Vienna: During his official visit to the European nation, Prime Minister Narendra Modi has invited Austrian companies to invest in India, to strengthen the economic ties between the two nations, according to the Ministry of External Affairs.

Both Prime Minister Modi and Austrian Chancellor Karl Nehammer jointly addressed Austrian and Indian CEOs at a round table business meeting in Hofburg Palace, Vienna today.

PM Modi also underscored the "potential for collaboration" between Indian and Austrian companies in Vienna.

"PM highlighted significant potential for collaboration between Indian and Austrian companies in various sectors including infrastructure, renewable energy, green sectors, new and emerging technologies, fintech, start-ups, innovation among others. He invited Austrian companies to invest in India," the MEA said.

Earlier today, Prime Minister Modi and Austrian Chancellor Karl Nehammer participated in the India-Austria Business Meeting, bringing together around 40 businesses from both nations to explore new economic opportunities and strengthen bilateral trade relations.

PM Modi arrived in Vienna on Tuesday evening for a day-long State visit.

Ministry of External Affairs spokesperson Randhir Jaiswal said that the visit marked the first bilateral visit of Prime Minister Modi to Austria.

Chancellor Nehammer also praised India's advancements in infrastructure and digitalisation.

"It is impressive to look at India's success when it comes to infrastructure digitalisation in society and developing infrastructure at an enormous pace. Today's Business Forum which is taking place right now, about 40 businesses from India and Austria are coming together to engage in new cooperation and identify new economic opportunities," he said addressing the India-Austria joint press statement.

Chancellor Nehammer emphasised the importance of finding new economic partnerships in the current global economic climate.

"Currently the world economy finds itself in a challenging situation. Against this background, it is particularly important for Austria - a strongly export-oriented country to find new forms of economic cooperation," he said.

This report is auto-generated from a syndicated feed