Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles Shri Piyush Goyal mentioned that there is a huge delta of opportunities in India during his address at the India – France Business Summit and CEOs Roundtable yesterday in Paris, France. “We are one the largest consumers of goods and services. Exports of goods and services are growing by over 50% and we hope to continue this growth trajectory. We hope to see our exports of goods and services triple from $765 billion to $2 trillion by 2030,” he added.
The Embassy of India, Paris, France, in association with the Confederation of Indian Industry (CII), the Mouvement des Entreprises de France(MEDEF) and the Indo-French Chamber of Commerce and Industry(IFCCI), organised the India – France Business Summit and CEOs Roundtable.
Minister Delegate for Foreign Trade, Economic Attractiveness and French Nationals Abroad, Government of France, Mr Olivier Becht shared that he is confident that both sides will foster bilateral & multilateral meetings. “India being the world’s most populous country has the potential to attract numerous manufacturing activities, already, many French companies are actively engaged in India, and there is tremendous untapped potential for further collaboration”, he said.
Vice-President, CII and Chairman & Managing Director, ITC Limited, Mr Sanjiv Puri shared that the presence of a large delegation from the CII in France underscores the significant importance that India attaches to its relationship with France.
DG CII, Mr Chandrajit Banerjee highlighted that India and France are committed to collaborative engagement in areas like innovation, financial inclusion, ESG in businesses, and deepening global engagement towards Africa.
Sessions were held on ‘Building a green future’; Critical and Emerging Technologies: The New Strategic Frontier; ‘Defence Cooperation: Securing a Shared Future Through Atmanirbhar Bharat’ and France and India: Springboard to Europe and Indo-Pacific.
Building a Green Future
Both India and France attach the highest importance to building a green future. Both countries have ambitious climate goals. Building a green future creates enormous market opportunities, but it also requires huge investments and technological breakthroughs. In recent years, there has been a significant increase in investments, collaborations and joint ventures, especially from France to India, in “green technologies”. The Session brought out ways on how businesses could tap opportunities in green transition; discussed new technologies in various areas – renewable energy, mobility, buildings, infrastructure, construction, energy efficiency, industrial processes, and agriculture. The Session was moderated by the Head of AFD Activities in Eastern Europe – Middle East and Asia, Mr Cyrille Bellier.
Critical and Emerging Technologies: The New Strategic Frontier
Collaboration and competition are growing around critical and emerging technologies, including advanced computing, communications and networking technology, advanced materials, engine technology, space technologies and systems, sensors, renewable energy technology, semiconductors and microelectronics, directed energy, hypersonics, etc.
As two countries with a strong belief in sovereignty and strategic autonomy, the Session highlighted ways on which India and France can enhance their cooperation in critical and emerging technologies; complementarities between the two countries and opportunities therein; recommendations on increasing India-France Technology Cooperation. The Session was moderated by the Ambassador for Digital Affairs, Ministry for Europe and Foreign Affairs, Mr Henri Verdier.
Defence Cooperation: Securing a Shared Future Through Atmanirbhar Bharat
The evolving geopolitics, including the growing challenges in the Indo-Pacific region, and the emergence of contests in new domains such as Space and cyberspace, have further increased the salience of this partnership. France has been a longstanding and increasingly important source of defence platforms, equipment and technology for India. The Session brought out how we go beyond assembly and also develop and design defence technologies; specific defence platforms and equipment where we see the maximum potential for the India-France partnership. The Session was moderated by DG, CII, and Mr Chandrajit Banerjee.
France and India: Springboard to Europe and Indo-Pacific
In the past three years, France has been ranked the most attractive investment destination in the EU, which is also reflected in the rising foreign investment figures. While India is among the leading Asian sources of investments in France, the value of investments is small and concentrated in a few sectors. Indian companies are reviewing their European strategy in the context of the post-Brexit EU. France could be the next big destination for Indian investments. Since generating a part of the value in the market is important for success, the Session shed light on how can Indian companies invest more in France to cater to India’s largest destination for exports, the EU; and on how markets can be accessed. The Session was chaired by President, of FIEO, Mr A Sakthivel.
More than 50 CEOs from Indian and French companies participated in the CEOs Roundtable which was addressed by the Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Shri Piyush Goyal and the Minister Delegate for Foreign Trade, Economic Attractiveness and French Nationals Abroad, Government of France, Mr Olivier Becht.
Sectors such as agriculture, tourism, defence, manufacturing, pharmaceuticals, textiles, and aerospace were represented at the Roundtable. Along with the Ministers, perspectives were shared by the Ambassador of India to France, Mr Jawed Ashraf, Vice-President, CII and Chairman & Managing Director, ITC Limited, Mr Sanjiv Puri, DG, CII, Mr Chandrajit Banerjee, Executive Director, International Energy Agency, Mr Faith Birol and CEO, Danone, Mr Antoine de Saint-Affrique. Other CEOs participated in a discussion with Shri Piyush Goyal as well.
Disclaimer: This is an official press release by pib.