India: New Promising Market for Austrian Supply Industry
Car sales in India rise steadily by 30%. Indian vehicle and component manufacturers are increasingly showing interest in foreign technology.
"The Indian automotive and automotive supplier industry booms. Only the sales figures in the passenger car sector grew between April and August 2010 steadily by about 30% compared with the previous year", reports Hans-Jörg Hörtnagl, Austrian Trade Commissioner in New Delhi. With annual sales of 45 billion U.S. dollars, India's automotive sector is one of the most important industries of the country. Reason enough for Außenwirtschaft Österreich (AWO, Foreign Trade Austria) of the WKÖ (Economic Chamber Austria) and the Austrian foreign trade office in New Delhi to organize an "Austria Showcase" about the automotive industries in India for Austrian companies in early November.
In the automotive industry, the opportunities for Austrian companies are large. "Basically, Indian vehicle and component manufacturers are interested in foreign technology and know-how", emphasizes Hörtnagl. Many Indian companies have already had good experiences with trade relations, technical collaborations and joint ventures. The "going green" trend, which is found in both the automotive and supplier industry, holds further significant opportunities for providers of innovative, environmentally friendly products and technologies.
India continues being one of the fastest growing countries in the world: in the last financial year, the economy grew by 7.4%. Economic relations between Austria and India have made excellent progress in recent years. In the first eight months of the current year, Austrian exports grew by 20.6% to € 393 million, compared with the same period of the previous year.