Virtual visit to India of Franck Riester to boost bilateral economic ties

New Delhi, 27 November 2020

The French Minister Delegate for Foreign Trade and Economic Attractiveness, H.E. Mr Franck Riester, was on a virtual visit to India on 27th November 2020 with a day dedicated to engagements with Indian actors aiming to strengthen economic and investment ties between France and India.

Thus, Minister Riester co-chaired the 18th session of the France-India Economic and Trade Joint Committee with Shri Hardeep Singh Puri, Hon’ble Minister of State (IC) of Housing and Urban Affairs, Civil Aviation, and Hon’ble Minister of State for Commerce and Industry. The Committee reviewed the status of commercial and financial exchanges between India and France and discussed measures to foster greater ease of doing business between the two countries, including through a fast track mechanism.

Minister Riester then addressed a gathering of leading Indian businessmen to present France’s advantages as a destination for Indian investments and heard their views on how France can welcome more Indian companies. He was accompanied by the Ambassador for International Investments, Mr Pascal Cagni, as well as the Special Envoy for France’s attractiveness post-Brexit, Mr Ross McInnes, also Chairman of Safran. The Minister highlighted France’s pro-business reforms, massive €100 billion recovery plan and leading role as gateway to Europe after Brexit. He also outlined the untapped economic opportunities between India and France’s Reunion Island, which would also contribute to the two countries’ shared vision for a free and prosperous Indo-Pacific region.

Participants of this meeting included Chairpersons and CEOs from leading Indian groups, such as Motherson, Hinduja, UPL, Piramal, HCL, Tata, Mahindra, Oberoi, Ispat, Ola Electric Mobility, and more.

Finally, Minister Riester consulted the various economic actors of the French network in India, including the French Regional Economic Service, Business France, the French Development Agency, the Indo-French Chamber of Commerce and Industry, la French Tech, the French Foreign Trade Advisors and other actors of Team France Export in India. He called upon them to continue making sure France and French companies invest in India’s amazing potential and contribute to meet India’s strategic goals.

Following this virtual visit, Minister Riester co-chaired the Ambition India event on 1st December 2020, with Shri Piyush Goyal, Hon’ble Minister of Railways, and Commerce and Industry. Ambition India is the main business event between France and India, which takes place every year under the patronage of the President of the French Republic, H.E. Mr Emmanuel Macron.

France and India enjoy long-standing and very dynamic economic relations. French companies have been investing in India for decades and are fully committed to Make in India. Today, there are more than 600 French companies in India employing more than 350 000 people, with a strong presence in sectors such as digital technology, aeronautics, automotive, defence and renewable energy. Indian investments in France are also increasing. Last year, France became the top FDI destination in Europe. And while the pandemic has affected the world economy, France is back to business with a €100-billion recovery plan and exceptional governmental measures from which Indian companies coming to France can benefit fully.