Two-way investment between India and France will get a shot in the arm following the signing today of a Memorandum of Understanding (MoU) between Invest India, Invest in France Agency (IFA) and Ubifrance, the French Agency for International Business Development.
Invest India, a Joint Venture of the Department of Industrial Policy and Promotion of the Ministry of Commerce and Industry, State Governments of the Republic of India, and the Federation of Indian Chambers of Commerce and Industry (FICCI), is the official investment facilitation agency in India.
IFA, the Invest in France Agency, facilitates direct foreign investment by providing practical investment information to enterprises.
Ubifrance, the French Agency for International Business Development, supports and promotes French companies’ export and international development by helping them to identify business opportunities in India, develop trade links and partnerships with Indian companies and set up local presence in the Indian market, either directly or through joint-venture agreements.
The MoU was signed by Mr. David Appia, Ambassador, Chairman & CEO, Invest in France Agency; Mr Vijay Kumar Topa, Managing Director, Invest India; and Mr. Patrick Manon, Commercial Counselor, French Embassy in India on behalf of Ubifrance, French Agency for International Business Development.
As per the MoU, the three organizations will support efforts aimed at identifying, analyzing, assessing and disseminating information pertaining to business proposals in the areas of foreign trade, industrial, commercial and technological cooperation, as well as investment opportunities to facilitate increased cooperation between French and Indian companies.
In order to increase the number of Indian companies investing in France, Invest India and IFA will act as central points of contact for further information on applicable legislation and regulations. Invest India and Ubifrance will enhance their cooperation in order to provide the best service and the most accurate information to French companies willing to invest in India.
The three organizations will exchange information on trade and investment promotion activities and services, provide information about policies related to direct investment, and share data on bilateral trade and investment flows.
Invest India and IFA will cooperate on investment promotion activities with a view to identifying areas of potential collaboration, in accordance with their respective mandates, including in the areas of exchanging invitations to investment promotion seminars, to trade and investment fairs; establishing links between official websites to share that information with investors; information on potential investors; and conducting other investment promotion activities.
Ubifrance will be kept regularly informed of those investment promotion activities and will potentially join those initiatives within its statutory authority.
Source: FICCI
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written by multibagger tips, December 08, 2010
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