Financial Daily from THE HINDU group of publications
Friday, Nov 08, 2002
Financial Daily from THE HINDU group of publications Friday, Nov 08, 2002 |
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Industry & Economy
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Foreign Trade `Scope bright for better trade ties with France' Our Bureau
KOLKATA, Nov. 7 THERE is scope for improved bilateral trade relations between France and India, especially when it comes to trade in industrial goods and export of services, representatives of Indian and French industries said here today. The consensus can be viewed in the backdrop of the latest trends pertaining to Indo-French trade. In 2001-02, India's exports to France have declined when compared to the previous fiscal, while imports from the European nation have gone up. France, incidentally, is now the 10th most-important destination for Indian exporters. According to Mr Jean-Louis Latour, Minister Counsellor and Head of the Economic Departments for South Asia, Embassy of France, there is considerable scope for greater co-operation between the two nations. He was addressing members of the Indian Chamber of Commerce on Thursday. Indian exports to France mainly comprise fibres (both cotton and man-made), handicrafts, carpets and castor oil. On the other hand, imports are made up of non-electrical machinery (the single-largest constituent, nearly 20 per cent), electronic goods, organic chemicals, transportation equipment and iron & steel. Business opportunities can emerge from diverse areas, it is pointed out. There is, for instance, scope for French food companies. India, incidentally, accounted for a low 0.31 per cent of French exports in 2001. Mr Latour, speaking on behalf of a visiting French delegation, underlined the gap that existed between the FDI approved and the investment actually realised. Since 1991, France has been the eighth-largest investor in terms of cumulative FDI inflows. However, the realisation rate for French FDI has come down to 19.08 per cent in recent years. The visiting delegation, it may be mentioned, has representatives from across a range of sectors — water and waste management, environment, transportation, aviation, railways etc. According to Mr A.V. Lodha, President of ICC, the current levels of trade and investment between the two countries are not commensurate with the potential. He stressed the need for concerted efforts torealise the full potential of bilateral economic relations. The chamber has particularly focussed on better co-operation in the services segment, including financial consultancy, waste water treatment, construction and quality control. The Indian Chamber of Commerce, Mr Lodha mentioned, has a protocol of co-operation with the Paris Chamber of Commerce.
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