The Indo-French Chamber of Commerce and Industry (IFCCI) has renewed its Memorandum of Understanding (MoU) with the Maharashtra Industrial Development Corporation (MIDC) to promote and facilitate French investments in the state of Maharashtra. The initial agreement was signed in September 2021, and the renewal took place during a high-level roundtable titled ‘The Ease of Doing Business in Maharashtra.’
The event was attended by more than 25 CEOs representing leading French companies in sectors including automotive, renewable energy, chemicals, IT, transport, consumer goods, and construction. The MoU was signed by P Velrasu, CEO of MIDC, and Benoit Renard, Vice President of IFCCI and Managing Director of Air Liquide India.
This renewed partnership aims to strengthen bilateral trade and investment between France and Maharashtra. It seeks to encourage new French companies to enter the state, support the growth of existing French businesses, and create an industrial environment that aligns with Maharashtra’s initiatives to simplify business operations.
Payal S Kanwar, Director General of IFCCI, highlighted the importance of this collaboration, stating, “France has significant economic interests in Maharashtra and is dedicated to expanding investments and generating employment. The renewal of this MoU with MIDC reflects the growing confidence of French companies in the state, and we look forward to further strengthening this partnership.”
P Velrasu, CEO of MIDC, welcomed the renewed agreement and emphasized the importance of such forums for fostering industry growth. He expressed the intention to hold regular discussions to accelerate momentum and address challenges faced by businesses, reaffirming MIDC’s commitment to enhancing the ease of doing business in Maharashtra.
The roundtable provided a valuable platform for French business leaders to engage with MIDC, exchanging insights and recommendations to improve the investment climate and operational efficiency in the state. The renewal of the IFCCI-MIDC collaboration marks a significant step toward deepening the Indo-French industrial corridor, promoting innovation, sustainable development, and shared prosperity.
The signing ceremony was also graced by Sami Bouakaze, Deputy Consul at the Consulate General of France in India, and Benoit Gauthier, Minister Counsellor for Economic and Financial Affairs and Head of the Regional Economic Department at the French Embassy in India, alongside prominent French investors and industry leaders.
Founded in 1977, the Indo-French Chamber of Commerce and Industry is part of a global network of 124 French Chambers of Commerce (CCIFI) across 95 countries, representing over 37,000 companies. One of the most active bilateral chambers in India, IFCCI is a not-for-profit organization dedicated to fostering mutually beneficial trade relations between India and France. The chamber serves as a vibrant business platform with nearly 800 company members, 17 sector- and function-led committees, and a network exceeding 8,000 individual members. Headquartered in Mumbai, IFCCI also maintains offices in New Delhi, Bengaluru, Chennai, Hyderabad, and Pune.
