India and France can expand partnerships in aerospace, electric vehicles, agricultural and food processing for mutual benefit of both nations, commerce & industry minister Piyush Goyal said Wednesday.
Speaking at the Asia Pacific Commission (APAC) 2024 Forum organised by the French Foreign Trade Advisors, Goyal said adopting sustainable practices can mitigate adverse impacts of climate change across the world.
Bilateral trade between India and France reached USD 15 billion in 2023-24, with Indian exports at USD 7 billion and imports at USD 8 billion.
“France is the 11th largest foreign direct investor for India and over 750 companies have their presence here, with 70 Indian companies working in France,” Goyal said.
On the existing partnership between the two countries in renewable energy, he said the International Solar Alliance (ISA) has been a success. “Over 100 countries have taken membership of this alliance co-sponsored and spearheaded by India and France,” he said.
On aerospace sector, Goyal said India is going to be the world’s largest aviation market with 1,500 planes ordered with capability of taking the order up to 2,000. “I urge the French aviation sector to explore opportunities for setting up manufacturing facilities here,” he said.
Goyal also said India and France have the potential to co-innovate technologies on automobiles and electric vehicles (EVs). According to him, India has a large pool of first-time vehicle owners and providing them with sustainable options will be easier.
On collaboration in digital technology, Goyal identified fostering startups in cybersecurity, AI, ecommerce and quantum technologies as areas where collaborations are possible. Goyal also called for a greater collaboration with France in the defence sector, highlighting India’s robust patent-protected regime, not insisting on technology transfer.
