Minister of the Economy and Industry Eli Cohen met with French Minister of the Economy Bruno Le Maire to promote bilateral trade between France and Israel, following the success (up until now) of French sporting equipment chain Decathlon's first store in Israel. The store was launched last week.
Cohen and Le Maire agreed to encourage other French chains to open branches in Israel, together with joint action to strengthen technology and high-tech connections between the two countries.
Commenting on the tens of thousands of Israelis crowding into Decathlon's Israeli branch, which as a result even had to close down for a day in order to reorganize its inventory, Cohen called on other French chains to open stores in Israel, so that they could benefit from the purchasing power in Israel, given the fact that the prices at which they will sell to the market will be the same or lower than those charged at their stores in Europe.
One of the retail chains that has been mentioned as considering operations in Israel is Carrefour. Cosmetics giant Sephora may also show interest in doing business in Israel.
This year, Israel and France are celebrating 70 years of diplomatic relations between the two countries. In order to continue reinforcing bilateral economic and industrial cooperation, the two ministers decided to establish a joint task force aimed at bolstering relations between Israel and France in various sectors, with an emphasis on innovation, investment, and trade in diverse areas, such as aerospace and cyberspace.
France is the world's sixth largest economy, and the third largest in Europe, and as such, an important trade partner of Israel. Bilateral trade between Israel and France totaled nearly $3 billion in 2016, including $1.4 billion in Israeli exports.
Published by Globes [online], Israel Business News - www.globes-online.com - on September 5, 2017
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