Date:13/12/2007 URL: http://www.thehindu.com/2007/12/13/stories/2007121355830700.htm

Tamil Nadu

Austria sees big market for its products

Special Correspondent

Marketing office, which will cater for the entire south, opened in Chennai

— Photo: K. V. Srinivasan

EYEING NEW POSSIBILITIES: Martin Bartenstein, Austrian Federal Minister of Economics and Labour, with P. Murari, Advisor to the president, FICCI, at a function organised by the FICCI in Chennai.

CHENNAI: Austria sees a big market for its product in India and has chosen Chennai as its third business hub, after New Delhi and Mumbai.

To kick-start its activities, Austria opened its marketing office here on Wednesday in the presence of Federal Minister of Economics and Labour Martin Bartenstein.

Later, a high-level business delegation comprising small and medium enterprises from Austria interacted with prospective Indian companies, scouting for trade and investment.

Talking to reporters, Dr. Bartenstein urged India to maintain peaceful relations with its neighbours. “India is a global player in every field. It has to tackle the problem with its neighbours, and it is important for the whole world. Political stability and democracy have a lot to do with market stability. These two factors have to be maintained for longer duration.”

Comparing India and China, he said that while the European Union invested €46 billion in India, the amount was five fold in China. The foreign direct investment in China was 10 times more than that in India. “India has enormous potential. Keep your reforms going. Don’t take a break. Make the best use of enormous human resources,” he said.

Dr. Bartenstein expressed readiness to lend a helping hand to India in infrastructure.

Seventy-three Austrian companies have invested in India, of which 50 per cent are in production. Chennai has six subsidiaries.

The marketing office would cater for the entire south. The delegation was interested in offering technology in wastewater treatment, shredding, infrastructure, environment, machinery, engineering and automotive parts.

Walter Koren, Director-General, Austrian Foreign Trade, said: “Tamil Nadu is an excellent base for investment and manufacturing. However, it is not well known among Austrian companies. The main purpose of this visit is to explore business opportunities and double the foreign direct investment in the next five years. We will also invite decision-makers from Tamil Nadu to visit our country to know what it has to offer.”

Addressing the economic forum organised by the Federation of Indian Chambers of Commerce and Industry, Industry Secretary M.F. Farooqui said the two major challenges faced by the State related to efficient handling of e-waste and recycling of wastewater for industrial use. He requested the Austrian firms to lend their technology.