India offers tremendous potential for Austrian businesses, says Federal Economic Chamber V-P

Austrian businesses explore automotive sector opportunities in India, focusing on partnerships, innovation, and skilled talent pool for growth.

India offers tremendous potential for Austrian businesses, particularly in the automotive sector, according to Wolfgang Hesoun, vice-president, Austrian Federal Economic Chamber. “In the last 10 years India’s economy has grown a lot. That is also interesting for Austrian companies to find partners,” he told The Hindu recently.

“The economic situation in Europe is not fine and therefore we are looking at different markets. One of the interesting markets is India,” Mr. Hesoun said. In the automotive sector, Austrian companies were internationally recognised for their pioneering innovations and advanced technologies and there was huge potential for them in India including States like Tamil Nadu, he added. Other areas of co-operation included service outsourcing and leveraging India’s highly skilled talent pool which provided possibilities for mutually beneficial partnerships.

The bilateral trade relations between the two countries had reached record levels. The number of Austrian subsidiaries and joint ventures in India had been steadily increasing, with over 160 companies currently operating in the country, he noted. The number was expected to grow significantly in the coming years, as both countries strengthened their economic ties further.

Mr. Hesoun led a delegation of 11 Austrian companies to Chennai last week. He was accompanied by Hans-Joerg Hoertnagl, Commercial Counsellor at the Austrian Embassy Head of Advantage Austria in New Delhi.

Mr. Hoertnagl and Dharanidharan Selvam, spokesperson for the DMK, had briefed the delegation about economic development of India and the state of affairs in Tamil Nadu.

The delegation met Tamil Nadu IT and Digital Services Palanivel Thiaga Rajan and discussed potential collaboration in terms of technology and skills.

It also met State Tourism Minister R. Rajendran and discussed the possibility of collaboration for ropeway facilities.