More than 120 Indian companies in the French market
Indian investors have significantly increased their investment in France, bringing the total number of Indian companies to more than 120 amidst the world’s best dominated French market.
In 2019, 18 Indian companies decided to invest/re-invest in France, creating or maintaining two times more jobs than in 2018, according to Business France’s 2019 Annual Report on Foreign Investment in France.
The French Prime Minister Edouard Philippe and his ministers joined by leaders discussed the report via video conference on 4 June 2020.
The French government’s strong reforms over the past 3 years and growing foreign investor confidence, especially from Indian investors, have enabled France to be ranked first among FDI destinations in Europe, said French Ambassador to India, Emmanuel Lenain.
Amb. Lenain elaborated, “The strong presence of Indian businessmen at major events in France shows how attractive France is for India.
“I am proud to see increasing Indian investments in France, and impressed by their value addition as they often involve decision-making centres, production and manufacturing operations and logistics.”
He highlighted the participation of a dozen Indian CEOs during the visit of the French President to Reunion Island on 23 October 2019 and the participation of seven eminent Indian CEOs at Choose France, on January 20, 2020 at Versailles bear witness to this.
The diversity of France’s territories continues to drive their attractiveness among Indian investors: the Paris region received four projects, while Auvergne-Rhône-Alpes (Lyon) and Provence-Alpes-Côte d’Azur attracted three projects each.
Investments were mainly made in the software and IT services sector, while the pharmaceuticals and biotechnologies sector was responsible for nearly 30% of jobs generated by Indian investment, said Christophe Commeau, Trade & Investment Commissioner for India, Acting Executive Director for Business France in South Asia.
Audrey Lucbernet, Head of Invest in France Department – Business France in India, highlighted three Indian success stories in France respectively from a start-up, a mid-size company and a big group that benefited from a soft landing in France by Business France.
These are:
• Dualeap: an innovative technological solutions start-up, which decided to establish its headquarters in Toulouse to develop and market its ClearBox aerospace solution.
• GeneStore: a specialist in genomics, which chose France for its first European site, by taking over the cell biology research company ICDD, located in Provence-Alpes-Côte d’Azur, from where they are currently developing COVID-19 test kits to fight against the pandemic.
• Modi Group: representing the famous Indian cosmetic brand Colorbar, which acquired the French company Provaine brand holder of the customizable varnish ‘La nail revolution’ in Toulon (Provence-Alpes-Côte d’Azur).
These investment projects played an essential role in France’s attractiveness and contributed to make France the most attractive country in Europe for the first time in 2019.
More than a confirmation, France’s attractiveness is a real statement, showcasing the solidity of its economic fundamentals on which the post-COVID-19 recovery plan will be able to rely, with a decisive shift towards a carbon-neutral industry in a business-minded environment and a renewed international and European-level playing field, said the report.
Business France is the national agency supporting the international development of the French economy, responsible for fostering export growth by French businesses, as well as promoting and facilitating international investment in France. fiinews.com
