The Chief Executive Officer of the IKEA Group, Mr Mikael Ohlsson, has met the Commerce, Industry and Textiles Minister, Mr Anand Sharma in Paris and conveyed that India is an important market and his company would like to be involved in strengthening of SMEs in India.
This was disclosed by the Commerce and Industry Ministry in a statement on Tuesday.
The development comes even as some multinational companies had expressed concern about the 30 per cent local sourcing clause for 100 per cent foreign direct investment in single brand retail. However, the Government had ruled out going back on this clause.
Mr Ohlsson congratulated Mr Sharma for the decision to allow 100 per cent FDI in single brand retail, the statement said.
He informed that he will soon travel to India to meet concerned officials and stakeholders, according to the statement.
Meanwhile, India and France expressed keenness for an early closure of the India-EU Broad-based Trade and Investment Agreement negotiations.
This followed Mr Sharma's meeting with the French Minister of Foreign Trade Mr Pierre Lellouche in Paris on Monday.
Both the leaders stressed the need for an ambitious and balanced EU–India BTIA, the statement said.
“This agreement will lead to increase of opportunities for market access in both goods and services for both sides,” Mr Sharma said. He invited French investment in automobile, fashion industry, IT, pharmaceuticals and energy.