2 minute read
A great business gateway for Indian companies
Hans-Joerg Hoertnagl, Commercial Counsellor & Trade Commissioner, Austrian Embassy, says that highly qualified workers and excellent framework conditions make Austria a top investment location for R&D-intensive enterprises
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IBT: Global trade and economy have reset in the last two years. What are trade policy priorities given the pandemic & supply chain realignments?
Hans-Joerg Hoertnagl: As a small, open economy with highly specialized products and services, our companies are naturally very active on global markets. The recent years have not been easy on anyone; however, Austria also see enormous potential moving forward.
The strength of Austrian businesses lies in technology and sustainability. The huge demand for “green tech” and investments in modern infrastructure is a natural fit for many Austrian companies, as they are market leaders in their fields.
IBT: How has India-Austria trade performed in the past decade compared to its potential? Which industries fuel Austrian exports to India?
Hans-Joerg Hoertnagl: Bilateral trade has had a strong showing recently, with the last year breaking a new record of more than EUR 2 billion of bilateral trade between India and Austria. Austrian exports in railway, hydro energy and smart city solutions have particularly benefited from investments into modern infrastructure in India. Further, companies with the newest manufacturing and testing technologies saw their sales increase significantly.
IBT: Which are the key sectors where Austrian firms have invested successfully in India,? What is their view of the business climate and development prospects?
Hans-Joerg Hoertnagl: In India,
Austrian investments have been particularly successful in the railway, smart city and automotive sectors.
One of the leading firms is Plasser India. Plasser manufactures the most up-todate high performance and highly sophisticated machines for track maintenance, track laying as well as track renewal for the railways sector. India is one of their strongest markets around the globe and through new production capacities they also export from India to other countries.
Generally speaking, once Austrian companies have been able to establish themselves within the Indian market, they have been found to have a very positive outlook on their growth prospects here.
IBT: India is the world’s third-largest startup ecosystem, while Austria is a prominent startup hub in sectors like IT, media, health sciences, and creative industries. In what ways can the two countries collaborate further in these key areas?
Hans-Joerg Hoertnagl: Both sides find many openings for collaboration, a potential increasingly being highlighted through cross border investments that go both ways. Austrian startups and tech companies can find a huge source of inspiration and know how in India. Indian businesses and customers greatly appreciate the entrepreneurial spirit and the innovative, high-end technologies coming out of Austria.
IBT: What are the key factors driving the attractiveness of Austria for Indian investors?
Hans-Joerg Hoertnagl: Austria is a terrific entry point for Indian companies wanting to set up in Europe, even more so after the United Kingdom left the European Union. Geographic and historical ties allow for ideal access from Austria to all German speaking markets as well as Central and Eastern European countries. Further, the wide availability of highly qualified employees & strong framework conditions make Austria a primary investment destination particularly for R&D intensive companies.
Hans-Joerg Hoertnagl is Commercial Counsellor & Trade Commissioner, Austrian Embassy
