The Union Minister of Commerce & Industry, Piyush Goyal emphasized that India and France can collectively expand agricultural and food processing for the world’s food security using innovative sustainable practices. Both countries are celebrating 75 years of diplomatic friendship and 25 years of strategic ties this year.
CIM Piyush Goyal, emphasized at the Asia Pacific Commission (APAC) 2024 Forum in New Delhi that India and France have the potential to jointly enhance global food security by promoting sustainable and innovative practices in agriculture and food processing. He highlighted the significant opportunities for both nations to collaborate in sectors including agriculture, renewable energy, aerospace, defense, and digital technologies.
The Minister lauded the success of the International Solar Alliance (ISA), co-founded by India and France, which now includes over 100 countries and focuses on advancing clean energy in developing nations. He also noted India’s rapidly growing aviation sector, which is poised to become the world’s largest market, and encouraged French companies to explore opportunities to set up manufacturing facilities in India. (India is the world’s largest aviation market with 1500 planes ordered with the capability of taking the order up to 2000.)
He highlighted India’s rapid expansion in the defense sector and emphasized that the government is encouraging global companies to set up manufacturing operations in India, offering them 100% ownership. He called for deeper collaboration with France in defense and pointed out that India’s strong patent protection framework does not require technology transfer from foreign companies.
The Minister also pointed to the potential for collaboration in digital sectors like AI, cybersecurity, and quantum technologies. He highlighted the potential for India and France to co-innovate technologies and lead a sustainable mobility revolution in India. He mentioned that, with a significant number of first-time vehicle owners, providing them with sustainable options would be more feasible.
Discussing the growth of trade between the two countries, the Minister shared that bilateral trade for FY24 reached US$ 15 billion, with Indian exports totaling US$ 7 billion and imports at US$ 8 billion. Given the strength of both economies, he expressed optimism that trade between India and France will grow significantly in size, quality, and speed. (France is the 11th largest foreign direct investor in India, with over 750 French companies operating in the country, while 70 Indian companies in France contribute to job creation and skill development.)
The Minister highlighted that India and France are celebrating 75 years of diplomatic friendship and 25 years of strategic ties this year. He invited French involvement in India’s infrastructure development, including the creation of industrial cities and advanced urban ecosystems.
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