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NO. 1 Bi - Weekly for vacancies abroad.
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New Delhi woos French luxury goods companies

AAT News Service

The level of French investment in India is way below the potential. Though investment of over $14 billion from France are in the pipeline, there is need to enhance French investment in India.
“Given the strong position of French companies, the level of French investment in India is way below the potential. There are 800 French companies in India which engage over 80,000 people and we would like to see this growing in the coming years,” said the Union Minister for Commerce, Industry and Textiles, Anand Sharma. He was addressing the 4th India-France CEOs Forum in Paris.

Mr Sharma invited fashion design institutes from France to bring their best practices to India in partnership with the indigenous lifestyles industry. Referring to the recent decision to allow 100 per cent FDI in single-brand retail, Mr Sharma expressed hope that French luxury goods companies will establish manufacturing bases in India. “This will create a win-win situation as India has emerged as a huge market for luxury goods and establishment of manufacturing in India will provide maximum value.”

Recalling the success of Capgemini in India, which alone employs 30,000 people in developing off shore IT solutions across seven Indian cities, Mr Sharma invited French investments in the Indian IT sector. The Indian BPO operations have moved up the value chain from being mere data processing centres to carrying out value-added research and software development.

The minister welcomed the interest shown in the Indian automobile sector by French companies like Renault and Peugeot and Michelin for investing in India, which would strengthen India’s position as an automobile and auto part manufacturing hub.

Mr Sharma invited collaboration with French companies in both the establishment of National Investment and Manufacturing Zones (greenfield integrated townships) as well as in making investments for manufacturing. French expertise in urban water management and waste water systems would be especially useful in developing these regions.

France has some of the largest infrastructure and utility management companies of the world including Vinci, Bouygues, Suez who would stand to gain from investments in India. Bilateral trade between India and France stands at over $8 billion. Today, France is India’s fifth-largest trading partner and investor in Europe, and fourth-largest recipient in Europe of Indian investments.

 

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