Visit of Sophie Primas to India

H.E. Ms Sophie Primas, Minister Delegate for Foreign Trade and French Nationals Abroad, attached to the Minister for Europe and Foreign Affairs of France, was in India on a three-day official trip from 27th to 29th November 2024 to boost Indo-French business and innovation ties.

Minister Primas began her India trip on 27th November in New Delhi, where she met Shri Piyush Goyal, Hon’ble Minister of Commerce and Industry of India. She sought to enhance ease of doing business and investment flows between France and India, the goal being to not only increase French investments in India but also invite more Indian FDI into France, Europe’s leading FDI destination.
Thereafter, Ministers Primas and Goyal opened the France-India CEOs Forum concluding session co-chaired by Mr Paul Hermelin, Chairman – CapGemini Board of Directors, and Mr Hari Bhartia, Co-Chairman – Jubilant Life Sciences Limited.

In the afternoon, Minister Primas addressed the 2024 Asia-Pacific Forum of Foreign Trade Advisers of France and gave away the Grand Prix VIE Asia-Pacific, awarded to young business professionals (VIEs).

On 28th November, Minister Primas traveled to Chennai, Tamil Nadu, where French companies bring numerous jobs and skills and contribute to the dynamic State’s economic success story.

In Chennai, Minister Primas visited the R&D Centre of Saint Gobain, leading French manufacturer of glass, and light and sustainable construction materials. Located at the IIT Madras Research Park, the R&D centre has developed an ecosystem remarkable for fostering innovation by linking academic researchers with the industrial sector and partnering with start-ups.

On 29th November, Minister Primas inaugurated the new French international school. Offering a bilingual track, this international school brings the excellence of the French education system to Chennai.

Minister Primas was in Puducherry on 29th November, where she paid a courtesy call on the Hon’ble Lieutenant Governor, H.E. Mr M.K. Kailashnathan. She also laid a wreath at the French War Memorial in tribute to those who laid down their lives for France in World War I. Lastly, she visited the Lycée français international de Pondichéry to interact with students, teachers, parents and alumni.

Interview to The Economic Times

France keen to invest in India’s aeronautical, transport & clean energy sectors: Trade Minister

French Trade Minister Sophie Primas, during her India visit, highlighted significant investment opportunities for French companies in India’s aeronautics, transport infrastructure, and clean energy sectors. She emphasized the growing France-India strategic partnership, aiming to boost bilateral trade beyond its current high and leverage French expertise to support India’s infrastructure development.

India’s fast-emerging economy has vast opportunities for French investments particularly in aeronautical, transport infrastructure and clean energy, French trade minister Sophie Primas told ET on Tuesday.

“We see major potential in aeronautic, sustainable development and emerging technologies. In the aeronautic sector, French companies already enjoy a significant market-share in the Indian market and in this area, France and India have built a strong partnership. Strengthening our cooperation on aeronautics in the next few years is a priority,” said Primas, on her first visit to India in the current role.

However, the need for more transport infrastructures, water or waste facilities in India are also areas in which French businesses have recognised expertise and are eager to increase their presence in the country. “The increasing demand for clean energy and electricity in India is equally being looked at for newer investments,” Primas, who is on a mission to promote French investments in India, said.

France and India have developed a strategic partnership in which the alignment of strategic ambitions, particularly on defence, has been central throughout the years, the minister said, adding, “France and India are now looking at enhancing their partnership in the economic and commercial field. Yet, it’s worth remembering that bilateral trade has already reached an all-time high in the first semester of 2024 at € 9.4 billion. However, I believe we can do more and better.”

“We want to translate the France-India political partnership into concrete business opportunities. Regarding export, French companies have something to contribute to help India achieve its objectives in terms of developing its transport, digital and energy infrastructures. I will mobilize in this direction.”

As for attractiveness, Indian companies produce in France, but more can be done. France is only the 6th European destination for Indian investments, the minister said.

“I want to tell Indian companies that they must take greater advantage of the France-India 2047 partnership and the excellence of the French technological and industrial ecosystem to really accelerate their growth.”

When asked about French interest in IMEEC, Primas said, “Following the announcement of the launch of the corridor on the sidelines of the G20 Summit in New Delhi on 9 September 2023, France was the first country to appoint a sherpa dedicated to the project, Gerard Mestrallet, Special Envoy of the President of the Republic.”

This is a major project of national interest in several respects. IMEEC will ensure the diversification of strategic supply chains and strengthens the economic, energy and health security of India, Europe and the Middle East. France also sees in the corridor a source of regional integration, peace and stability, as well as an opportunity to accelerate the decarbonization of the trade routes to better respond to the strategic economic challenge of tomorrow, the minister said.

Finally, IMEEC will open major business opportunities for French companies in different key sectors: logistics, energy and digital sectors. France wants to play a leading role in this project and offers leading infrastructures that could make Marseilles the European entry point for the corridor.

