France: The Smart Choice for Investment by Indian Companies
NEW DELHI, October 28, 2016 /PRNewswire/ --
The French Embassy in India, French Trade & Investment Commission - Business France, in Association With FICCI and the Law Firm Adamas Organised its Annual Investors' Month in the Presence of Mr Christophe Sirugue, French Minister of State for Industry
Key takeaways
- Mr Christophe Sirugue, French Minister of State for Industry: India is an important strategic & economic partner for France. More than 400 French companies are present and they employ 3 00 000 people.
- Mr Christophe Sirugue, French Minister of State for Industry: France is a preferred investment destination for many multinationals a good example being Facebook which has established its Artificial Intelligence R&D centre in France
- Mr Christophe Sirugue, French Minister of State for Industry: France is a part of a larger European Market. France's attractiveness emanates from its place in Europe, especially in the current world context of BREXIT, companies setting up in France have access to a unique market of 440 million consumers in a Europe composed of 27 markets
France is increasingly becoming the preferred destination for investments by Indian companies. France is the 6th largest country in terms of GDP and 7th largest recipient globally, for inward foreign direct investment. In line with their growing trend, the French Embassy in India, Business France, in association with FICCI, organised its annual 'Investors' Month', a unique business seminar with marquee investors on why they opt to invest in France. Hosted at Federation House in New Delhi, the event was inaugurated by the French Minister of State for Industry, Mr Christophe Sirugue and also was present Mr Alexander Ziegler, Ambassador of France in India.
In his speech, Mr Sirugue emphasized on the numerous structural assets that France has to offer which include high-quality infrastructure, a diversified manufacturing base, a strong and recognized startup ecosystem, a highly productive workforce and dynamic demographics.
Commenting on the positioning of France as a viable business destination, Mr Sirugue said, "France is the choice of investment destination for companies across the world with an average of 19 companies setting up base in France every week. We have undertaken a host of reforms including tax breaks and improvement in infrastructure, making France a smart destination for investors." France is home to 120 Indian companies and endeavors to welcome many more in the years to come.
He further added, "India and France have a long history, an old friendship and strong convictions. France's attractiveness emanates from its place in Europe, and closeness to Africa, especially in the current world context of BREXIT. We are innovative and believe in building together."
Dr. A Didar Singh, Secretary General, FICCI said that the Indian business community stands committed towards forging new partnerships with France by tapping existing and unexplored potential and looks forward to give impetus to India-France trade and investment relations.
The seminar was attended by Mr Mani Doraisamy, CEO of Guesswork, and Mr Subir Bedi, Director, Etoshapan. Testimonies of CEO's of Indian companies Titagarh Group, DNP International & Royal Enfield, who have made significant investments in France, were projected during the event. Many of them were of the view that France as an economy offers attractive and innovative business enterprise and R&D investment opportunities which helps them expand their global reach.
Europe is one of the world's largest economies having over 500 million consumers, with France being the second largest country of the European Union having more than 25000 foreign companies invested in the country. These companies control 20% of the European market and generate over 1.7 million jobs. France also ranks 32nd in the global World Bank index on ease of starting a business preceding US, Germany and Japan which rank 49th, 107th and 81st respectively.
Business France India remains at the disposal of Indian investors who consider setting-up in France by providing them a soft landing and accompanying them throughout the cycle of their project. The agency also supports French companies in finding synergies with their Indian counterparts and institutions, with the aim of developing technical cooperation and other relevant skill sets in achieving economic growth. France is the third largest foreign investor in India, with an estimated investment stock of around 20bn€, which has contributed to creating around 3 lakh skilled jobs in the country.
About Business France
Business France is the national agency supporting the international development of the French economy, responsible for fostering export growth by French businesses, as well as promoting and facilitating international investment in France. It promotes France's companies, business image and nationwide attractiveness as an investment location, and also runs the VIE international internship program. Founded on January 1, 2015 through a merger between UBIFRANCE and the Invest in France Agency, Business France has 1,500 personnel, both in France and in 70 countries throughout the world, who work with a network of public- and private-sector partners. For further information, please visit: http://www.businessfrance.fr
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