At an event organized by the French embassy and the Federation of Indian Chambers of Commerce and Industry, France’s ambassador to India Francois Richier said that France would invest $5 billion in India’s insurance business. “When you compare the share of French FDI (foreign direct investment), India receives 6% whereas China receives 7% as of 2014. This shows that while China has GDP four times greater than India, the French investment is roughly the same. There is far more attraction to India than China due to the large market, wonderful workforce and cultural connection,” the French ambassador said.
Prime Minister Modi’s visit to France from April 9 – 12 offers “a unique opportunity to promote market India create a huge awareness about India,” he added. Amitabh Kant, secretary, Department of Industrial Policy and Promotion noted, “As India advances, one of the key lessons to learn from France is the process of urbanization,” adding 700 million people would be living in cities in the next five decades, reported LiveMint.