The Monaco Economic Board went on a virtual visit to India recently where the two countries made significant contacts and formed bonds that showed strong business potential.
The mission was organised by the Embassy of Monaco in India in partnership with the Embassy of India in France and Monaco and was held on Tuesday 16th March. Additionally, the MEB worked in close collaboration with the France-India Chamber of Commerce and Industry (IFCCI) and also received support from the Promotion Office of the Principality of Monaco in India.
The event was a follow up to a trip made back in 2019 to New Delhi in the wake of Prince Albert II’s official state visit. The outcome of the first meeting produced several partnership agreements giving the Monaco entrepreneurs who were on site several promising new contacts.
This second Monaco-India mission took place in two stages. The first began with opening speeches followed by bilateral economic presentations from both sides that highlighted the potential opportunities for each country. Business leaders were able to speak about the possible complementary exchanges, highlighting the strengths of each.
India’s Ambassador Jawed Ashraf and other highly placed businesspeople gave their Monegasque counterparts a focus on the most promising sectors. These include finance, innovation, trade and renewable energy.
A macroeconomic prospectus, as well as the legal and regulatory frameworks, were presented to explain how to enter into agreements with Indian companies by an analyst from Crédit Agricole in New Delhi, a partner with the bank in Monaco.
The second part of the forum involved 13 Monegasque companies and organisations represented by 19 managers who were able to take advantage of targeted personal meetings. About 50 interviews were held as a result using support from technical moderators and translators where necessary.
An information lunch was held prior to the event at the Yacht Club of Monaco and attended by Patrick Médecin, Monaco’s Ambassador to India, followed by a debriefing session afterwards.
The end result showed a positive outcome overall. According to data from a satisfaction survey handed out to those involved, 90% of the contacts were rated as satisfactory or very satisfactory. Over half of these contacts were said to show strong potential for new business.
“The success of this e-mission went beyond our expectations,” said Guillaume Rose, Executive Director General of the MEB. “This success confirms in us the idea that we must continue this type of operation, even after the pandemic crisis, in addition to the on-site travel which remains irreplaceable.”
This is the second e-mission conducted by the MEB. The organisation held a similar event last November with Russia that proved to be equally productive.