Union commerce minister Piyush Goyal on Tuesday said there are endless possibilities when it comes to India-France relations and both nations are natural partners.
The union minister is on an official visit to France and Italy from April 11 to April 13. He will be accompanied by a delegation of top Indian CEOs.
In France, Goyal along with Olivier Becht, Minister delegate of Foreign Trade, Attractiveness and French Nationals Abroad, Government of France, will co-chair the India-France Business Summit on April 11.
Speaking to CNBC-TV18, Goyal said India and France want to further the strategic and defence partnership and promote investment and cooperation in fields of tourism, information technology, trade and encourage more people-to-people ties.
“There’s a large potential for tourism between the two countries and trade has been growing very fast between France and India,” Goyal said. “France is a very special partner and we’ve had the opportunity to work very closely over the last 25 years,” he further added.
It was a pleasure to meet Benoit Bazin, CEO, Saint-Gobain in Paris.Discussed how India's lightning pace of infrastructure creation presents a unique opportunity for the company to further invest & benefit from our growth story. pic.twitter.com/XMvrw9xE26
— Piyush Goyal (@PiyushGoyal) April 11, 2023
Goyal also said that it is a matter for deep satisfaction for him that the first steps to strengthen Indo-France relations was taken during the National Democratic Alliance - I (NDA) regime led by former Prime Minister Atal Bihari Vajpayee and his successor Prime Minister Narendra Modi, leading the NDA regime once again, continues to strengthen bilateral ties.
He pointed out that the ties between India and France will only strengthen in the next 25 years as both nations look to increase cooperation across several sectors.
Speaking of French investment in India, Goyal said French investment in India’s textile, food, handloom, handicraft, information technology, infrastructure, architecture and designing sectors have increased and are set to grow in the future.
“I think it’s a two-way investment cycle and that’s the best way because that’s what expands a relationship and with the growing trade, investment is bound to follow. There is investment flowing in from France to India there’s investment coming from India also to France,” Goyal further added.
“Students and student exchanges expanding has always resulted in trade and investment growing. It also breaks the language barrier it also gives a little closer understanding of each other’s culture,” he said.
Goyal said that the National Education Programme will allow Indian and French educational institutions to develop possibilities for dual degrees and cultural and student exchanges which will “act as a forerunner to bigger and better things in the future”.
Ministers for both countries will participate in an event that will showcase India’s cultural heritage and soft power and over 600 dignitaries from the French government, the Indian business diaspora in France and members of the French business community will also be part of the event.
Goyal held a meeting with Saint-Gobain CEO Benoit Bazin and will also hold a meeting with officials from luxury brand LVMH.
Goyal also pointed out that the Indian community in France is vibrant and dynamic while speaking to CNBC-TV18.
According to a report by PTI, France is the 11th largest foreign investor in India, with a cumulative FDI of USD 10.5 billion between April 2000 and December 2022.
It accounts for about 1.7 per cent of the total FDI (USD 625.3 billion) that India has received during the period.
India-France bilateral trade stood at USD 12.42 billion in 2021-22. During April-January 2022-23, India’s exports to France stood at USD 6.5 billion, while imports aggregated at USD 4.36 billion.
The trade gap is in favour of India, the report further added.
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