IFCCI News | | India Briefing
French President Emmanuel Macron landed in Delhi late last Friday – to a warm reception by Prime Minister Narendra Modi.
Macron’s three-day visit saw him co-host the founding summit of the International Solar Alliance (ISA); France will commit US$924 million (€750 million) to the alliance, its total monetary contribution standing at US$1.23 billion (€1 billion).
ISA is an inter-governmental organization launched by Modi in 2015 that aims to mobilize US$1 trillion in funds for future solar generation, storage and technology across the world. It has 60 signatories, 30 of whom have ratified the agreement.
Besides a public commitment to assisting India’s renewable energy aspirations, France and India inked multiple deals over the weekend, ranging from defense, security, and civil nuclear cooperation to agreeing to hold biennial summits between top-level leaders of both countries.
The two countries also discussed annual ministerial talks to deepen trade and investment; France currently contributes only one percent to India’s foreign direct investment (FDI) yearly inflow.
In light of Macron’s visit – French cement giant Vicat announced US$274.82 million (€223 million) in investments in the Indian cement sector involving both brownfield expansions (Karnataka state) and greenfield projects (Andhra Pradesh state). Indian and French companies and government entities also signed deals worth US$16.02 billion (€13 billion) in aviation, renewable energy, and waste management.