CII stresses need to set Indo-France trade targets

There is a need for setting trade and investment targets and increasing the interaction between India and France over the next two-three years, the Confederation of Indian Industry (CII) has said in a note on "India-France economic relations and the way ahead".

Aiming for 25 per cent growth in bilateral trade over the next three to five years and at least a ¤10-billion annual investment in select areas over the next five years could be a start, the note said.

Among Indo-France economic issues that need to be discussed, the note mentioned sticking to the timelines set in the Hong Kong Declaration and a possible cooperation with France in utilising technology to increase agriculture productivity and for processing of agricultural products.

Sectors like food processing, energy production, biotechnology, pharmaceuticals, infrastructure, defence production and telecom are focus areas for investments from France in the country, which need to be put on the fast track for clearance, according to the note.

The note has also identified pharmaceuticals, auto components and the electronics industry as key areas for Indian investment in France. India-France bilateral trade volume has increased from $1.55 billion in 1998-99 to $2.99 billion in 2004-05.