Finance
Prime Minister Narendra Modi met with Austrian Chancellor Dr. Christian Stocker in New Delhi today. Several agreements and documents were exchanged during the meeting between India and Austria, including an MOU on Food Safety, a Letter of Intent (LOI) on Cooperation in Military Matters, and a LOI on a Joint Working Group on Counter-Terrorism.
During the Joint Press Briefing, Prime Minister Narendra Modi stated that India and Austria have been loyal partners in infrastructure, innovation, and sustainability. Mr Modi was particularly pleased that Mr Stocker picked India for his first foreign visit outside Europe. He noted that this represents Mr Stocker’s vision and dedication to India-Austria ties. Mr Modi also stated that his visit would increase commerce and investment between the two countries.
Prime Minister Modi stated that India’s speed and scale, paired with Austria’s competence, will ensure global technology reliability. He emphasized that India’s talent has the potential to increase Austria’s creativity and production. Mr Modi also announced the India-Austria Working Holiday Programme, which aims to boost youth exchange between the two nations. He emphasized that both countries will strengthen their cooperation in fields such as defense, semiconductors, quantum technology, and biotechnology.
Furthermore, Austrian Chancellor Dr. Christian Stocker described his visit to India as a watershed moment in Austria-India bilateral relations. He stated that the diplomatic connections between Austria and India are stronger than ever before. He also said that India is one of the most important trading partners outside the European Union for Austria, and bilateral trade has been developing very positively and has increased to about 3 Billion Euros in the last 10 years.
Mr Stocker stated that 160 Austrian companies are involved in the Indian market in a variety of areas, including semiconductor production, renewable energy, automotive, and infrastructure. He emphasized that it demonstrates that the friendship between the two countries is broad-based. The Austrian Chancellor also emphasized that India has an excellent GDP growth rate of over 7% per year, making it one of the most dynamic global marketplaces and an important strategic partner for his country.
Mr Stocker stated that the world is currently experiencing geopolitical turmoil and turbulence. He claimed that power structures are moving, new alliances are forming, and conflicts are growing more complex. He emphasized the importance of stability, trust, and stable alliances in the current situation, citing India as a dependable partner for Austria. He stated that such collaborations are even more valuable when geopolitical problems grow stronger.
Earlier today, Mr Stocker and his wife, Gerda Stocker Legenstein, lay a wreath at Rajghat to honour Mahatma Gandhi. This is Chancellor Stocker’s first visit to India. This is his first official journey to Asia.
