PARIS: French President Emmanuel Macron boasted that his reforms paved the way for 20 billion euros ($22 billion) in foreign investment projects announced on Monday at the Palace of Versailles.
The record figure beat the 15 billion euros announced last year and reinforced France’s status as the top draw in Europe for foreign direct investment, according to an EY ranking.
About 50 new projects — covering fintech, cruise ships, and data centres — were announced at the “Choose France” conference of some 200 corporate bosses.
Macron pointed to reforms he has overseen since becoming president in 2017 and vowed to pursue simplification of bureaucracy and rules.
He joined Germany’s Chancellor Friedrich Merz in calling on the European Union to abolish a directive on corporate sustainability that requires large companies to show supply chains uphold human rights and environmental standards.
Among projects announced was a 6.4-billion-euro investment by US logistics company Prologis to build data centres and warehouses, and a 3.5-billion-euro plan by Swiss-Italian company MSC Cruises to build two passenger ships at France’s Saint-Nazaire shipyard.
The Versailles event also saw companies confirm 20.8 billion euros of investment in AI projects in France, stemming from promises made at another event in February. Those include an artificial intelligence campus in the Paris region and AI centres elsewhere, including in Marseille.
UK fintech company Revolut said it will plough one billion euros into a headquarters for EU countries in Paris.
While the government has talked up the results from the forum, at least one analyst said the investment trend in the country was flagging.
“The Choose France summit’s announcements will likely not be enough to reverse the lag in investment by companies in France,“ Sylvain Bersinger, chief economist for Asteres, said in a note.
Another ranking published in April by international consultants Kearney placed France in third place in Europe for foreign direct investment, and seventh in the world.
“France has a lot of advantages, but it can still do better,“ said the head of Amazon France, Frederic Duval, pointing particularly to red tape. The US giant announced 300 million euros in investment.
Executives at the event included Mexican tycoon Carlos Slim, Stella Li of China’s BYD, and the CEO of Saudi entertainment firm Qiddiya.
Representatives of Saudi, Qatari and Abu Dhabi wealth funds were also present, with Macron to open the Paris office of the Saudi Public Investment Fund on Tuesday.
