New Delhi: India and France possess significant potential to collaborate in expanding agricultural and food processing globally, utilizing sustainable practices to address global food security concerns, stated Union Minister of Commerce & Industry, Piyush Goyal. Speaking at the Asia Pacific Commission (APAC) 2024 Forum organized by the French Foreign Trade Advisors in New Delhi today, Goyal emphasized the role of sustainable practices in mitigating the adverse impacts of climate change, a PIB press release stated.
Highlighting the success of the International Solar Alliance (ISA), a joint initiative by India and France, the Minister noted the participation of over 100 countries in the alliance. He stressed the commitment of both nations to providing clean and renewable energy to developing countries.
In the aerospace sector, Goyal drew attention to India’s growing aviation market, with orders for 1500 aircraft and the potential to reach 2000. He urged French companies to consider establishing manufacturing facilities in India, given the nation’s projected position as the largest aviation market demand aggregator for the next three decades. The Minister also highlighted India’s rapid expansion of its airport infrastructure, with plans to add 75 more airports by 2029.
Emphasizing the potential for defense collaboration, Goyal encouraged French companies to manufacture in India, taking advantage of the 100% ownership policy and robust patent protection regime. He called for greater collaboration in defense technology, assuring that India does not require technology transfer.
The Minister also stressed the opportunities for co-innovation in automobiles and electric vehicles, particularly in creating sustainable mobility solutions for India’s large pool of first-time vehicle owners. He further pointed out the potential for collaboration in digital technology, including cybersecurity, AI, e-commerce, and quantum technologies. Noting that India-France Year of Innovation 2026 will be a milestone in fostering technology-driven growth, he stated that this initiative will promote joint projects in IT, healthcare, renewable energy and smart cities.
Goyal underscored the importance of “Trust” as the cornerstone of the India-France partnership, highlighting the strength of their collaboration in investments, manufacturing, and services. He emphasized the role of Global Capability Centres (GCCs) in fostering innovation and knowledge partnerships between the two countries.
Despite the robust trade relationship, with bilateral trade reaching $15 billion in FY24, Goyal expressed optimism for further growth, emphasizing that the current figures do not reflect the full potential of the partnership. He noted France’s position as the 11th largest foreign direct investor in India, with over 750 companies present in the country.
Commemorating 75 years of diplomatic friendship and 25 years of strategic ties, Goyal highlighted the shared values and commitment to multilateralism that underpin the India-France relationship. He cited the adoption of the Horizon 2047 roadmap as a testament to the shared vision for the future. The Minister also invited French collaboration in India’s infrastructure projects, including the development of industrial cities across 20 locations.
Goyal concluded by conveying a special message from Prime Minister Narendra Modi, emphasizing the strong bond between India and France, built on trust, shared values, and a future-oriented vision.