Modi’s visit gives new impetus to Indo-French partnership

During the visit, the importance of partnership to tackle global challenges was highlighted Climate change, clean energy, health, food security and development, among others. Their businesses will also have huge consequences and the bilateral economic partnership will benefit long into the future.

India and France share cultural, trade and economic ties since a long time. The India-France Strategic Partnership, signed in 1998, has gained significant momentum over time and today has evolved into an even closer multi-faceted relationship, spanning various areas of cooperation including defence, security, energy, space, education, environment, trade and extended to the regions. People-to-people relations among many others.

The India-France economic partnership has seen stable and strong bilateral trade and investment ties over the years, with a strong comeback post the pandemic. Bilateral trade to reach a new peak of $13.4 billion in 2022-23, with exports from India crossing $7 billion. Indian imports are also significant and stand at around $5.8 billion during 2022-23. On the investment front, France is the 11th largest foreign investor in India and recorded cumulative investment of $10.5 billion in India between April 2000 and March 2023.

Ambitious ‘Horizon 2047 Roadmap: Charting’ future of The ‘India-France Strategic Partnership’ was adopted to decide the next direction of the relationship till 2047, the year India will celebrate the centenary of its independence. The roadmap is based on three important pillars of the partnership: for security and sovereignty, for the planet and for the people. It is a symbol of many remarkable initiatives.

Firstly, France has been a major defense partner for India and cooperation in this area has been a mainstay of the Indo-French partnership. Significant outcomes that will further strengthen defense ties include the establishment of an Indian Technical Office of the Defense Research and Development Organization (DRDO). Indian Embassy In Paris, expanding cooperation in co-production and co-development of new technologies, and joint construction of key military platforms for friendly third countries. Given India’s deep defense engagement with French industry, the spin-off effect will extend our defense manufacturing Capabilities and Technologies.

Second, the signing of several MoUs for strategic cooperation in space, stability and science and technology will build up progressively enhanced cooperation. Notable initiatives were taken to jointly address economic challenges in outer space, such as the establishment of a bilateral strategic dialogue and the Trishna satellite project to promote cooperation in satellite services.

An MoU between our National Institute of Ocean Technology (NIOT) under the Ministry of Earth Sciences and IFREMER, a French marine research institute, on collaborative research projects in areas such as deep ocean missions and exchange of scientific and technical expertise is a welcome step and will Is. Promotion of bilateral scientific cooperation. There is also a possibility of turning it into business opportunities in the coming times.

Three, stability is the cornerstone of the Indo-French partnership and this was a major focus of the discussion. The joint commitment to end single-use plastic product pollution and ban single-use plastic products is a remarkable global precedent and will greatly help advance the ecological agenda of both sides.

Fourth, a number of digital initiatives covering various areas, including digital public infrastructure, AI, cyber security, 5G/6G telecommunications and strengthening digital skills, will strengthen digital cooperation. India’s UPI launched digital payment Mechanism in France was a very important step, and not only a big step in the partnership, but also a signal to the world about the potential of the UPI platform. The digital partnership will also boost tourism and bilateral trade by promoting greater economic and financial connectivity.

Fifth, announcement of long-term five-year visa Indian student Our invitation to French universities to pursue higher education in France and to open campuses in India will strengthen academic ties and strengthen cultural and people-to-people exchanges. The private sector will have an important role in encouraging public-private collaboration in the education sector and facilitating the creation of courses, as well as enhancing capacity, learning and skills, and promoting student exchange programmes.

Sixth, the economic dimension of the relationship took precedence as Prime Minister Modi and French President Emmanuel Macron addressed a group of leading Indian and French CEOs from various sectors. Sectors such as climate action, energy change, green transportation and infrastructure, construction technologies, aeronautics, defense, automotive, life sciences, agriculture, financial services and information and communications technology provide opportunities for further collaboration and deepening engagement between businesses Are.

India’s favorable and liberal FDI policy regime as well as a series of recent interventions in areas such as infrastructure, digital payments startupthis and Renewable energy Offer many investment opportunities to French investors.

Finally, strengthen joint efforts Marine security, setting up an Indo-French health complex, finalizing the Indo-Pacific Triangular Development Cooperation Fund for building disaster-resistant infrastructure, and promoting startups in the areas of clean and renewable energy are all important in achieving economic security Will be and better balance in the field.

The emerging geopolitical world order presents many opportunities as well as challenges. India and France have made consistent efforts to broaden their partnership to jointly address these. Prime Minister Modi’s visit to France yielded several concrete and successful outcomes that should pave the way for economic and business ventures.

Chandrajit Banerjee is the Director General of Confederation of Indian Industry

UPDATE: July 18, 2023, 02:00 AM IST