Choose France Summit: TCS to set up AI centre, Motherson to invest in aerospace
May 15, 2024
New Delhi [India], May 15 : Two major commitments were made by Indian companies at the Choose France Summit held in Paris this week.
Motherson, which is into manufacturing, invested to acquire a France company and make the country its central hub of its global aerospace strategy, the French Embassy in India posted on its X timeline. IT services major TCS pledged to create a Global Artificial Intelligence Centre in Paris.
About Rs 1.35 lakh crore of new investments were announced at this year's Choose France Summit, including the two Indian projects.
At the Summit, President Emmanuel Macron met Indian CEOs during a special India-specific session.
The French President welcomed the increasing Indian investments in France and highlighted that the two partner countries can do much more together.
The annual Choose France Summit, hosted by President Macron, is France's flagship business event.
At this year's edition, India was the first-ever country of honor, with a dedicated roundtable and several leading Indian CEOs attending it.
Indian CEOs who attended this year's summit include Sunil Bharti Mittal, Chairman of Bharti Enterprises, N Chandrasekaran Chairman Tata sons, Pankaj Munjal Chairman and MD of Hero Cycles, Hari Bhartia, Founder and Co-Chairman, Jubilant Bhartia Group, Samir Mehta, Chairman, Torrent Pharma, Vinita D Gupta, CEO, Lupin Pharma and Laksh Vaaman Sehgal, Vice Chairman, Motherson.
France considers itself as the most attractive European economy for foreign investments. Inflation is lowering, reforms are continued, and lower tax rates have invariably made France an attractive investment destination for foreign investors.
Many Indian companies like L&T Technology, TCS, and Tata Tech already have made investments in France.
Since 2018, the Choose France Summit, launched at the initiative of the President of the Republic, has become the flagship event for promoting France's economic attractiveness and encouraging international investment across the country.
Each year, the Summit, convened by the President and members of the Government, brings together hundreds of leaders from the largest multinational corporations at Chateau de Versailles.
Last year, the Choose France Summit attracted investment of over 13 billion Euros for 28 projects.
