The finance Minister of France, Michel Sapin, announced that the french companies will invest $10 billion in India over the next five years, chiefly in the industrial sector. The announcement was made during the current India visit by President Francois Hollande.
In a speech to the Federation of Indian Chambers of Commerce and Industry (FICCI) , that was attended by both Indian and French players in the defense, aeronautics and urban development sectors. Sapin asserted :
“Over the last five years, French companies invested more than $1 billion per year and we estimate that they will continue to invest at least $10 billion in next five years,”
“We estimate that they will continue to invest at least $10 billion over the next five years.”
Michel Sapin told that the french companies represent 10 percent of solar capacity installed in India and by 2020-22, they could add additional capacities. He also said that France is the third-biggest foreign investor in India with an investment stock of $20 billion and there are more than 400 French companies present in India with a consolidated turnover of over $20 billion.
“The majority of these investments are meant for the industrial sector. This makes France a major player in Prime Minister Narendra Modi’s Make in India programme. This complementarity can also been seen in the context of other programmes of the Indian government,”
“The economic presence of France in India goes back to a long time and is very diverse. This expression of interest in India did not wait for Indian GDP to supersede that of China,”
“In France, Indian companies are too few in numbers though France is one of the biggest recipients of FDI in the world. I count all French companies in India to act as ambassador for our country and invite their counterparts to discover in France what they are missing,”
Sapin also met his Indian counterpart Finance Minister Arun Jaitley on Monday morning, and invited him to visit France for an annual economic dialogue between the two nations.
Reportedly, both nations are also set to discuss more cooperation on the lines of renewable energy agreement, that was signed April, last year.
Source : Business Standard