Patil asks foreign firms to tap Indian investment potential

Noting that India needs huge investments to the tune of one trillion dollars in the coming years to ramp up its infrastructure, President Pratibha Patil on Thursday invited foreign companies to use the investment potential. 

India has been focussed on improving its infrastructure, and investments of close to one trillion US Dollars would be required in the coming years, to implement these plans.

"This provides an excellent investment opportunity for foreign companies. Power, roads, railways, airports and ports are all India's overarching priorities," Patil said addressing the India-Austria Business Forum Meet in Vienna.

Patil, who is on a state visit to the country, said she has witnessed first-hand in Vienna, the excellent facilities established in urban areas which set an example for the rest of the world.

"Austrian strengths in infrastructure, automotive and environment friendly technologies provide a good complementarity to the requirements of the Indian economy," she said.

She said India and the EU are strategic partners and augmenting economic ties with Austria will further strengthen India's overall partnership with the EU.

"Our (with Austria) strong ties in the economic sphere will strengthen not just bilateral relations but our overall partnership with the EU," Patil said.

The President also met Federal Chancellor of Austria, Werner Faymann and also visited the Austrian Parliament and met President of the National Council, Barbara Prammer.

On India-EU trade ties, she said, "India and the EU are negotiating a broad based Trade and Investment Agreement which will, in our view, serve the mutual interest of both sides... I hope that this is concluded at the earliest to the mutual satisfaction of both partners".

She said India is fortunate to be endowed with rich human capital and a strong knowledge base and has been successful in many frontier areas like space, nuclear energy, Information Technology and bio-technology, among others.

"I feel that it would be useful to share our knowledge and experience, to translate the cutting-edge knowledge of science into products for the market. This will yield benefits both in terms of new employment and new products for consumers," Patil said.

Lauding the strong India-Austria ties, Patil said the relationship has a bright future.

The President, who was on a two-nation visit, will fly later in the day to Salzburg from where she will fly back to India tomorrow.

Incidentally, Austrian President Heinz Fischer, will fly early to Salzburg to receive her, a departure from the schedule.

Patil had also met with members of the Friends of India Group in the Austrian Parliament.