New Delhi, May 8 (IANS). Union Commerce and Industry Minister Piyush Goyal on Friday met senior officials of France’s leading beauty and personal care company L’Oréal Group. During this, discussions were held on strengthening sourcing, manufacturing and exports from India.
Piyush Goyal posted on social media platform Opportunities to increase production and exports from India were discussed in detail in the meeting.
The minister said that L’Oreal has recently launched the world’s largest Beauty Tech Global Capacity Center in Hyderabad. Keeping this in mind, it was considered to increase new opportunities in India’s beauty and personal care sector.
In January this year, the French cosmetic company had announced to set up a beauty tech and innovation hub in Hyderabad with an initial investment of about $383.4 million.
The company aims to make it a global hub for artificial intelligence (AI)-based beauty innovation. Through this, about 2,000 technical jobs are expected to be created by the year 2030.
This new center will serve as a global innovation and capability development center for the company, supporting technology, data, digital services and supply chain functions.
Also, this center will play an important role in taking forward the company’s AI, data analytics and digital transformation plans in markets around the world.
Trade between India and France has remained stable in the last five years in the range of 9.17 billion Euro to 12.50 billion Euro. The total trade between the two countries in the financial year 2024-25 stood at 12.67 billion euros, of which India’s exports stood at about 6.67 billion euros.
On Thursday, Piyush Goyal also held a brainstorming meeting with officials of the Commerce Department and the Department for Promotion of Industry and Internal Trade (DPIIT), in which ways to provide more opportunities to Indian businesses globally were discussed.
According to the minister, the meeting paid special attention to increasing exports and investment, creating opportunities for new exporters and accessing new global markets.
According to the latest data from the Commerce Ministry, India’s total goods and services exports increased by 4.6 percent to a record $ 863.11 billion in the financial year 2025-26. In the last financial year this figure was 825.26 billion dollars. This increase in India’s exports was recorded despite America’s tariff dispute and global tension.
–IANS
DBP
