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Journalism of Courage
If India’s growth rate stays at 9 per cent in future, its trade with France will grow at 20 per cent, said Francois Loos, the French minister of industry. He is here on a three day official visit to India that ends on January 21. A big investment though is expected to come to India in the next few months in the auto sector, he added.
Loos said, France’s relationship with India has been strong in the past but now it is even better. French companies want to invest in India with the only concern being infrastructure. French banks are also willing to come to India, though the regulatory norms restrict them. As for Indian banks to start operations in France, says Loos “I do not know of any Indian bank demanding to operate in France.”
Though dialogues for free trade agreement between Europe and India are expected to begin this year, France is in favour of a free trade agreement between Europe and India. Inviting Indian companies to set up businesses in France, Loos said, “it will give free access to the readymade market of 14 nations under the Eurozone.” Loos expects Indian companies in pharmaceuticals, auto ancillaries and logistics sectors to enter France and believes that Indian IT and pharmaceutical companies are of world level.
Talking on the major trade relationships of France with India, Loos said, in past two years 300 airbuses have been sold in India, three major pharmaceutical companies are already here, “Alcatel has a big presence in India and we have a four year long relationship with ISRO that we plan to build further. He also stressed on the increasing need to enhance power supply in India and France.
