India’s Finance Minister Nirmala Sitharaman encouraged Austrian businesses to invest in India on Friday, stressing the significant opportunities for enhancing economic collaboration between the two nations, particularly in sectors like renewable energy, electric vehicles, innovation, and startups.

Speaking at a press conference, Sitharaman noted that Prime Minister Narendra Modi’s highly successful visit to Austria in July last year marked a pivotal moment in the India-Austria relationship, especially in advancing economic and trade ties to a new level.

“Prime Minister Modi had emphasised the political will of the Government of India to expand our partnership with Austria. My visit to Vienna is a reaffirmation of the PM's vision to work towards realising the fullest possible potential of our bilateral relationship with Austria,” Sitharaman added.

She underscored the potential for investment and collaboration between Indian and Austrian startups, with a special focus on the fintech sector.

The Finance Minister said that startups and innovation are top priorities for both nations. She pointed out that India is home to over 110 unicorns and a thriving startup ecosystem, while Austria also boasts a well-established startup landscape. Closer cooperation, she added, would accelerate growth and progress in this dynamic sector.

Sitharaman also highlighted India’s robust manufacturing base and skilled human resources. She noted that several Austrian companies have already established capability centres in India to harness the country's digital and IT talent in combination with their own advanced technologies.

Furthermore, the Austrian Federal Ministry of Finance released an update on Finance Minister Nirmala Sitharaman’s meetings with Austrian Finance Minister Markus Marterbauer and State Secretary Barbara Eibinger-Miedl in Vienna.

According to officials, the primary objective of her visit is to strengthen economic and financial ties between India and Austria through high-level discussions, bilateral engagements, and the exploration of new avenues for cooperation.

“Indian Finance Minister Nirmala Sitharaman reported on key aspects of the Indian economy, key reforms, and policy measures,” the Austrian Finance Ministry stated.

“She explained the opportunities for investment and business cooperation between the two countries, including through the National Investment and Infrastructure Fund, in the areas of e-mobility and semiconductors, as well as between start-ups on both sides, particularly in the area of financial technology,” it noted.

The Ministry reiterated that Austria’s strategic geopolitical location, deep historical ties, and strong economic foundation make it a dependable and valuable trading partner for India.