During his just concluded visit of Austria, the Prime Minister held bilateral discussions with Chancellor Karl Nehammer revolving around cooperation for sustainable development
India and Austria have emphasised the significance of a sustainable economic partnership. They also endorsed cooperation between institutions in renewable/green hydrogen during PM Narendra Modi's 2-day Austria tour, which ended on July 10.
As parties to the United Nations Framework Convention on Climate Change (UNFCCC), which binds signatories to contain global warming to below two degrees Celsius, the leaders focused on steps that would significantly reduce the risks and impacts of climate change.
The leaders of Austria and India expressed support for a partnership between their countries' companies and research institutions in renewable/green hydrogen. They emphasised the importance of research, technology partnerships, and innovation in driving their bilateral partnership. Additionally, they called for stronger collaboration to develop and commercialise technologies in identified areas.
In the area of economic partnership, both countries welcomed the convening of the first-ever high-level bilateral Business Forum with the participation of the CEOs of several companies in Vienna during the visit. Prime Minister Modi and Austrian Chancellor Karl Nehammer addressed the Business Forum and encouraged business representatives to work towards new and more dynamic partnerships across different sectors.
The leaders welcomed initiatives to connect the innovation and start-up ecosystems of the two countries through the Start-Up Bridge. The bridge was established during the visit of the Austrian Minister of Labour and Economy to India in February 2024, and a group of Indian start-ups also successfully visited Austria in June 2024.
They identified a variety of environmental technologies for targeted cooperation and pledged to encourage public and private institutions to extend financing for ventures and projects across these sectors. Finally, they recognised the growing role of digital technologies in industrial processes (Industry 4.0), including in the area of sustainable economy.