Indian, French agencies sign pacts to offer investor services

A single point service to French investors will be available from Invest India, a joint venture of the Department of Industrial Policy and Promotion (DIPP) and industry body FICCI.

Likewise, Invest in France Agency (IFA) and Ubifrance, the French Agency for International Business Development will help Indian investors.

Memoranda of understanding were signed by IFA Chairman and CEO David Appia and Invest India Managing Director V K Topa and Commercial Counsellor in the French Embassy in India Patrick Manon.

The MoUs were signed in the presence of Commerce and Industry Minister Anand Sharma and French Minister for Economy and Finance Christine Lagarde here.

Lagarde is a part of a large delegation accompanying French President Nicolas Sarkozy.
The three organisations will exchange information on trade and investment promotion activities and services. They will also share with each other information related to policy issues.

Seeing a promise in the world's second fastest growing economy, French companies are committed to invest euro 10 billion (USD 13.25 billion) over the next two years in India, Lagarde said after the signing of the MoUs between the investment promotion agencies.

Indian economy is growing at close to nine per cent, the second fastest in the world after China. The French economy is expanding by less than two per cent, after recovering from the 2008-2009 recession.

There are about 750 French companies operating in India, while 100 Indian firms have presence in France.