India-Austria: Cooperation in Road Infra sector

India and Austria have signed a Memorandum of Understanding (MOU) on Technology Cooperation in Road Infrastructure Sector.

Purpose of the MOU

The MoU has been signed in order to create a framework for the mutual cooperation between the countries in the field of Road Transportation, Road or Highways infrastructure development, management and administration, road safety and intelligent transport systems. The MOU has been signed in order to enhance the trade and regional integration between both the countries.

Significance of Austria in Road infrastructure

Austria have developed latest technologies for highways and roads. It has developed the system of intelligent transportation system, traffic management system, electronic toll system, tunnel monitoring systems and landslide protection measures.

India-Austria Relation

The diplomatic relation between both the countries were established in the year 1949. Since then, the countries share a warm and a friendly relation. The countries established an Indo-Austrian Joint Economic Commission in the year 1983. After the establishment of Joint Economic Commission, both the countries are engaged in hundreds of collaborations and sixty joint ventures.

How Austria is significant for India?

Austria is an important link between the relation of India and Europe. The country acts as a gateway for India to the central and Eastern European countries.

Bilateral Trade

The bilateral trade between both the countries was 1.869 billion Euros in the year 2018. The major items of Indian exports to Austria include the apparels, textiles, footwear, vehicles, railway parts, electrical machinery and mechanical appliances. The items of Indian imports from Austria include machinery, mechanical appliance, railway parts, steel and iron.