Government agencies of India and France — ‘Invest India’ and ‘Business France’, have joined hands by signing an MoU to promote investment facilitation and cooperation between start-ups of India and France.
Both the agencies will collaborate to promote business and startup ecosystem cooperation through joint activities and exchange experiences to strengthen institutional knowledge and identify opportunities between businesses in the French and Indian private sector, creating a dedicated support structure to facilitate inbound companies and startups.
The goal of MoU will essentially be to facilitate direct foreign investment by providing practical investment information to enterprises/startups and support the companies pursuing those opportunities which contribute positively to economic growth of the two countries, Commerce and Industry Ministry said in a release.
Set up in 2010, ‘Invest India’ is government of India’s official investment promotion agency dedicated to investment promotion and facilitation. It acts as a single window facilitator and structured mechanism to attract investment. Between Oct 2014 and Sept 2017, the agency has brought in foreign investments worth $7.4 billion.
Deepak Bagla, MD and CEO Invest India, said that the partnership, between Invest India and Business France, will result in the cross-pollination of ideas, talent and technologies between the start-up ecosystems of India and France, which are among the world’s largest and most vibrant.
A MoU was signed between #InvestIndia and #BusinessFrance to promote business and #startup ecosystem cooperation. It aims to strengthen institutional knowledge and identify opportunities between businesses in the French and Indian private sectors. pic.twitter.com/HmBkdnzKf0
— Business France IN (@BF_India) July 25, 2018
‘Business France’ is a French Government agency created in January 2015 through a merger between UBIFRANCE, a French agency for export promotion, and InvestInFrance, an another French agency for International Investment. It promotes International Business Development for French companies and professionals through a worldwide network of 80 Trade Commissions, which have worked with over 7,500 SMEs & mid-caps during 2017 itself. Business France mobilizes the expertise of 1,400 persons in France and in 70 other countries.
Sophie Clavelier, Director South Asia Business France, stated that, by entering into this agreement with India, the aim of Business France is to create new opportunities, catalyse joint collaboration, and help innovative startups to be successful.
It is to be noted that ‘Invest India’ is as a joint venture entity between the Department of Industrial Policy & Promotion (DIPP), Ministry of Commerce & Industry (35% equity), Federation of Indian Chambers of Commerce and Industry (FICCI) (51% equity), and State Governments of India (0.5% each).
The Ministry said that the french partnership will strengthen the existing business relations between India and France and provide a seamless facilitation channel for new businesses and innovations from India and France to grow in the French and Indian markets. Make in India campaign is also being managed by Invest India.
Meanwhile, India has recently become the world’s sixth-biggest economy, pushing France into seventh place, according to updated World Bank figures for 2017.[Top Image – French President Emmanuel Macron with Indian PM Modi | Via – Hindustan Times]
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