Around 70 from Monaco’s business community attended a conference organised by the Monaco Economic Board, under the aegis of H.E. Mr Patrick Médecin, Monaco Ambassador to India, held at the Monte-Carlo Bay Hotel on Thursday 25 October. Mrs Yashika Mehta, Third Secretary in the Economy & Commerce Wing at the Indian Embassy for France and Monaco outlined the country’s many advantages.
India is changing and opening up to the world. While trade between India and Monaco has yet to be developed, that could receive a boost during the MEB Trade Mission scheduled for 3-6 February 2019.
In his welcome speech, MEB Chairman Michel Dotta, invited the audience to look forward to this next trip with optimism: “After Russia and the recent trip to China, it seems these missions to see the world’s giants are proving a success.”
In her talk, Mrs Yashika Mehta, Third Secretary in the Economy & Commerce Division at India’s Embassy for France and Monaco outlined the investment opportunities available to Monegasque entrepreneurs in a country that has seen its GDP double in a decade.
Key advantages for foreign investors include a young population, a vast domestic market, growing global economic influence, a developing infrastructure and rising global competitiveness.
The Indian government has introduced diverse business-friendly reforms such as a new goods and services tax to simplify the indirect tax structure and stimulate the economy. Meanwhile, the demonetisation of notes in 2016 has led to a significant increase in e-commerce and online payments. Other important reforms include implementing an insolvency and bankruptcy code aimed at resolving disputes within strict deadlines, and a simplified form to facilitate the process of setting up a company.
India has expanded in many sectors such as automobiles (4th largest vehicle market), chemicals (3rd largest chemical products producer in Asia), electronics (one of the largest mainstream markets in the Asia-Pacific region) and aviation (9th largest in civil aviation).
Following Mrs Yashika Mehta, Sumeet Anand, Founder of InSight Growth Partners and Vice-President of the Indo-French Chamber of Commerce spoke to entrepreneurs in the audience, advising them to take the time to discover this country and accept the realities. India may face many challenges, but it offers some exceptional prospects.