Ukraine crisis accelerating need for France, Europe to rethink value, supply chains: French Minister

It is a major crisis in Europe in terms of defence issues, since Second World War, says Franck Riester

While the relationship between France, Russia and Europe and their people was very dense, what was happening was unacceptable and France was united with Europe and many countries involved to stop Russian President Putin’s aggression, according to Franck Riester, French Minister for Foreign Trade and Economic Attractiveness, who is on a India visit, a statement from the Indo-French Chamber of Commerce and Industry (IFCCI) said.

“It will have major consequences in different fields, both in the short-term and long-term. This crisis has come as an addition to the COVID-19 crisis and is accelerating the need for Europe and France to rethink the value chains and supply chains,” Mr. Riester stated at the 4th edition of the Indo-French business awards (IFBA) ceremony on Thursday. Awards were presented to 16 people in 12 categories.

He termed what is happening in Europe dire. It was a major crisis and an aggression, from an authoritarian nation against a democracy. It was a major crisis in Europe in terms of defence issues, since the Second World War, he pointed out.

Despite the pandemic, French companies continued to invest massively in India. Today, there were more than 600 French companies with more than 3,50,000 employees, he said.

An IFCCI CEOs committee was launched with the aim of building a platform that has high intentions of doing sustainable and development based business in India. The IFCCI delegation comprises 80+ CEOs from all across India representing the biggest Indo-French companies of India, the statement said, adding that the platform aimed to share knowledge, thought leadership and structured approach to strength Indo-French trade corridors.

IFCCI president Sumeet Anand said the areas of defence and security, civil nuclear cooperation and trade and investment constituted the principal pillars of the Indo-French strategic partnership.