India keen on pushing trade with France
While the romantics in India are still fantasising about French president Nicolas Sarkozy's paramour Carla Bruni being air-dropped at the Taj Mahal, the Indian business community is busy preparing for their meeting with another woman whose presenc...
By Amiti Sen, TNN |
NEW DELHI: While the romantics in India are still fantasising about French president Nicolas Sarkozy's paramour Carla Bruni being air-dropped at the Taj Mahal, the Indian business community is busy preparing for their meeting with another woman whose presence in Mr Sarkozy's delegation is far more important in pushing bilateral ties.
French finance minister Christine Lagarde and her high-profile trade delegation will be presented with a number of proposals from corporate India on Friday. The need for bridging the rising trade gap between France and India will be high on India’s agenda. The country will also push for more investments from France in areas such as hydrocarbons, railways, aviation, aeronautics and defence equipment.
Although the Elysee Presidential palace has described the visit as "essentially political", the presence of large companies like Danone, Areva, Carrefour and Gautier in the 69 member strong business delegation will ensure that business will not take a back-seat.
Despite France being one of the biggest countries in the EU, its bilateral trade with India is at a low of $6.3 billion with France running a surplus of $ 2 billion. According to CII senior director T S Vishwanath, there was a need for India to expand its export basket. "We need to identify new products which we could export to France," he said.
Mr Vishwanath pointed out that there were a number of technical barriers to trade which had to be identified and removed. "We are planning to take it up on a bilateral basis," he said.
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Ficci secretary general Amit Mitra pointed out that there was a big room for improvement in investment flows from France. "Total investment flow from France into India in the last seven years is just $700 million," he said. He pointed out that there was huge scope for investments in the hydrocarbon, nuclear energy, railways and the aviation sector. "France's biggest hydrocarbon company Total has a very small presence in India. The French are so good in the hydrocarbon business. We want them to take up blocks in the country and start exploration," he said.Other areas where the Indian industry would look for joint ventures include defence equipment and nuclear energy for civil purposes. Commerce minister Kamal Nath is scheduled to hold bilateral meetings with Ms Lagarde and Mr Sarkozy. Both the ministers will also have a meeting with top CEOs from France and India.
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