Business ties between India & France robust, to grow rapidly in near future: French FM

Michel Sapin says French companies in India have a turnover of $20 billion and are likely to invest $10 billion in next 10 years

The convergence in economic policy and business ties between India and France is robust and can only grow rapidly in the near future, French minister of finance and public accounts, Michel Sapin, said on Monday.

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.

Saying that he regretted the growth rates in the two countries not being similar, he stressed the economic structure in both places favour stability. He also pointed out that 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. He also said French companies currently represent 10% 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. Prime Minister Narendra Modi is scheduled to attend the ground breaking ceremony for the new International Solar Alliance Headquarters set to come up in Gurgaon.