Union Commerce and Industry Minister Piyush Goyal delivered a powerful message at the 2024 Asia-Pacific Forum of the French Foreign Trade Advisors, calling for a significant strengthening of trade and technological ties between India, France, and their Asia-Pacific partners. His address focused on harnessing the potential of the India-France relationship to tackle global challenges and foster mutual economic growth.
Goyal expressed unwavering optimism about the future of the India-France partnership, emphasizing its foundation in shared democratic values, a commitment to multilateralism, and respect for international law. This robust partnership, he stated, has already blossomed into significant collaborations across diverse sectors, including defense, space exploration, energy, and digital technologies. He further emphasized the need for a considerable acceleration in the growth of bilateral trade between the two nations, expressing confidence that the current figures merely represent the tip of the iceberg in terms of potential.
He highlighted the impressive growth in merchandise trade between India and France, reaching approximately $15 billion in 2023-24, an increase from $14 billion in the previous year. While imports totaled $8 billion and exports reached $7 billion, Goyal stressed that these numbers significantly underestimate the true strength of the economic relationship. He urged French businesses to prioritize India in their global strategies, envisioning them becoming strong advocates for increased trade and investment in India.
The minister also underscored the substantial contributions of French investment in India. France stands as India’s 11th largest foreign direct investor, with a cumulative investment of $11 billion to date. However, Goyal stressed that this figure only hints at the vast untapped potential for future growth. He pointed to the presence of over 750 French companies in India and 70 Indian companies in France as clear indicators of the deepening economic integration between the two countries.
The significant employment generated by these collaborations was also highlighted. Goyal noted that collectively, these companies employ approximately half a million people, significantly contributing to employment generation and skill development in India while simultaneously providing opportunities for French nationals to engage with the Indian growth story. He emphasized the enormous potential India holds for the next 25 years, presenting a compelling case for increased engagement and investment from French businesses.
In essence, Minister Goyal’s address served as a strong call to action, urging for a substantial expansion of trade, technological cooperation, and defense partnerships between India, France, and other Asia-Pacific nations. His optimistic outlook, coupled with tangible data and a compelling vision for the future, positions this strengthening partnership as a significant driver of global economic growth and collaboration in the face of shared global challenges.
