The Union Cabinet, chaired by the Prime Minister Narendra Modi has approvedthe signing of the Memorandum of Understanding (MoU) between the Ministry of Road Transport and Highways, India and the Federal Ministry of Transport, Innovation and Technology, Austria on Technology Cooperation in the Road Infrastructure Sector.
Impact:
The MoU aims to create an effective framework for bilateral cooperation in the field of Road Transportation, Roads/Highways infrastructure development, management and administration, Road safety and Intelligent Transport Systems between both countries. The MoU will further strengthen ties, promote long standing bilateral relations and enhance trade and regional integration between Republic of India and the Republic of Austria.
Benefits:
The Indo-Austrian bilateral cooperation in the road transport sector would be beneficial both from the perspective of enhanced road safety as well as attractive financing possibilities for the sector, thus fostering and intensifying the already good relations between the two countries, through the proposed MoU in the Transport sector.
Background:
India has had good diplomatic relations with Austria since the establishment of bilateral ties between the two countries in 1949. Both countries share a history of friendly economic and diplomatic relations. Austria has state of the art technologies for roads and highways, such as electronic toll systems, intelligent transportation systems, traffic management systems, tunnel monitoring systems, geo-mapping and landslide protection measures.