Trade Agreement. The pact is expected to cut trade barriers and improve investment flows.

The India–Austria Business Forum, held alongside the visit of Austrian Chancellor Christian Stocker, brought together government and industry leaders. Austrian Economy Minister Wolfgang Hattmannsdorfer also attended. The visit marks the first by an Austrian Chancellor to India in over four decades.

A key outcome was the launch of a bilateral Fast-Track Mechanism. It aims to help investors resolve issues quickly and improve ease of doing business. The move is expected to support faster project execution.

Prime Minister Narendra Modi held talks with Chancellor Stocker and both sides exchanged agreements. These include an MoU on food safety, and letters of intent on defence cooperation and counter-terrorism. A working holiday programme was also announced to boost youth exchanges.

Both leaders highlighted cooperation in defence, semiconductors, quantum technology and biotechnology. Trade between the two countries stands at about €3 billion, with around 160 Austrian firms active in India.

Sustainable development, green technologies and advanced manufacturing remain key focus areas. Both sides said stronger partnerships are vital in a changing global environment.

A key outcome was the launch of a bilateral Fast-Track Mechanism. It aims to help investors resolve issues quickly and improve ease of doing business. The move is expected to support faster project execution. Prime Minister Narendra Modi held talks with Chancellor Stocker and both sides exchanged agreements. These include an MoU on food safety, and letters of intent on defence cooperation and counter-terrorism. A working holiday programme was also announced to boost youth exchanges.