New Delhi, Feb 10 (NationPress) Following a strong partnership in the defence sector, India and France are now aiming to enhance their trade and investment links, particularly in areas like clean energy, new technologies, and aviation, as Prime Minister Narendra Modi arrives in Paris on Monday.

France has become a significant source of FDI for India, with over 1,000 French companies operating in the country. It ranks as the 11th largest foreign investor in India, contributing a total of $10.84 billion from April 2000 to December 2023.

During his visit to France from February 10 to 12, PM Modi will co-chair the AI Action Summit, an event that brings together global leaders and tech CEOs to discuss collaborative approaches to AI technology for innovation and societal benefit.

He will also visit the International Thermonuclear Experimental Reactor project, where India is a member of a consortium, including France, aimed at harnessing energy for the global community.

Both nations are currently negotiating the deployment of small modular reactors to enhance bilateral civil nuclear cooperation, focusing on green energy solutions to combat climate change.

French Foreign Trade Minister Sophie Primas expressed optimism during a recent visit to Delhi about advancing negotiations between New Delhi and the European Union to finalize a mutually beneficial free trade agreement that could increase economic interactions.

Regarding trade relations, the French minister emphasized the intent to broaden economic engagement since both nations have established a solid partnership in strategic areas.

The Horizon 2047 partnership was introduced in July 2023 after extensive discussions between PM Modi and French President Emmanuel Macron, aiming to strengthen bilateral relations, particularly in trade and investment.

An initiative for India-France Triangular Development Cooperation is also anticipated, with both countries expected to designate 2026 as the India-France Innovation Year.

As per Coumar Ananda, President of the Chambers of Commerce and Industry France-India, trade between the two nations remains under $20 billion, primarily concentrated in the defence and aerospace sectors.

France is a crucial ally for India in developing a self-sufficient defence industrial and technological base.

India and France are dedicated to collaborating on the co-development and co-production of advanced defence technologies, which may also benefit third countries.

In light of their exceptional cooperation in military aviation for over five decades, India and France celebrate the timely delivery of the 36 Rafale jets ordered by India.

Looking ahead, both nations will expand their pioneering defence collaboration in advanced aeronautical technologies by supporting the joint development of a combat aircraft engine.

They are also backing industrial cooperation for the motorization of heavy-lift helicopters under the Indian Multi Role Helicopter (IMRH) program in collaboration with Safran Helicopter Engine, France.

To facilitate progress on the IMRH program, a Shareholders' Agreement has been established between Hindustan Aeronautics Limited (HAL), India, and Safran Helicopter Engine, France, for engine development.

India and France are pleased with the success of the initial Scorpene submarine construction program (P75 – Kalvari), showcasing the Make in India initiative and the exchange of naval expertise between companies from both nations.

Both countries are prepared to pursue more ambitious projects to enhance the Indian submarine fleet's capabilities and performance.

Another noteworthy example is the MoU between Garden Reach Shipbuilders and Engineers Ltd. (GRSE) and Naval Group France, a leader in the European Naval Defence Industry, to collaborate on surface ship development to meet the needs of India and international naval forces.

India and France are also working closely on transitioning to a low-carbon economy, aiming to address the increased energy demand driven by India's urbanization and industrialization while enhancing energy security and achieving the SDG7 and Paris Climate Agreement objectives.