Vienna: India and Austria on Wednesday underscored the importance of sustainable economic partnership and supported the cooperation between institutions in renewable/green hydrogen.

PM Modi paid an official visit to Austria from July 9-10. During his visit, the Prime Minister held bilateral discussions with Chancellor Karl Nehammer.

Being parties to the United Nations Framework Convention on Climate Change (UNFCCC) and as countries committed to holding the increase in the global average temperature to well below two degrees Celsius above pre-industrial levels, the leaders focused on sustainability and recognised that this would significantly reduce the risks and impacts of climate change.

Noting the scope for engagement in the context of the Austrian government's Hydrogen Strategy and the National Green Hydrogen Mission launched by India to address the energy transition challenges, both the leaders supported a wide-ranging partnership between the companies and Research and Development institutions of both countries in renewable/green hydrogen, a press release by the PMO said.

The two leaders also recognised the importance of research, scientific tie-ups, technology partnerships and innovation in driving forward the bilateral partnership and called for such opportunities to be explored.

They emphasised the need for stronger collaboration to develop and commercialise technologies in identified areas through new business, industry and Research and Development partnership models, a press release by the PMO office said.

In the field of economic partnership, both countries welcomed the convening of the first-ever high-level bilateral Business Forum with the participation of the CEOs of several companies in Vienna during the visit. PM Modi and Austrian Chancellor Karl Nehammer addressed the Business Forum and encouraged business representatives to work towards new and more dynamic tie-ups across different sectors.

The leaders also welcomed initiatives to connect the innovation and start-up ecosystems of the two countries through the Start-Up Bridge, which was set up during the visit of the Austrian Minister of Labour and Economy to India in February 2024 and the successful visit of a group of Indian Start-Ups to Austria in June 2024.

The leaders also identified a variety of environmental technologies for targeted cooperation in areas such as clean transportation, water and wastewater management, waste management, renewable energy and other clean technologies. "They encouraged public and private institutions to extend financing for ventures and projects in these sectors to support an expanded engagement in these sectors. They also recognised the growing role of digital technologies in industrial processes (Industry 4.0), including in the area of sustainable economy," the release said.

Notably, this is the first time an Indian Prime Minister has visited Austria in 41 years. Indira Gandhi was the last PM to visit Austria in 1983. PM Modi's visit to Austria comes after his two-day official visit to Russia, where he met Russian President Vladimir Putin.

PM Modi's visit to Austria also comes at a time when the two countries are marking 75 years of diplomatic relations.

This report is auto-generated from a syndicated feed