Huge scope for cooperation in services sector for India and Monaco: Prabhu

Huge scope exists between businesses of India and European country Monaco to boost cooperation in services sector and high-end technologies, Commerce and Industry Minister Suresh Prabhu said Monday.

Prabhu said India and Monaco can jointly work together in developing technologies to mitigate environmental concerns.

"India has identified 12 champion services sectors and tremendous scope is there for increasing cooperation for both the countries," he said.

He was addressing businesses of both the countries at India Monaco Business Forum, in the presence of Albert II, Prince of Monaco.

These sectors include IT & ITeS, tourism, medical value travel, transport and logistics, accounting and finance, audio visual, legal, communication, environmental, financial and education.

He said that services sector are expected to contribute USD 3 trillion in the country's economy once the GDP reach USD 5 trillion in the coming years.

Speaking at the forum, Gilles Tonelli, Minister of Foreign Affairs and Cooperation, Monaco, highlighted the opportunities present in Monaco and invited Indian companies to capitalise on the safe and sound industry-oriented policies framed by them.

A partnership agreement was signed between industry chamber FICCI and Monaco Economic Board to strengthen the institutional relations between the countries for further increasing trade and economic relations.