 "Michel Sapin, Greece")
He was speaking at a joint business session organised by the Federation of Indian Chambers of Commerce and Industry (Ficci) and attended by both Indian and French players in the defence, aeronautics, urban development sectors.
"The convergence in economic policy and business ties between India and France is robust and can only grow rapidly in the near future." said Sapin. Saying he regretted France's economic growth not being similar to India, he stressed the economic structure in both favour stability. He also pointed out both countries have managed to hold their own in times of high global market volatility.
Sapin said France is the third-largest investor in India and the figures are only expected to grow.
"The majority of these investments are meant for the industrial sector. This makes France a major player in Prime Minister Narendra Modi's Make in India programme. This complementarity can also been seen in the context of other programmes of the Indian government," he added.
The minister added that France has directed French Development Agency to earmark 60 per cent of total financial outlay to India. The agency operates in 70 countries and provides finance for development. In 2014, it committed 8.1 billion euros across the globe for various projects.
He met Finance Minister Arun Jaitley this morning and has invited him to visit France for starting an economic dialogue between the two countries which he hoped would turn into an annual event.
Sapin said there are currently around 400 French companies in India, with a total consolidated turnover of $ 20 billion, adding French companies currently represent 10 per cent of the installed solar capacity in India.
Ficci president Harshvardhan Neotia said India and France cannot ignore the threat to its security. FICCI also signed a memorandum of understanding (MoU) with the NG group from France on the Terra Watt initiative in the area of renewable energy.
There are currently around 400 French companies in India, with a total consolidated turnover of $ 20 billion.
Sapin is accompanying French President Francois Hollande on a 4-day visit to India who is the guest of honor for this year's Republic Day celebrations. Hollande had been pushing the sale of 36 Rafale combat jets to India. Prime Minister Narendra Modi said on Monday an intergovernmental agreement has been signed to buy the jets from France. However, some "financial issues" regarding deal are yet to be sorted between both the countries.
He also attended the foundation laying ceremony for the new International Solar Alliance Headquarters set to come up in Gurgaon.
