India-France trade can aid inclusive growth: Jaipal Reddy

Union Minister for Science and Technology and Earth Sciences S. Jaipal Reddy said Wednesday that technological cooperation between India and France would open up opportunities for more inclusive growth.

Reddy was speaking at the inauguration of the India-France Technology Summit organised by Department of Science and Technology, Confederation of Indian Industry (CII) and the French embassy in the national capital.

Reddy referred to the unprecedented focus on innovation and research and development (R&D) in India under the 12th Five Year Plan and invited France to take advantage of the new environment in India that focuses on R&D and innovation.

He spoke of the Indo-French Agreement for Promotion of Technology signed in 1966 and reviewed in 1978 and said it provided the institutional framework for promoting bilateral research and innovation.

Difficulties in the euro zone and global slowdown did not affect Indo-French trade, Reddy said, pointing out that India's exports to France increased by 12 percent whereas French exports to India had gone up eight percent.

Automobiles, aerospace, electronic items, pharmaceuticals and energy are the major areas of cooperation between the two countries.

In a message read out by French Ambassador to India Francois Richier at the summit, President of the French Republic Francois Hollande said: "Our cooperation is an asset for both our countries. The future is no longer made up of countries that invent, on the one hand, and countries that manufacture, on the other. Similarly, there will no longer be researchers and laboratories on one side and entrepreneurs on the other. The reality is far more complex in both France and India."