NEW DELHI: There are several opportunities for investment and business collaboration between Austria and India, especially in sectors such as e-mobility, semiconductors and fintech, Union Finance Minister Nirmala Sitharaman has stressed.
During her meeting with Markus Marterbauer, Federal Finance Minister of Austria, in Vienna, FM Sitharaman shared key aspects of Indian economy, flagship reforms and policy measures, according to a Ministry of Finance statement.
The Finance Minister outlined the opportunities for investment and business collaboration between the two countries, including through the National Investment and Infrastructure Fund (NIIF), in sectors of e-mobility and semiconductors, and between the startup companies on both sides, especially in FinTech.
Marterbauer referred to Austria and India as natural allies with shared values.
The Finance Minister also invited Marterbauer to visit India with a business delegation to explore sectoral opportunities for collaborations and share best practices with each other.
Earlier, during her London visit, FM Sitharaman met British Prime Minister Keir Starmer and discussed trade and investment, and issues of mutual interest between the two countries. They also discussed progress of the India-UK Free Trade Agreement (FTA) negotiations.
At the ‘13th Economic and Financial Dialogue’ in London, co-chaired by FM Sitharaman and Rachel Reeves, Chancellor of the Exchequer, UK, the British side was pleased to update on its forthcoming Industrial Strategy, where partnership can support the Industrial Strategy’s priority growth-driving sectors, such as advanced manufacturing and life sciences, where UK expertise and research capability can complement India’s emerging role as a global manufacturing hub, as well as in clean energy, professional and business services, financial services, the creative industries, and defence to support jobs and economic growth.
Both sides look forward to the signing of the ‘India-UK Defence Industrial Roadmap’ to strengthen ties between industrial sectors and support supply chains.
India and the UK also welcomed the financial services trade over recent years and commit to work together to grow this further.