French companies looking to invest in India in areas of renewables, defense, infrastructure

A 45-member French delegation from sectors such as transport, logistics, ports & shipping, energy, environment, construction, infrastructure, digital sector, bank, insurance and legal services is in the city.

French companies are exploring investment opportunities in India in areas of defence, infrastructure, renewable energy, and waste & water management & recycling.

A 45-member French delegation from sectors such as transport, logistics, ports & shipping, energy, environment, construction, infrastructure, digital sector, bank, insurance and legal services is in the city.

“We are visiting India to take advantage of the very good momentum created between India and France. We’ve most of the solutions to the challenges India faced in sectors like defence, infrastructure for rail, roads, ports, renewable energy, waste and water management. We can provide technologies in these sectors,” MEDEF (French federation of entrepreneurs) president Pierre Gattaz told PTI here.

The aim of the delegation is to explore new investment opportunities and broaden the scope of bilateral co-operation, Gattaz said.

“We are looking at long-lasting partnership with India. We can bring in skills and create jobs,” he said, adding that French companies have already created 3,50,000 jobs in this country.

France is the ninth largest foreign investor in the country with a cumulative investment of USD 5.15 billion between April 2000 and May 2016 which represents 1.75 per cent of the total FDI inflow into the country.

“To take advantage of the booming Indian market, many French companies are keen to enter India. We welcome the reforms underway to simplify the business that will bring in trust, which is very important. The new tax regime GST will help industries,” he said.

Earlier this week, the delegation met Prime Minister Narendra Modi in New Delhi and assured of contribution of French expertise and know-how towards the initiatives like smart cities mission, Swachh Bharat and power for all.

In Mumbai, Gattaz met various Maharashtra government authorities, including the industries minister.

India has been having trade surplus with France for the past 10 years and the bilateral trade stood at 2.2 billion euros in 2015, down from 2.5 billion euros in 2014.

India’s main exports to France include textiles and textile articles, mineral fuels and oils, machinery & mechanical appliances and electrical equipment, chemical & allied products, animal, vegetable & food products, footwear, leather articles and gems & jewellery.

Source: PTI