The interview was published on The Economic Times website on 27th November 2024.

Interview to Press Trust of India

Crucial to rely on trusted partners in turbulent times: French trade minister on ties with India

After forging close partnership in the defence domain, India and France are now looking at ramping up economic and trade ties as it is crucial to rely on "trusted" partners in these "turbulent times", French foreign trade minister Sophie Primas has said.

In an interview to PTI, Primas said French companies are looking at expanding engagement with India in sectors like aeronautics, transport, energy infrastructures, sustainable development and emerging technologies.

"India and France have always maintained a relationship of deep trust over the years, which becomes even more significant in the context of geopolitical turmoil and disruptions in supply chains," she said.

"In these turbulent times, it is crucial to rely on trusted partners to advance together and develop joint cooperation. The stability and strength of our bilateral ties ensure resilience and strategic advantage as we navigate these challenges together," the minister added.

Her comments came amid rising concerns in Europe over the escalating tensions between Russia and Ukraine, the conflict in Gaza and uncertainty on implications of the economic policy of the incoming Donald Trump administration.

At the same time, Primas highlighted the upward trajectory of India-France bilateral partnership affirming that both sides are now focusing on boosting economic and trade relations.

"Strategic alignment, especially in defence, has been a cornerstone of our relations over the years. Recently, there has been a significant boost in our economic and commercial exchanges," the minister said in her written response.

The defence and strategic ties between the two countries have witnessed major upswing in the last few years with India procuring a number of mega military platforms including fighter jets and missiles from France.

Primas said France is also looking forward to further negotiations between New Delhi and the European Union for finalisation of a "mutually beneficial" free trade deal that could expand two-way economic engagement.

"The EU remains committed to negotiating a mutually beneficial deal that incorporates ambitious sustainable development goals. Continued dialogue at the EU level is anticipated to further this objective," she said.

India and the EU relaunched negotiations for the ambitious trade deal in June 2022 after a gap of over eight years but the talks have dragged on for a variety of reasons including the 27-nation bloc’s position on carbon tax.

On bilateral trade, the French foreign trade minister, who visited India from November 27-29, said there is potential for more growth in the trade sector.

"Despite France being the top European destination for foreign investments continuously since 2020, it ranks only sixth for Indian investments in Europe," she said.

"I encourage Indian firms to seize the opportunities offered by the France-India 2047 partnership and leverage France’s advanced technological and industrial ecosystem to significantly boost their growth and invest in a country that is a hub for foreign investment in Europe," she added.

The 2047 ’Horizon Partnership’ was unveiled following wide-ranging talks between Prime Minister Narendra Modi and French President Emmanuel Macron in Paris in July last year. Its aim was to shore up bilateral ties including in trade and investment.

The French foreign trade minister noted that the volume of India-France trade increased by 20 per cent in 2022, 13 per cent in 2023, and early data for the first half of 2024 is highly encouraging as it showed a 26 per cent increase to Euro 9.4 billion.

At the same time she said there is room to expand and enhance the trade ties further.

"French companies are committed to supporting India’s development in transport, digital, and energy infrastructures, recognising significant potential in sectors like aeronautics, sustainable development, and emerging technologies," she said.

"France and India already have a strong partnership in aeronautics, where French firms hold a substantial market share."

"There is also a focus on enhancing French presence in transport infrastructure, and clean energy sectors due to India’s growing needs," Primas said.

The minister also highlighted "significant opportunities" for deeper engagement between the two sides in digital technologies like Artificial Intelligence, and space.

Asked about the fast-track mechanism mentioned in the 2047 Horizon document for addressing issues pertaining to investments, Primas said it has proven to be a valuable forum.

"Yes, the Fast-Track mechanism, established in 2020, has proven to be a valuable bilateral forum for addressing investment issues faced by French and Indian investors," she said.

"It convenes biannually at a high level and has been very effective in maintaining momentum and fostering open dialogue. Regular meetings are crucial as they help ensure continuous progress and keep the channels of communication open," she added.

Asked about the India-Middle East-Europe Economic Corridor (IMEEC) project, Primas said it will strengthen strategic supply chains and that Paris views it as a source of regional integration, peace and stability.

Billed as a pathbreaking initiative, the IMEEC envisages a vast road, railroad and shipping networks among Saudi Arabia, India, the United States and Europe with an aim to ensure integration among Asia, Middle East and West.

The IMEEC also envisages to include an electricity cable network, a hydrogen pipeline, high-speed data cable network to facilitate overall economic growth in the partner countries.

The project is also seen as an initiative by like-minded nations to gain strategic influence in the face of China’s Belt and Road Initiative (BRI) that has faced increasing criticism over lack of transparency and disregard for sovereignty of the nations.

The BRI is a mega connectivity project that connects China with Southeast Asia, Central Asia, Russia and Europe.

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The interview was published on Press Trust of India website on 1st December 2024.