Macron Hosts 'Choose France' Event, Secures €1.9B in Investments

French President Emmanuel Macron hosts the "Choose France" business summit, securing over €1.9 billion in investments and promising 1,000 new jobs. Companies like Amazon, Lilium, and Pfizer have pledged significant investments to expand operations in France.

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Bijay Laxmi
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Macron Hosts 'Choose France' Event, Secures €1.9B in Investments

Macron Hosts 'Choose France' Event, Secures €1.9B in Investments

French President Emmanuel Macron is hosting the annual summit, wins business summit on Monday, aimed at attracting foreign investments into the country. The event has already secured significant commitments from major companies, totaling over €1.9 billion in investments and promising to create more than 1,000 new jobs across France.

Why this matters: This influx of foreign investments can have a significant impact on France's economy, potentially boosting growth and reducing budget deficits. The success of the "Choose France" event could also set an example for other European countries to attract investments and stay competitive with the US and China.

Among the key investments announced ahead of the summit, wins, investment, others, e-commerce giant Amazon has pledged an extra €1.2 billion to expand its operations in France. German aviation company, firm, open, new Lilium will open a new factory in the Nouvelle Aquitaine region, investing €400 million and creating up to 850 jobs to produce electric jet aircraft. Swiss firm KL1 is also investing €300 million in a new site near Bordeaux, which will add another 200 jobs.

Other major commitments include a €500 million investment from pharmaceutical company Pfizer to build up its research and development presence in France. Biopharmaceutical firm AstraZeneca is making a significant investment in its Dunkirk site, while investment bank Morgan Stanley will create new jobs in France as part of its European expansion plans.

French Finance Minister Bruno Le Maire emphasized the importance of the "Choose France" event in attracting foreign capital and technologies to boost key industries. "Choose France brings in capital, Choose France brings in new technologies, Choose France helps us plug holes in gaps on certain value chains," Le Maire stated.

The comes as France seeks to bolster its economy amid concerns over slow growth and budget deficits. Le Maire stressed the need for a capital markets union in Europe to facilitate investments in emerging sectors like renewable energy and artificial intelligence, warning that Europe risks falling behind the United States and China without access to sufficient capital.

Last year's "Choose France" event attracted €13 billion in foreign investments for the country. With nearly €2 billion already committed from just a handful of companies this year, France appears poised to secure another significant influx of international capital to fuel job creation and economic growth. The full scope of investments will be unveiled as Macron welcomes business leaders to Versailles on Monday.

Key Takeaways

  • France's "Choose France" summit secures €1.9 billion in investments, promising 1,000+ new jobs.
  • Amazon pledges €1.2 billion to expand French operations, creating hundreds of jobs.
  • Lilium invests €400 million in electric jet aircraft factory, creating up to 850 jobs.
  • Pfizer, AstraZeneca, and Morgan Stanley commit to significant investments in France.
  • France aims to attract more foreign capital to boost economy and stay competitive with US and China.