Commerce and Industry Minister Piyush Goyal emphasised the potential for India and France to deepen collaborations in aerospace, electric vehicles (EVs), agriculture, and food processing to benefit both nations. Speaking at the Asia Pacific Commission (APAC) 2024 Forum organised by the French Foreign Trade Advisors, Goyal also highlighted the importance of sustainable practices to mitigate climate change.

Bilateral trade between India and France reached $15 billion in 2023-24, with Indian exports at $7 billion and imports at $8 billion. France is the 11th largest foreign direct investor in India, with over 750 French companies operating in the country and 70 Indian companies established in France.

On renewable energy, Goyal praised the International Solar Alliance (ISA), co-sponsored by India and France, which now has over 100 member nations. In the aerospace sector, he highlighted India’s emergence as the world's largest aviation market, noting the current order of 1,500 planes, with potential to expand to 2,000. He urged French aviation companies to explore manufacturing opportunities in India.

Goyal also underlined the potential for co-innovation in automotive and EV technologies, given India's large pool of first-time vehicle owners and the opportunity to offer sustainable mobility solutions. In the digital domain, he pointed to areas like cybersecurity, artificial intelligence, e-commerce, and quantum technologies as ripe for collaboration.

In defence, Goyal stressed India’s robust intellectual property regime and openness to partnerships without mandating technology transfers, urging greater French involvement in the sector.

(ET)