In spite of the lull during the international financial crisis, bilateral trade between India and France is on course to touch the target of 12 billion Euros by 2012, French Ambassador to India Jerome Bonnafont said on Tuesday.

Addressing a business meeting on “Investment Opportunities in France” hosted by the Confederation of Indian Industry (CII), Mr. Bonnafont said bilateral trade, which fell sharply in 2009, has picked up again in 2010, thanks to dynamism in Indian exports to France and renewed momentum in French exports to India.

“We can reasonably consider that we will stick to the targets,” he said.

French President Nicolas Sarkozy is due to visit India later this year to continue the political dialogue with his Indian counterpart on a broad range of issues, ranging from the fight against terrorism to India's bid for membership of the Unite Nations Security Council, Mr. Bonnafont said.

Apart from collaboration in Defence and nuclear energy, providing an impetus to French companies in the Indian landscape and development of educational exposure for Indian and French students is also on the agenda, he said.

The Ambassador said Indo-French economic ties were yet to realise the potential or grow the way Indo-German collaboration had done so over the years. He made out a case for increased French cooperation in the development of civil nuclear energy, infrastructure—roads, airports, public transport and energy —telcos and food processing.

Pointing out that science and technology is France's forte, he said a couple of French firms had made a bid for the Unique Identification (UID) project in India based on their experience in implementing similar, though smaller-on-scale, projects in other countries, he said.

“However, there has to be reciprocity,” said Mr. Bonnafont while pointing to the “imbalance” in the proportion of Indian companies in France as against the number of French businesses operating in India. While about 600 French companies have a presence in India, there are only about 100 Indian companies operating in France.

Replying to a question, Mr. Bonnafont said the G20 summit in 2011 of which France is the chair will broadly seek to find a balance between free market advocacy and regulatory safeguards on the economy and between driving growth and public debt management for states.

Earlier, Mr. Bonnafont launched a video presentation of the Invest in France Agency in the presence of J. Leviol, Minister Counsellor for Economic Trade and Financial Affairs.

T.T. Ashok, Deputy Chairman, CII, Southern Region, said both countries were looking to further their historically cordial and substantive ties into new areas of cooperation. France is India's fifth largest trading partner in the European Union and driving bilateral business to the target of 12 billion Euros would require diversifying the trade basket, he said.

Ramkumar, Managing Director, Tube Investment of India, said transparency, confidence and trust-building were key to the Murugappa Group company's acquisition of a French manufacturing firm.

Mr. Bonnafont later attended French National Day celebrations hosted here by the Consulate of France in Puducherry.

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