New Delhi, January 25 : French companies are estimated to invest 10 billion US dollar in the next five years in the Indian economy effectively signalling itself as the biggest investor in the Make in India campaign. Being also the third biggest foreign investor in the India, he also added that trade and business relations between both the countries goes a long way back into the years.Also Read - PM Modi Launches 7 New State-Run Defence Companies, Says They Will Become a Global Brand

“The economic presence of France in India goes back a long way,third biggest foreign investor in India. French companies will invest 10 billion US dollars in next 5 years,this makes France major player in Make in India concept,” Michel Sapin,French Finance Minister said. Also Read - With Focus on Infrastructure Development, PM Modi to Launch GatiShakti National Master Plan Today | Key Points

The Rafale jets deal which is also a major project for  both India and France, had French President Francois Hollande quite recently indicate that nearly Rs 60,000 crore deal  is unlikely to be signed during his current visit although it is on the “right track”. It is also expected to pave the way for an unprecedented industrial and technological cooperation, including ‘Make in India’, for the next 40 years. Also Read - Centre Restores Scheduled Domestic Flight Operations Without Restrictions From October 18

Prime Minister Narendra Modi had even addressed the forum, appreciating the initiatives taken by Hollande. In a bid to attract global investors travelling along with Hollande, Modi had also spoken about the concept of retrospective taxes which plagued India’s economy for a long time and will not be re implemented in the coming days.(ALSO READ : French President Francois Hollande addresses India-France Business Summit with Narendra Modi).

“Our government believes in the concept of Minimum Government, Maximum Governance. We assure you that here you could find the most conducive business environment,”Modi was quoted as saying.

“France played the most important role in the historic Climate Change Summit at COP21. The manner in which the country recovered from the terror assault and organized the high-level conference was not an easy task at all. This requires an unhindered commitment,” Modi had added.