Reflets Magazine #153 | France – India : Fruitful Liaisons

Reflets Magazine #153 devotes a feature to India and its rising economic power. Among the interviewees Jean-Marc Séré-Charlet (E92), Consul General of France in Mumbai, and Guillaume Vigier (E04), Head of Business Support Services (SAE) of the Indo-French Chamber of Commerce (IFCCI), discuss India’s relations with France, its seventh-largest investor.  Here is a free online version of his interview… Subscribe to get the next issues (in French)! 

Reflets Magazine: What economic and diplomatic ties exist between France and India?

Jean-Marc Séré-Charlet: France and India have been linked through strategic partnerships for more than 25 years, in key sectors such as defence, civil nuclear power and space. We expanded our cooperation more recently into new sectors, particularly around the India-Pacific area, where there are more than a million French nationals. With the exponential growth of its market (7.7% forecast for 2024), India offers a host of opportunities for French businesses. On the other side, Indians are beginning to raise their investments in France. The CEO of Tata Sons has just announced the launch of an excellence innovation centre for AI in Paris’ Défense district, which will create 150 jobs.

Guillaume Vigier: This momentum is illustrated by President Macron’s visit to India for Republic Day in early 2024, and that of Prime Minister Modi to France as guest of honour in mid-2023, during which the two leaders presented the Horizon 2047 road map setting the course for relations between our countries up to India’s centenary independence year.

RM: What role does the European Union play in developing trade between France and India?

G. Vigier: India and EU are currently negotiating a free trade agreement which will boost bilateral commerce considerably. Discussions focus on three major themes: trade liberalisation via the reduction in tariff, non-tariff and regulatory barriers, along with facilitating market access; investment protection, and geographical indication protection.

RM: In which areas is French-Indian cooperation currently being rolled out?

J.-M. Séré-Charlet: Most of the CAC 40 groups have local operations: Alstom, to build trains, Total Energies for renewable energy, or BNP Paris, which opened its first office in Bombay in 1865, in addition to tech players such as Ubisoft. In my catchment area alone (which covers the west of India), you find major groups such as Sanofi, Dassault, Michelin or L’Oréal, as well as numerous SME and even micro-business owners.

G. Vigier: In all, there are more than 1,000 French establishments in India, operating in a vast range of sectors including defence and aerospace, agro-food, pharmaceuticals, transport and logistics, the automotive industry, consumer goods and luxury. Support roles in IT, engineering and R&D account for around 100 subsidiaries, 65 of which have located here in the last five years. Capgemini employs around 300,000 people in the country, BNP Paribas 15,000 and Société Générale 7,000. In parallel, Alstom steers six industrial units and several engineering centres here, L'Oréal owns two factories in Himachal Pradesh and Pune, and Michelin Tyres produces to the north of Chennai. Schneider Electric invested €50 million in a smart factory in Hyderabad, Safran €150 million in two plants, also in Hyderabad, and CMA-CGM €130 million in the modernisation of a Mumbai terminal, for which it obtained a 30-year concession.

RM: What is the outlook for France-India relations in the years to come?

J.-M. Séré-Charlet: In addition to France’s backing for India in its bid to obtain a permanent seat on the Security Council, we also need to strengthen our cooperation on the international scene, particularly in the framework of the G20 and the International Solar Alliance, initiated by our two countries to facilitate access to low-cost funding for solar power projects.

G. Vigier: Technology should also constitute a major focus area. Emmanuel Macron announced a France-India Innovation Year for 2026. There are other opportunities with all the Indian development programmes in fields of French expertise, such as transport infrastructures, water supply, waste management, renewable energy and nuclear power, defence and aeronautics. Lastly, French luxury goods offer genuine prospects in urban centres such as Mumbai and Delhi, which both rank among the world’s 10 cities with the highest proportion of billionaires

Interview by Louis Armengaud Wurmser (E10), Content Manager at ESSEC Alumni

From Reflets ESSEC Magazine #153. Read a preview. Subscribe to get next issues (in French).

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