French design institutes urged to set up shop in India
India, on Monday, invited French fashion design institutes to bring their best practices to India in partnership with indigenous lifestyles industry.
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ddressing the fourth India-France CEOs Forum, Union Commerce & Industry Minister and Union Textiles Minister Anand Sharma, said the recent decision to allow 100 percent FDI in single brand retail, would help French luxury goods companies establish manufacturing bases in India. “This will create a win-win situation as India has emerged as a huge market for luxury goods and establishment of manufacturing in India will provide maximum value,” he added.
Sharma said though over $14 billion worth of French investments in India were in the pipeline, it was not up to the potential. He urged French firms to enhance their business engagements with India.
“Given the strong position of French companies, the level of French investment in India is way below the potential. There are 800 French companies in India which engage over 80,000 people and we would like to see this growing in the coming years.”
The forum, comprising heads of leading businesses in France and India, was initiated by President Nicolas Sarkozy and Prime Minister Manmohan Singh in 2008 following Sarkozy’s state visit to India, signifying the growing bilateral commercial ties.
