France is set to host its annual ‘Choose France’ event, with President Emmanuel Macron leading the charge to attract foreign investment. The event has already proven successful in the past, with the 2023 edition bringing in 13 billion euros of foreign investment. This year, France has secured new jobs and investments from major companies such as Amazon, Pfizer, and Morgan Stanley.
Amazon has committed to invest an additional 1.2 billion euros in France, which is expected to create 3,000 new jobs. Additionally, healthcare companies Pfizer and AstraZeneca have announced investments totaling nearly $1 billion in the country. Morgan Stanley, on the other hand, plans to increase its headcount in Paris to 500 by 2025, with an additional 100 staff being added in the French capital.
President Macron aims to elevate Paris to a top European business capital, competing with financial hubs like New York and London. While Paris has traditionally trailed behind its counterparts, efforts are being made to strengthen its position in the global market. The French economy, despite being the euro zone’s second-largest, faces challenges such as a budget deficit and sluggish growth.
The Z/Yen survey, ranking New York as the world’s top financial center and London in second place, highlights the stiff competition that Paris faces on the global stage. French Finance Minister Bruno Le Maire acknowledges the need to step up efforts against competition from China and the U.S. Companies like TotalEnergies have even considered shifting their primary stock market listing to New York.
At a recent EU meeting, Le Maire emphasized the importance of a capital markets union to facilitate investments in emerging sectors like renewable energy and artificial intelligence. He stressed that Europe needs to attract more investment to remain competitive against economic giants like the United States and China.
As part of the ‘Choose France’ event, Le Maire plans to host meetings with top executives from major financial institutions such as JPMorgan, Goldman Sachs, and Bank of America. These discussions aim to encourage continued investment in Paris and support key industrial and economic projects in collaboration with the President. The roundtables provide an opportunity to strengthen ties with major financial players and attract further investment to France.
France’s efforts to attract foreign investment from leading companies demonstrate its commitment to boosting the economy and solidifying its position as a key player in the global business landscape. With strategic partnerships and initiatives in place, Paris aims to leverage these investments to drive growth and innovation in the years to come.