Vienna, July 6 (IANS) Austrian Chancellor Karl Nehammer on Saturday labeled Prime Minister Narendra Modi’s upcoming visit to Vienna as a “special honour”, stating that he is eagerly looking forward to it.

PM Modi is scheduled to arrive in Austria, the second leg of his two-nation trip, from Moscow on July 9.

This will be the first visit by an Indian Prime Minister to Austria in 41 years. During his stay in Vienna, PM Modi will call on Austrian President Alexander Van der Bellen and hold talks with Chancellor Nehammer. Both leaders will also address business leaders from India and Austria.

“I very much look forward to welcoming Narendra Modi, the Prime Minister of India, the world’s largest democracy, next week in Vienna. This visit is a special honour as it marks the first visit by an Indian Prime Minister in over forty years, and a significant milestone as we celebrate 75 years of diplomatic relations with India,” Chancellor Nehammer said on Saturday afternoon.

“We will have the opportunity to talk about further deepening our bilateral relationship and closer cooperation on the many geopolitical challenges,” he added.

In October 2021, on the sidelines of COP26 in Glasgow, Prime Minister Modi had held discussions with then Austrian Chancellor Alexander Schallenberg who is now the Foreign Minister of the country.

PM Modi is also scheduled to interact with members of the Indian community in Vienna during his visit.

On Friday, Foreign Secretary Vinay Kwatra called Austria an “important central European country” that offers excellent opportunities for bilateral cooperation in infrastructure, renewable energy, high technology areas, start-up sectors, media and entertainment.

He also highlighted the growing India-Austria trade and investment linkages, including the recent launch of an India-Austria start-up bridge in February 2024 that has made a “very promising” start.

“The visit we are confident will allow us to discuss various areas of importance in bilateral engagement, as also issues of regional and global importance of mutual interest, and help broaden the scope of our partnership,” said Foreign Secretary Kwatra.

India and Austria had also signed a Comprehensive Migration and Mobility Agreement in May last year and continue to work closely to expand and explore new areas of bilateral partnership.

“We’re also looking at what we can do in terms of technology. There are over, I think, 30 to 40 large Austrian companies already present in India in a range of areas from infrastructure, tunneling, track laying. We’ve got a fair amount of investments from India already in Austria. But we want to see how we can take these forward. We want to look at other key areas, clean technologies, renewables. We want to look at different areas where we can try and work together,” said Pavan Kapoor, Secretary (West) at the Ministry of External Affairs.

–IANS

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Beijing, July 6 (IANS) Chinese President Xi Jinping on Saturday sent a message to Masoud Pezeshkian, congratulating him on his election as the President of Iran.

In his message, Xi said China and Iran enjoy a long history of friendly exchanges, and bilateral relations have maintained sound and steady development since the establishment of diplomatic ties between the two countries more than half a century ago.

In the face of the complex regional and international landscapes, China and Iran have always supported each other and stuck together through thick and thin, continuously consolidating strategic mutual trust, steadily promoting exchanges and cooperation in various fields, and maintaining sound communication and coordination on regional and international affairs, which has not only benefited the two peoples, but also made positive contributions to promoting regional and world peace and stability, Xi added.

The Chinese President also said he attaches great importance to the development of China-Iran relations, and is willing to work with Pezeshkian aiming to guide the deepening of the comprehensive strategic partnership between the two countries.

–IANS

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New Delhi, July 6 (IANS) Prime Minister Narendra Modi on Saturday extended an invitation to newly-elected British Prime Minister Keir Starmer for an early visit to India as both leaders agreed to work towards the early conclusion of a mutually beneficial India-UK Free Trade Agreement (FTA).

The two leaders spoke over phone as PM Modi congratulated Starmer on his and Labour Party’s “remarkable victory” in the general elections.

“Pleased to speak with Keir Starmer. Congratulated him on being elected as the Prime Minister of the UK. We remain committed to deepening Comprehensive Strategic Partnership and robust India-UK economic ties for the progress and prosperity of our peoples and global good,” PM Modi posted on X after the call.

Both leaders recalled the historic relations between the two countries and reaffirmed their commitment to further deepen and advance the Comprehensive Strategic Partnership between India and the UK.

“Appreciating the positive contributions of the Indian community in the social, economic, and political development of the UK. The two sides agreed to continue to promote close people-to-people ties. Both leaders agreed to remain in touch,” the Prime Minister’s Office (PMO) said in a statement.

–IANS

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London, July 6 (IANS) Asserting that “diplomacy matters”, Britain’s new Foreign Secretary David Lammy said on Saturday that the new Labour government will begin with a “reset” with Europe on climate and with the global South.

Outlining his priorities following his appointment, Lammy highlighted that the world is currently facing “huge challenges” with more countries engaged in conflict than at any time since World War II.

“This government will reconnect Britain for our security and prosperity at home. What happens here in the Foreign, Commonwealth, and Development Office is essential.

“Diplomacy matters. We will begin with a reset with Europe, on climate, and with the global South.  And a gear-shift when it comes to delivering on European security, global security, and British growth,” Lammy said in a statement released by the UK Foreign Ministry on Saturday.

The 51-year-old Labour Party politician promised that the new government is determined to deliver for working people and committed to building a better future for everyone.

“It is the honour of my life to stand before you as Foreign Secretary. A descendant of enslaved people. A black, working-class, man from Tottenham. A community which never produced a Foreign Secretary before. This speaks to what a modern, multicultural Britain can be. Proudly internationalist,” he said.

Lammy also mentioned that Britain has “enormous potential” and that the change has begun now – a slogan with which the Keir Starmer-led party fought the general elections.

–IANS

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Islamabad, July 6 (IANS) Pakistan’s macroeconomic environment in the calendar year 2023 remained challenging amid rising inflation, weak foreign exchange inflows, pressures on external account and local currency, and low business confidence, particularly in the first half, the State Bank of Pakistan (SBP) said.

However, the policy measures and regulatory interventions that were taken to address growing imbalances coupled with securing a nine-month stand-by agreement from the International Monetary Fund (IMF) helped improve the macroeconomic conditions in the second half of 2023, the SBP said in its financial stability review for 2023, Xinhua news agency reported.

Inflation started falling, economic growth recovered, and the exchange rate stabilised towards the year-end, the central bank said in the report.

Against this backdrop, the financial sector exhibited strong growth and performance, and maintained financial soundness and operational resilience, it added.

The asset base of the financial sector expanded by 27 per cent in 2023, mainly driven by the banking sector, according to the report.

–IANS

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