India-French Business Ties: A New Era of Opportunity

Piyush Goyal urges French firms to boost trade ties with India across key sectors, highlighting India's expanding aviation market and potential for growth. Despite current suboptimal trade levels, the focus remains on strengthening bilateral relations and leveraging opportunities in India's flourishing economy.

The call for enhanced Indo-French business collaboration was clearly articulated by Commerce and Industry Minister Piyush Goyal during a significant meeting with French CEOs and business leaders at the annual conference of French Foreign Trade Commissioners in the Asia-Pacific region. Goyal pinpointed five promising sectors: agriculture and food processing, renewable energy, aerospace and defence, automobiles, and digital technology. Aimed at tapping untapped potential, the minister emphasized that current trade levels between the two countries do not reflect their true economic strengths.

Goyal stressed that the bilateral trade, although significant, has room for considerable improvement. With trade at USD 15 billion, featuring Indian exports of USD 7 billion against imports of USD 8 billion, Goyal sees room for growth as France stands as India's 11th largest source of foreign direct investment. As both nations celebrate 75 years of diplomatic ties and 25 years of strategic partnership, the need for closer economic exchange becomes even more pressing.

Particular emphasis was placed on the defence and aerospace sector, with India having an impressive number of aircraft orders in view of becoming a leading player in the aviation market. Highlighting the dramatic expansion of Indian airports from 74 in 2014 to about 125, with plans for 75 more by 2029, Goyal encouraged French companies to explore manufacturing and sales opportunities within India's robust and rapidly evolving market.

(With inputs from agencies.)