France
(Source : Embassy of India, Paris)
Details of significant trends/analysis –
Trade – In JULY 2019, India France bilateral trade stood at € 1.05 billion. India’s exports to France stood at € 528.62 million. Main exports to France included light diesel oil (LDO), T-shirts, castor oil, precious jewellery, diamonds, pharmaceutical products, iron ores, articles of leather, articles of apparel & women’s garments.
Meanwhile, French exports to India stood at € 522.64 million. Main exports to India included aeroplanes, vaccines, reaction initiators, hand tools, parts of turbo-jets and motor vehicles, barley, nickel.
Investment – According to the ‘Business France Annual Report 2018’, a public operator supporting French investors in India and Indian investors in France, there are over 150 Indian companies operating in France (including sub-subsidiaries), employing around 7,000 people. Seventeen investments from India were recorded in 2018, Indian projects often involved decision-making centres (59% of projects; 53% of jobs) and production/manufacturing operations (18% of projects; 34% of jobs). Investments were mainly made in the software and IT services sector (24% of projects; 30% of jobs), and the machinery and mechanical equipment sector (12% of projects; 21% of jobs).
Venezuela
(Source : Embassy of India, Caracas)
India`s Reliance to resume Venezuela oil loadings after four-month pause : According to media reports, Indian refiner Reliance Industries Ltd. is scheduled to resume loading Venezuelan crude in October after a four-month pause, a move that could help Venezuela’s state-run company drain its large oil inventories. A Reliance representative told media this week that it has been supplying Venezuela with fuels permitted under U.S. sanctions, including diesel, and thus it “is able to recommence crude sourcing” in exchange for the refined products. “These are actions compliant with U.S. sanctions as crude sourcing against supply of permitted products is allowed,” the representative said. China National Petroleum Corp and its units stopped taking Venezuelan oil in August. Others, including Reliance, have recently been buying Venezuelan crude from Russian major Rosneft, according to the media reports. Reliance needs the type of heavy sour crude that Venezuela sells because its refineries are configured to process it. U.S. sanctions on both Venezuela and Iran have made it harder for the refiners to find supplies of these crude grades. The Indian firm is sending at least two vessels, the very large crude carriers Antonis I. Angelicoussis and Maran Castor, to Venezuela’s Jose port for loading in late October.