Euro100bn French recovery plan to help businesses
French Ambassador Emmanuel Lenain has assured his government support and called on Indian companies to explore investment opportunities in France.
“This is a good time to invest in France as Indian companies will get exceptional support from the French government, the Embassy of France, Business France, and other stakeholders to invest in the country,” he assured.
Addressing a virtual session, ‘Invest in France: the first destination for FDI in Europe’, he highlighted the Euro100 billion allotted for the French recovery plan to help both French and foreign companies bounce back.
France is back to business, he added at the session organized by FICCI and Business France on 9 Nov 2020.
Ambassador Lenain stated that with all the measures announced by the French government and in the context of Brexit, France will cement its leading position in Europe for FDI.
“Last year, France ranked number one in terms of attracting investments in Europe, ahead of the United Kingdom and Germany and for the first time in history. We wish to welcome many more foreign and Indian companies in France and are here, as Team France, to provide them with a soft landing,” the Ambassador explained.
The envoy also highlighted that India and France share strong bilateral political and economic relations based on mutual trust. Thus, the two countries helped each other during COVID-19 times in particular by supplying medical drugs and equipment.
“India and France have agreed to expand the scope of existing regular bilateral joint exercises and develop strongly on a long-term perspective,” said FICCI President Dr Sangita Reddy.
“France not only attracts multi-sectoral conglomerates and big groups but also mid-sized companies. Indian investments are mainly made in the software and IT services sector, while the pharma and biotechnologies sector are responsible for nearly 30% of jobs generated by Indian investments.”
She further added that the unfolding of the digital revolution is at the top of the bilateral agenda in areas like AI, digital security, and towards an inclusive, transparent, and open digital movement.
“India as an innovation sandbox and France as a pro-active dominant player globally, we can together boost our relationship,” Dr. Reddy emphasized.
Motherson Group is planning to collaborate further with French companies to invest in the aerospace sector, chairman Vivek Chaand Sehgal informed delegates at the session.
Motherson has acquired two automotive companies in France and is currently the first Indian employer in France, he pointed out.
Also speaking at the session, Madhav Kejriwal, VP Worldwide & CEO Europe, Electrosteel Castings Ltd, sees France as an important gateway for Europe and Africa.
Indian investment in France is growing significantly and healthcare and health services are important sectors to explore, advised Mark O’Connell, Founder & CEO, OCO Global.
The French recovery plan will not only impact the economic recovery but support the long-term economic prospects, Wiliam De Vijlder, Group Chief Economist, BNP Paribas, believes.
Andre-Paul Leclercq, President, Economic Commission of Hauts-de-France Region; Yann Pitollet, CEO, Nord France Invest; Franck Margain, Councillor, Ile-de-France Regional Council & President, Choose Paris Region; Lionel Grotto, CEO, Choose Paris Region; Matthieu Vis, Head International & Strategy, Provence Promotion, Grand Port Maritime de Marseille; Philippe Guillaumet, European & International Projects Manager, Grand Port Maritime de Marseille & General Secretary of MEDports; Lynda LEE MOW SIM, Regional Councillor Indian Ocean Relations, Reunion Island Regional Council; Benoit Charriere-Bournazel, Partner, DS Avocats; Pankaj Walia, Partner, SN Dhawan & CO LLP; Alisa Sakic, Head, Welcome Office, Business France; Fiona Mougenot, Managing Director, Expat Partners, also shared their perspective on India-France investment opportunities at the session. #france #india #makeinIndia #investment #projects #banking #trade #exports /fiinews.com
