India and Austria have set up a bilateral fast-track mechanism to facilitate investments between the two countries, according to an official statement issued on Friday.
It will also serve as a forum for sharing suggestions to further improve ease of doing business in both countries.
“A bilateral Fast-Track Mechanism (FTM) was signed and made operational during the forum. The FTM provides a dedicated platform for Austrian companies and investors in India, as well as Indian companies and investors in Austria, to facilitate investments, address issues and ensure their timely resolution,” the commerce and industry ministry said.
It was established during the India-Austria Business Forum meet here.
Federal Chancellor of Austria Christian Stocker is here on an official visit.
The bilateral trade has reached about 3 billion euros. Around 160 Austrian firms are operating in India.
Further, during the India-Austria Joint Economic Commission (IAJEC) meeting, both sides explored opportunities for cooperation in sectors such as infrastructure (automotive, railways and road transport), scientific research, dual vocational training, startups, tourism, semiconductors, critical minerals, digitalisation and artificial intelligence, and film funding.