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Bilateral trade with India short of potential: French Minister

Press Trust of India  |  New Delhi 

French Minister of State for Industry Christophe Sirugue today exhorted Indian businesses to invest in the European nation, saying it offers vast opportunities with single window clearance, reformed labour laws, reduced taxation and ready infrastructure.

Sirugue said bilateral trade between and France is not commensurate with the potential of the two nations.

"France is an economic powerhouse and Indian investors are welcome to set up their businesses in the country to step up the economic growth trajectory in the two countries," he said.

The two-way commerce in goods between and the EU was USD 98.5 billion in 2014-15. However, bilateral trade between and France stood at USD 9.37 billion in 2014-15. India has received USD 4.76 billion between April 2000 and September 2015.

Terming France the 'financial hub of the future', Sirugue said it has qualified, hardworking, sincere, well-motivated manpower which is reasonably priced for the foreign investors.

"France is the largest market in Europe which has investor-friendly policies and a free business environment," he said and added that France integrates creativity with innovation to create a stable and marketable economy. Sirugue said this while addressing a seminar organised by Ficci here.

Sirugue said that with its high-end Science and Technology, France is the Silicon Valley of Europe and a heaven for research.

He added that France also has universities which provide specialized courses on subjects such as engineering and provide a conducive learning environment to foreign students.

Sirugue said that French companies have a visible presence in India and they were cooperating in various initiatives including Make in India, Smart Cities, Digital India and Skill India.

Ficci Secretary General A Didar Singh said that the Indian business community stands committed towards forging new partnerships with France by tapping existing and unexplored potential and looks forward to give impetus to India-France trade and investment relations.

The session also heard key messages of Indian CEOs about the economic attractiveness of France.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 25 2016. 19:13 IST