Monaco invites Indian firms to invest in IT, pharma sectors

Written by Press Trust of India | Mumbai | Updated: Nov 24 2013, 22:53pm hrs
Indian firmsReuters
Monaco government today invited Indian companies to invest in various sectors, including information and technology, pharmaceuticals and real estate.

"We are interested in participation of Indian companies in Monaco and there is a good atmosphere for their participation in all aspects of economic cooperation like information and technology, pharmaceuticals and real estate and tourism," Monaco Ambassador to India Patrick Medecin told reporters here.

Over the years, Monaco has attracted FDI investment from Europe and America. The country is looking at talent from India for developing its R&D in pharmaceutical and IT sectors, Medecin said, adding that Monaco has people from around 120 nationalities working in various sectors and they enjoy no taxation benefits.

"India is increasingly becoming a niche strategic market for us and we are also witnessing a good growth in the number of tourists visiting Monaco from India," Medecin said.

India is an emerging market for Monaco and has been recording a steady increase in tourist arrivals of day visitors, room-nights and MICE (meetings, incentives, conferences, and exhibitions) movements since past few years.

Monaco receives over seven million visitors every year from across the world. Year on year there has been an evident increase in the room nights from India, Monaco government Tourist and Convention Authority president Guillaume Rose said.

In 2012, 4,718 room nights were generated from India. Now India has climbed up from 8th to 4th position of total Asian arrivals. It is fast evolving and is increasingly becoming a niche strategic mark.

Monaco offers activities like the Formula One Grand Prix, casino gaming, land and water sports and exciting nightlife.

"Our objective is to showcase Monaco as one of Europe's finest destinations for the people who settle for nothing but the best and are looking for unmatched quality.

"We want to promote Monaco as a MICE and luxury destination in the country as well as a wedding destination in the metro cities of Delhi, Mumbai, Chennai, Kolkata and Bengaluru. Our efforts are directed towards tapping the high-end Indian travellers not for short-term gains, but for the long-term," Rose said.