Latest News | French Aircraft, Defence Industries Should Look at India to Set Up Base: Goyal

New Delhi, Nov 27 (PTI) Commerce and Industry Minister Piyush Goyal on Wednesday urged the French aviation sector to explore opportunities to set up manufacturing facilities in India.

He said that India is the world's largest aviation market with 1,500 planes ordered with the capability of taking the order up to 2,000.

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"Indian companies have 1,500 aircraft on order and have the option to take it to 2,000. It would also be in the best interest of French companies to look at Indian manufacturing possibilities, to look at expanding their own sales in India for both aircraft, spare parts for aircraft, maintenance, repair and overhaul and all other associated industries," he said while addressing the Asia-Pacific Forum of French Foreign Trade Advisors.

A large part of the order of aircraft by Indian companies has gone to French manufacturer Airbus.

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India has increased the number of airports to 125 from 75 in 2014 and by 2029, 75 more airports will become operational.

"It gives huge opportunities for companies who wish to develop airports and other associated industries," Goyal said.

The minister also suggested for joint production partnership between Indian and French companies in the defence sector for the world markets.

"We are encouraging companies from across the world to manufacture in India. We allow 100 per cent ownership of defence manufacturing companies.

"We don't even insist on technology transfer in most cases," he said.

Goyal also invited French companies for partnerships with India in the area of agriculture and food processing, renewable energy, electric vehicles, artificial intelligence and quantum technologies, and services sector.

France is the 11th biggest source of foreign direct investment in India with total investments of USD 11 billion.

About 750 French companies are operational in India and 75 Indian companies have operations in France.

The bilateral trade between the countries reached USD 15 billion in 2023-24 with Indian exports at USD 7 billion and imports at USD 8 billion.

Though the trade is balanced it is suboptimal, the minister said. "We should aspire to grow it much better, much bigger much faster. The trust between the two countries will strengthen our continued engagement in investment on both sides".

Goyal read a special message from Prime Minister Narendra Modi underscoring the ties between India and France based on trust, shared values and a forward-looking vision.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)