New Delhi, Mar 10: In joint briefing with French President Emmanuel Macron on Saturday, Prime Minister Narendra Modi pitched for increased FDI or foreign direct investment from France, particularly in the defence sector.

"We welcome investments in defence under the 'Make in India' initiative from France," said PM Modi while jointly addressing the press with the visiting dignitary.

"India and France share the same vision and ideals. Our goals are also the same. Times calls for the two nations to enhance their ties on all frontiers, which include trade, tourism, business, counter-terrorism and defence," Modi added.

Stressing on the 20-year-old strategic ties between India and France, the Indian PM said the time is ripe to "enhance our cooperation".

A major boost to Indo-French defence relations came in 2016, when the Modi government finalised the contract to procure 36 Rafale fighter jets from French manufacturer Dassault.

The growing Indo-French bonhomie would not be restricted to only defence purchases, but also provide "bilateral strategic coordination" for India in the Europe region, and for France in the Indian Ocean, Macron said.

"India is our strategic partner in South Asia and we want to be yours in Europe," said Macron, accompanied by PM Modi.

Meanwhile, ahead of the delegation-level talks between Modi and Macron, the 40 companies which accompanied the visiting French president inked pacts worth $16 billion with their domestic counterparts.

Among the major deals struck, France's Safran has inked a pact with local carrier SpiceJet to supply airline engines. Industrial gas company Air Liquide has partnered with Sterilite for modernisation.

An "Industrial Way Forward Agreement" was also inked between India's NPCIL and French utility EDF for construction of six civil nuclear reactors in Jaitapur, the French presidency said in a statement.

(The above story first appeared on LatestLY on Mar 10, 2018 02:14 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).