France to invest $1bn in West Bengal

Haldia: French trade commissioner Robert Igier on Thursday said France will invest $1 billion in two plants in and around Kolkata.

As for the location and type of plants to be set up by the French government, Igier said this would be disclosed later for security reasons. Meanwhile one trade commission will be set up in Kolkata.

Two MoUs were signed on Thursday between the Haldia Development Authority and two private investors involving Rs 15 crores. State Health Minister Surjya Kanta Mishra, and IT and Environment Minister Manab Mukherjee were also present at the event.

"The government of France considers West Bengal a good state for investment due to its seven per cent annual growth rate in the last five years. Cheap labour, friendly trade unions and a stable government are the other considerations," Igier said.

"Out of 25 countries, we consider India as one of the best countries to invest in," Igier added.

US Consul General in Kolkata, Henry Jardine said the US also considered India, specifically West Bengal, a key investment state.