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Reuters
19-05-2025
- Business
- Reuters
'Choose France' summit to bring 20 billion euros of new investment
PARIS, May 19 (Reuters) - This year's "Choose France" business summit hosted by President Emmanuel Macron is expected to secure 20 billion euros ($22.47 billion) of new investment, his office said on Monday, announcing projects in the defence, energy and industrial sectors. Macron's personal efforts to woo international business leaders, making the Choose France summits at the opulent Palace of Versailles a must-attend for the global corporate elite, have been credited for a turnaround in past investor perceptions of France as a high-tax, sclerotic economy. Last year's gathering raised 15 billion euros. An additional 17 billion euros worth of projects have already been pledged ahead of the start of 2025's event later on Monday, Finance Minister Eric Lombard said on RTL radio. U.S. logistics giant Prologis is set to invest 6.4 billion euros in four data centres in the Ile-de-France while London-based fintech Revolut plans to invest 1 billion euros over the next three years on expanding in France and will apply for a French banking licence. Announcements are also expected from companies ranging from Amazon (AMZN.O), opens new tab to the United Arab Emirates' MGX and Britain's Less Common Metals Limited in the rare earth sector. Portuguese company Tekever will build a drone assembly factory in the southwest, a 100 million euro investment, the Elysee said. Macron's government is under pressure to stem a wave of job cuts in industry, as upheaval fuelled by U.S. President Trump's trade policies puts further pressure on Europe's flagging economy. "Amid worldwide competition, France shows it has weapons, France is on the offensive to attract investments," Lombard said, reiterating that the government should be able to meet a 2025 target for economic growth of 0.7%. France has been the leading recipient of international investments for the past six years, according to EY's European Investment Monitor, an annual survey of thousands of business leaders that Macron's advisers have seized on as evidence his cocktail of supply-side reforms have been bearing fruit. However, this year's edition shows the number of investment projects has declined for the second consecutive year across Europe, while those in the United States rose by a fifth between 2023 and 2024, which EY said reflected the appeal of the Inflation Reduction Act subsidy package and Trump's pro-business promises. Despite the foreign investment flows into France, Macron has failed to stop French companies from making huge investments abroad, with Sanofi's ( opens new tab plan to spend at least $20 billion to boost manufacturing in the United States angering French politicians. ($1 = 0.8899 euros)
Yahoo
18-05-2025
- Business
- Yahoo
France to unveil €37 bn in foreign investment at Versailles summit: presidency
France will announce 37 billion euros ($41.3 billion) in foreign investment on Monday as President Emmanuel Macron hosts more than 200 top executives at a business summit in Versailles, the French presidency said. Of the total, 20 billion euros are "entirely new" projects -- a record for the event, which drew 15 billion euros in commitments last year. The remaining 17 billion euros was announced in February and has now been finalised and tied to specific sites, the presidency added. Among the headline deals, US logistics giant Prologis is set to invest 6.4 billion euros in four data centres in the Ile-de-France region, according to the newspaper Le Parisien. Emirati investors are also committing 8 billion euros as part of a larger 50-billion-euro data infrastructure project, previously flagged in February, La Tribune reported. Amazon is expected to announce a 300-million-euro development, while Le Figaro reported four other major projects totalling 800 million euros. They include 90 million euros from German automaker Daimler to expand its electric bus plant in Ligny-en-Barrois and 450 million euros from US recycler Circ for a textile recycling facility in Moselle. The government also announced plans to reform the textile recycling sector, calling the current model "exhausted". Netflix chief executive Ted Sarandos told La Tribune that France remained "very important" for the platform. It has employed 25,000 French actors and technicians between 2021 and 2024 on productions including "Lupin", "Tapie" and "Sous la Seine". Macron will host several roundtables, including on artificial intelligence and energy transition. Attendees include South Korean executives, Mexican tycoon Carlos Slim, Stella Li of China's BYD, and the CEO of Saudi entertainment firm Qiddiya. Gulf sovereign wealth funds Mubadala, PIF and QIA will also be present, with Macron set to open the Paris office of the Saudi Public Investment Fund on Tuesday. od/srg/jj Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
