French firms investing Euro 1-2 billion in India every year'

Hyderabad: French Ambassador Francois Richier on Wednesday said his country's current focus is to strengthen investments in India and that French companies have been investing Euro 1 to 2 billion in the country every year.

Richier, who is on a two-day visit to Telangana along with a trade delegation, said the bilateral trade between the countries currently stood at USD 8 billion and did not grow due to variety of reasons.

The French investors have together invested Euro 20 billion in India. They employ roughly 3.5 lakh skilled people in major cities, covering all sectors.

"It grows by Euro 1 to 2 billion every year. It is not only new companies that are investing but also the existing companies, the French diplomat stated.

He said there is not much investment by French companies in Defence sector. However, with the raised FDI ceiling in the sector, some of the companies from France are expected to show interest in investing in that sector, Richier said.

According to Richier, the bilateral trade with India is not that important for France as of now as the European country is currently focusing on strengthening investments in India and that the economic exchange in terms of skill development is more important.

What is more important is (to) invest in India and sell in India rather than export from France, the ambassador said, adding there is trade deficit with India at present.

The delegation called on Telangana Industries Minister J Krishna Rao and senior government officials earlier in the morning.

Source:PTI