India-France Business Summit 2023, Celebrating 25 Years of India-France Friendship

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India-France Business Summit: 25 Years of India-France Friendship is being commemorated through India-France Business Summit 2023. India-France Relations is also important for UPSC Prelims Exam 2023 and UPSC Mains Exam (GS Paper 2- International Relations, Bilateral Relations between India and Other Countries including India).

India-France Business Summit in News

Recently, Shri Piyush Goyal, the Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles addressed the India-France Business Summit held in Paris, France.

During India-France Business Summit 2023, he expressed that India and France have a long-standing friendship and partnership as two robust democracies collaborating for the betterment of the world.
Additionally, the Minister had the opportunity to engage with the Indian community in Paris during his visit.

India-France Business Summit 2023

India-France Business Summit 2023 is commemorating 25 years of India-France Friendship on the 11th of April 2023.

Co-chair: Union Minister of Commerce & Industry, Shri Piyush Goyal along with Mr Olivier Becht, Minister delegate of Foreign Trade, Attractiveness and French Nationals Abroad, Government of France, will co-chair the India France Business Summit.
Venue and Timing: India-France Business Summit venue was Paris, France. It was organized on 11^th April 2023.
Participation: Mr. Piyush Goyal, the Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, attended an event in Paris with French Minister Mr. Olivier Becht.
- The event was aimed at highlighting India’s rich cultural heritage and soft power and was expected to be attended by over 600 dignitaries from the French government, the Indian Business Diaspora in France, and members of the French business community.
Theme: The India-France Business Summit’s main themes will center around creating a sustainable future, exploring new technologies, strengthening defense partnerships, and fostering collaboration in the Indo-Pacific area.

Key Dimensions of India-France Relations

Key dimensions of India-France relations are discussed below-

Defence and Security Cooperation

The areas of defence and security cooperation, space cooperation and civil nuclear cooperation constitute the principal pillars of the strategic partnership of both countries.

Over the years India’s defence cooperation with France has increased with the latter becoming India’s 2nd largest arms supplier (after Russia).
India and France are increasingly engaged in new areas of cooperation such as maritime security in the Indo Pacific region, counter terrorism, climate change, renewable energy and sustainable growth and development among others.
Both share a close degree of convergence on a range of regional and global issues also.
Recently held 20th edition of ‘Varuna’ – a five-day naval wargame exercise between the two countries in the Arabian Sea is a reflection of growing congruence in their maritime security cooperation.

UNSC Membership Issue

France has continued to support India’s claim for permanent membership of the United Nations Security Council and the reforms of the United Nations.

France’s support was vital in India’s accession to the Missile Technology Control Regime (MTCR), Wassenaar Arrangement (WA) and Australia Group (AG).
France continues to support India’s bid for accession to the Nuclear Suppliers Group (NSG).
India and France have consistently condemned terrorism and have resolved to work together for the adoption of the Comprehensive Convention on International Terrorism (CCIT) in the UN.

French Businesses in India

The two countries have a burgeoning economic relationship with French businesses and industry contributing significantly to India’s Atmanirbhar Bharat campaign.

There are over a 1000 French businesses in India in variegated sectors like defense, IT corridors, ITES, consulting, engineering services, heavy industry, smart-cities, railways, capital and trade exchanges, skill development etc.
France is the 11th largest foreign investor in India with a cumulative FDI stock of USD 9.83 billion from April 2000 to March 2021, which represents 2 % of the total FDI inflows into India.
There are more than 150 Indian companies operating in France including sub-subsidiaries, employing more than 7 7,000 persons.

Many Established French Companies Present in India

Almost all the major French companies are present in India including Renault, Saint Gobain, Veolia, Michelin, Capgemini, Sanofi, EDF, Airbus, Lactalis, Sodexho, Total and others.
India’s Reliance, Tata, Mahindra, L&T and other big companies have tied up joint cooperation with major French companies like Dassault, SAFRAN, Thales, Scneider Electric and others in the defence and electronics sector.
French infrastructure companies are looking forward to major opportunities in Indian projects including in smart cities and renewable energy.

France is a Key Partner in Many Developmental Projects

France has been actively cooperating with various Indian programmes, especially three Smart Cities, viz. Chandigarh, Nagpur and Puducherry.
SNCF- the French railways and the 8 Indian Railways have established a Permanent Indo-French Railway Forum.
They have been cooperating in the studies for the feasibility of semi-high speed upgrade of the Delhi-Chandigarh section and station development study of Ambala and Ludhiana.

Indian Diaspora in France

The Indian diaspora in France is estimated to be around 5,00,000 with majority being French citizens based in the French overseas territories.

So, there also exist vibrant bilateral cultural and educational linkages as also growing people-to-people contacts.
Indian diaspora also has a sizeable presence in metropolitan France and its overseas departments/territories.
Around 109,000 Indian citizens reside in mainland France, with a majority originating from former French colonies of Puducherry, Karaikal, Yanam, Mahe and Chandernagore.
A sizeable number of Indian origin population lives in the French Overseas Territories of the Reunion Island (300,000), Guadeloupe (60,000) and Maritinique (6,000).
There has also been an increasing number of students (nearly 10,000) and professionals studying and working in mainland France.

India France Strategic Agreement