Mr Suresh Prabhu, Minister of Commerce & Industry and Civil Aviation, Government of India stressed the need for India and Monaco to deepen their cooperation to develop and eventually adopt hi-end technologies to address the growing environmental concerns.

Addressing the 'India Monaco Business Forum' organized by FICCI, in the presence of HSHAlbert II, Prince of Monaco and the accompanying delegation, Mr Prabhu said that India and Monaco can jointly work together in developing technologies to mitigate environmental concerns. He also invited Monaco industries to invest in the Indian services sector which are expected to contribute $3 trillion to India's GDP once it is a USD 5 trillion economy in the next 5-6 years' time.

The government has already identified 12 champion sectors in services namely banking and finance, tourism and hospitality and healthcare services to mention a few and we want Monaco to take advantage of this, Minister Prabhu added.

Mr Gilles Tonelli, Minister of Foreign Affairs and Cooperation, Monaco highlighted the opportunities present in Monaco and invited the Indian companies to capitalize on the safe and sound industry-oriented policies framed by the government. He also outlined the importance of the government in societal development.

Mr Manoj K. Bharti, Additional Secretary, Economic Diplomacy & States, Ministry of External Affairs, Government of India said that India and Monaco had a very cordial relation since 2007 especially in trade, tourism and taxation. He further said that India?s rapid urbanization and rising middle class is an excellent opportunity for the Monaco industries to invest in India. He added that there is further scope of growth and expanding the trade basket which will improve the relations between the two countries. A 'Partnership Agreement' was signed between FICCI and Monaco Economic Board to strengthen the institutional relations between the two countries for further increasing trade and economic relations between the two countries.

Mr Michel Dotta, Chairman, Monaco Economic Board (MEB), said that for Indian companies, Monaco can act as a gateway to Europe after the signed MoU as it will not only increase the trade between the countries but also beyond.

Mr Sandip Somany, President, FICCI shared FICCI's roadmap for further deepening trade and economic relations between our two nations by building a bridge based on deepening cooperation in the fields of sport and environment seems quite natural and benefits the cause of climate change. He suggested that India can play a valuable role in fostering the rich potential of Monaco's tourism industry. He added that Small and Medium Enterprises (SMEs) is an important area for both India and Monaco, especially in the field of consumer chemicals and petrochemicals as well as in the production of plastics and electronics. Collaborative work with the Indian counterparts can certainly be looked at.