France is trying to enhance its trade and investment with India

Tamil Nadu’s Industrial Guidance and Export Promotion Bureau and Indo-French Chamber of Commerce and Industry on Monday signed an MoU to facilitate mutual investments and promote ease of doing business. The MoU was signed in the presence of India-based French Ambassador Emmanuel Lenain.

Giving the information on twitter, the French Ambassador wrote, “Proud to witness @Guidance_TN & Indo-French Chamber of Commerce @IFCCI1 signing an MoU that will foster investments & promote ease of doing business. A great step forward to harness the many business opportunities between France and #TamilNadu!”

In a statement, the French Embassy said the MoU establishes a framework to facilitate connections between French businesses and Tamil Nadu, enabling investments and promoting ease of doing business.

Lenain who had a meeting with Tamil Nadu’s Chief Minister, E Palaniswami discussed how French companies could contribute to Tamil Nadu’s ambitious development goals in the areas of industry, R&D and renewable energy.

On twitter he wrote, “Very productive talks with Hon’ble @CMOTamilNadu, Thiru Edappadi K. Palaniswami. We discussed how companies can contribute to #TamilNadu’s goals in industry, R&D and sustainability, as well as opportunities in the #Indopacific & last but not least people-to-people exchanges. “

He also visited the main factory of the Royal Enfield motorbike company which has established a site in France to address the European market.

“France shares a close and long-standing relationship with Tamil Nadu which includes deep cultural and people-to-people ties in particular between the state and France’s Reunion Island. Moreover, owing to its manufacturing and innovation-oriented ecosystem, Tamil Nadu, especially Chennai, has emerged as a hub of French business and investments in India,” the French embassy said.

In Tamil Nadu, there are over 140 French companies and attracts a significant share of all French investments in India, it said. They range from automotive, healthcare, industry, digital technologies, services to energy.

In 2019, France became the top FDI destination in Europe and in the context of Brexit, will be cementing its position as the gateway to Europe for Indian investors, the French embassy maintained.

India and France have moved closer in the past few months despite the COVID-19 crisis. Cooperation between the two countries in the area of environment is a major pillar of Indo-French partnership, both at the bilateral level and on the international stage.