Austria
(Source : Embassy of India, Vienna)
Significant trends in trade and investment
Trade in Goods & Services : The year on year rise in trade between India and Austria has shown an upward trend. In 2017 Austria-India bilateral trade stood at 1.79 billion USD whereas in 2018 it stood at 2.08 billion USD. In 2019, bilateral trade between India and Austria was 2.16 billion USD with an increase of about 4%.
(Sources: Statistic Austria)
Investment : The Foreign Direct Investment (FDI) from Austria to India stood at 754 million Euro for the year 2019. In 2018 the Austrian direct investment in India was at 645 million Euro. There has been an increase of around 17% in FDI from Austria to India in the year 2019.
Indian investments towards Austria stood at 333 million Euro for the year 2019. In 2018, FDI from India to Austria stood at 309 million Euro. There has been an increase of around 8% in the year 2019.
(Source: Austrian National Bank)
Hungary
(Source : Embassy of India, Budapest)
Potential products of imports from India
901920 Ozone therapy, oxygen therapy, aerosol therapy, artificial respiration or other therapeutic respiration apparatus
Rationale : Hungary for the month imported this product from the World in the value of USD 227.4 mln, while imports from India to Hungary were nil.
851770 Parts of telephone sets, telephones for cellular networks or for other wireless networks and of other apparatus for the transmission or reception of voice, images or other data, n.e.s.
Rationale : Hungary for the month imported this product from the World in the value of USD 115.8 mln, while imports from India to Hungary were nil.
Trade in Goods Hungarian imports from India
Total imports from India - The value of imports decreased by 19% in the Jan-May period of 2020 over the same period of 2019 reaching USD 177.4 mln.
8411 Turbojets, turbopropellers and other gas turbines - The product group increased by 85.8% in the Jan-May period of 2020 over the same period of 2019 to USD 9.3 mln. It represents 5.3% of Imports from India to Hungary.
8473 Parts and accessories (other than covers, carrying cases and the like) suitable for use solely or principally with machines of heading 8469 to 8472, n.e.s. - The product group fell back by 38.7% in the Jan-May period of 2020 over the same period of 2019 to USD 11.2 mln. It represents 6.3% of Imports from India to Hungary.
8708 Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. - The product group increased by 18.8% in the Jan-May period of 2020 over the same period of 2019 to USD 6.8 mln. It represents 3.9% of Imports from India to Hungary.
Bilateral investment - State receiver pays wages at CG Electric Systems - The state receiver has paid the wages owed to employees of CG Electric Systems Hungary. The government appointed the state receiver to run the former Ganz Villamossagi Muvek on July 8, one day after a court had initiated the liquidation of the manufacturer. Indian owner Compton Greaves was no longer able to finance the company’s operations. CG Electric is planning to restart production of transformers, electric engines and generators as soon as possible, as the company is a supplier to state electric grid operator Mavir and the state nuclear power plant in Paks. CG Electric, which is competitive on the global market and manufactures unique, high value-added products, has attracted the interest of a potential investor, the state receiver said. The unnamed investor will first lease the company and intends to play an active role in financing the restart of production.
On the occasion of the 74th anniversary of the Independence of the Republic of India, Prime Minister Viktor Orbán expressed his sincere greetings and best wishes to Indian Prime Minister Narendra Modi, In his message, Mr Orbán wrote: relations between Hungary and India are traditionally close and amicable, and are based on historical events, mutual respect and common values. “Our cooperation – which has continuously intensified in recent years – has created an excellent basis for further development which I believe serves the best interests of our nations,” “I sincerely hope that I will be able to meet with you in person in order to discuss global, regional and bilateral issues of mutual interest as soon as we succeed in bringing the coronavirus pandemic under control, ”PM Orbán wrote in his celebratory greetings.
The 11th India-Hungary Joint Committee online Meeting on Science and Technology was held on July 29, 2020. The two sides discussed future cooperation possibilities and exchanged information on current joint projects and related issues. They also exchanged information on current national S&T policies & flagship programmes. Priority areas for the next joint call for proposal to be launched in 2021 were also discussed.
Thailand
(Source : Embassy of India, Bangkok)
RCEP sign in Nov
Thai Rath 25.08.2020
Ministers of ASEAN and RCEP will have a major video conference meeting from 24-29th August 2020 to update the latest economic situation in ASEAN. The RCEP is a proposed trade agreement of the 10 member states of ASEAN and six dialogue partners: China, Japan, South Korea, India, Australia, and New Zealand. The RCEP is expected to be signed in November 2020.
Nations still want India in RCEP
Bangkok Post published : 31 Aug 2020
Ministers from the 16 Regional Comprehensive Economic Partnership (RCEP) Participating Countries yesterday reaffirmed their commitment to signing the RCEP agreement in November, insisting they will invite India to return to the negotiating table. Vice Minister for Commerce Sansern Samalapa said yesterday the countries had reached agreements on all pending issues for 2020. The ministers confirmed their readiness to sign the RCEP agreement at the fourth RCEP summit in November 2020 and welcome back India if the country wishes to re-enter into negotiations. The vice minister said the member countries believed that India`s participation would contribute to the region`s growth.