| Austria, one of the richest countries of the European | | | | higher than $587.09 million recorded in 2006-07. |
| Union (EU), has strong trade ties with other European | | | | India imports transport equipment, paper, machinery, |
| nations. In recent times, the Austrian economy has | | | | steel, Chemicals Products and metals from Austria. |
| been growing at a steady pace, with its gross | | | | While India's export basket for Austria comprises |
| domestic product (GDP) growth rate hovering around | | | | coffee, leather and leather goods, chemicals, textiles, |
| 1.6% in 2008. | | | | jewellery and precious stones. |
| Austria is geographically close to several developed | | | | Industry Experts believe that there is ample scope |
| economies in Europe, such as Germany, Italy and | | | | for mutual cooperation between Indian and Austrian |
| Switzerland. It is also a preferred trade destination | | | | SMEs in areas like food processing, biotechnology, |
| owing to its optimal access to the European market. | | | | tourism, steel and pharmaceuticals. Indian SMEs can |
| The present Austrian government has outlined a | | | | also forge strategic tie-ups with their Austrian |
| comprehensive economic reform programme to | | | | counterparts to gain technical expertise in fields like |
| create a business-friendly environment in the country. | | | | electronics, nanotechnology and telecommunications. |
| It has also initiated efforts to strengthen Austria's | | | | To promote bilateral trade between India and |
| position as a lucrative investment destination. | | | | Austria, governments of both countries have set up |
| Motivated by the steps taken by the Austrian | | | | a Joint Economic Commission (JEC), which is actively |
| government to increase foreign direct investment | | | | involved in enhancing trade volumes between the |
| (FDI) in the country, a growing number of Indian | | | | two countries. There is also the Austria-India Interest |
| SMEs are entering the Austrian market to gain | | | | Group (AIBIG) in Vienna that promotes trade ties |
| maximum profits. | | | | between Indian and Austrian SMEs. |
| Indo-Austrian trade relations | | | | In 2007, an agreement on science and technology |
| Austria's proximity to the thriving EU countries makes | | | | (S&T) cooperation was signed between India |
| it a strategic link for Indian SMEs eyeing expansion in | | | | and Austria to take the bilateral relations to the next |
| Europe. As a result, bilateral trade between India and | | | | level. These efforts are expected to play a major |
| Austria has grown at a healthy rate in the past few | | | | role in strengthening Indo-Austrian trade relations in |
| years. Notably, total trade between India and Austria | | | | the near future. |
| was pegged at $769.02 million in 2007-08, significantly | | | | |