France on lookout for Indian corporate investment

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SME Times News Bureau | 18 Dec, 2014
France is keen to attract Indian firms to invest in the country, after losing considerable market share in global trade over the last 10 years and now facing a wide trade deficit.

"In France, we have a large number of SMBs (small and medium businesses) which are developing technologies in large number of areas located in 71 technology clusters but they are a bit shy. If some Indian company is looking for technology which is fitting their business, then we can help them do business together," French Ambassador to India Francois Richier said on the sidelines of a conference here Wednesday.

Approximately, there are 10,000 SMB firms operational in France.

Though trade has shown a declining trend in the European nation of late, the figure was pegged at 4.61 billion euro this October.

Besides, the country is trying to pull in Indian IT software companies and from the manufacturing segment to invest in France.

"Two sectors are of primary importance (to France) - one is the main companies in the IT software sector, and the second is Indian companies in the manufacturing sector," Dominique Frachon, managing director of Invest in France, told media.

He said companies ranging from the locomotive and transport sector to solar and bio-technology fields have been focusing on India.

Aiming to boost Indian investment and collaboration onshore, the ambassador assured visas to Indian businessmen within two days.

Also, the French embassy will take extra efforts to bring more French people to Bengal and help the Bengal government make the state a viable tourist destination.

He said French companies not earning profits can be opened up to the Indian companies for either acquisitions or related business deals.

There are 105 Indian companies currently operating in France which have generated 6,000 jobs in the country.

The economic situation in France is under stress with the annual GDP growing by a mere 0.29 percent in 2013.

The current unemployment level is at 10.8 percent which is double the level in Germany and 25 percent of people under 25 years age is out of work.