Dozens of major international companies, including the likes of Tesla and Ikea, have announced investment intentions equalling €13 billion at the recent Choose France summit.
Choose France held its sixth edition on 15th May in Versailles and attracted a large group of some 200 business leaders, who came together under one roof to look at the opportunities and reasons for foreign investment in France.
The event was a success in that a total of 28 entities have since said they will invest in France, and not for chump change, but in a big way. The total cash investment came to a record €13 billion, as well as the creation of 8,000 new jobs. This makes the fourth year running for France as the most attractive European country for foreign investment. 1,259 new projects recorded in 2022.
BIG NAME INVESTORS
Before the summit, French President Emmanuel Macron met with Tesla chief Elon Musk at the Elysée Palace in Paris, ostensibly to woo the billionaire businessman with the merits of having operations in France.
Musk previously turned France down as an option for building a major factory and chose Germany instead.
Whilst no formal announcement about investments has been made, Musk, who also lunched with Finance Minister Bruno Le Maire in Versailles, said he was confident Tesla would make “significant investments” in France, though he didn’t give a specific timetable.
Other big-name investors are US-based pharmaceutical company Pfizer, who has pledged €500 million, and Swedish furniture maker IKEA, who has plans to invest €906 million. Both signalled 2026 as a goal. Investment bank Morgan Stanley has also announced plans to increase staff by 200 people by 2025.
CREATED TO BOOST GROWTH
Created by Macron, the Choose France conference was designed to help potential foreign investors from large international corporations better understand France’s system of promoting economic activity, such as favourable tax credits and green tech investment. It also aims to make clear how important foreign investment is for growth, innovation and employment levels.
“When a foreign investor chooses France, it’s good for jobs and for our territories,” said Macron.
Photo source: Anthony Choren