India and Austria on Friday strengthened their economic engagement at the India–Austria Business Forum held in New Delhi, with both sides launching a bilateral Fast-Track Mechanism (FTM) to facilitate investments and deepen trade cooperation.
The forum, held at Vanijya Bhawan, coincided with the visit of Austrian Federal Chancellor Christian Stocker, marking the first such visit by an Austrian Chancellor to India in over four decades. Austria’s Federal Minister for Economy, Energy and Tourism Wolfgang Hattmannsdorfer and India’s Commerce and Industry Minister Piyush Goyal led the respective sides, alongside senior officials and industry leaders.
A key outcome of the forum was the operationalisation of the Fast-Track Mechanism, designed as a dedicated platform to support Austrian and Indian investors. The mechanism will help address investment-related issues, ensure timely resolution of concerns, and improve the ease of doing business in both countries.
The discussions focused on expanding bilateral trade and leveraging complementarities in industrial capabilities, technology and innovation ecosystems. Both sides identified sustainable development, advanced manufacturing and green technologies as priority areas for future collaboration.
The proposed India–European Union Free Trade Agreement (FTA) featured prominently in the deliberations, with participants highlighting its potential to reduce trade barriers, enhance market access and boost investment flows. The agreement is also expected to benefit labour-intensive sectors and MSMEs by creating new opportunities.
Addressing the forum, Piyush Goyal underscored India’s strong macroeconomic fundamentals and resilience amid global challenges. He highlighted reforms such as reindustrialisation and the promotion of advanced manufacturing and smart technologies as key drivers of growth, while stressing the need to scale up bilateral trade and institutionalise the business forum for sustained engagement.
Chancellor Christian Stocker described his visit as a milestone in India–Austria relations, noting that bilateral trade has reached around €3 billion and that nearly 160 Austrian companies are currently operating in India. He emphasised India’s importance as a strategic partner and expressed confidence that the India–EU FTA would significantly boost exports and economic cooperation.
The forum reaffirmed the strong foundation of India–Austria ties, with both countries expressing commitment to further deepen their economic partnership through enhanced collaboration in trade, investment and innovation.
