Monaco seeks Indian investments in IT, pharma sectors

The government of Monaco has invited Indian investments in various sectors of the country's economy, including information 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 technology, pharmaceuticals, real estate and tourism," Monaco's ambassador to India Patrick Medecin said in New Delhi on Monday.

While investments from the US and European countries have already been flowing to Monaco, Medecin said, his country has been looking at talent from India for developing its R&D in pharmaceutical and IT sectors.

The ambassador pointed out that Monaco has people from around 120 nationalities working in various sectors and they enjoy the benefit of no taxation.

"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, including day visitors, room-nights and MICE (meetings, incentives, conferences, and exhibitions) movements since the past few years, he pointed out.

Monaco receives over seven million visitors every year from across the world and with every advancing 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, Indian tourists generated 4,718 room nights and 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, he said.

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 (meetings, incentives, conferences, and exhibitions) and luxury destination 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 travelers, not for short-term gains, but for the long-term," Rose said.