PARIS ― French President Emmanuel Macron is celebrating a record-high wave of foreign investment in France today.
Macron will seal investment deals for €20 billion as he gathers CEOs from all over the world at the Versailles palace for the annual “Choose France” kermesse, according to the president’s office. His office also confirmed €20.8 billion of investments in the artificial intelligence sector, which are part of the €109 billion investment package Macron promised at the Paris AI summit earlier this year.
This year’s record amount of investments is especially welcome news for France as it grapples with sluggish economic growth, works to cut its massive budget deficit and braces for the economic consequences of the trade war with the U.S. Overall investment in Europe is dropping, especially from U.S. companies.
Despite transatlantic tensions, several U.S. groups are expected to announce major investment projects, including logistics group Prologis, which will invest around €6.4 billion in new logistics facilities and data centers, and Amazon (€300 million).
British digital bank Revolut will also invest €1 billion and ask French authorities for a banking license, while Spanish telecom infrastructure operator Cellnex will invest €2.5 billion.
“When we take decisions that may not be the most popular, but that are coherent to make France more attractive … we succeed,” Macron said Monday morning as he visited a Daimler bus factory before heading to Versailles.
During the rest of the day in Versailles, Macron will have one-on-one meetings with CEOs, attend roundtables on AI and critical minerals, and host a sumptuous dinner with executives and ministers in Versailles’ famous hall of mirrors.
He will also attend a dedicated session to attract foreign movie producers to shoot in France as cinema risks becoming a new battleground in the trade war with the U.S.
Macron has been organizing the “Choose France” event since he took office to showcase France’s economic attractiveness and make the point that the economic reforms he has passed during his tenure have transformed France into a more business-friendly country.
France ranked as Europe’s most attractive country for foreign investors in an annual EY survey released last week. According to the study, the country registered a 14 percent drop in foreign investment last year but kept its pole position as its main rivals in this race ― Germany and the U.K. ― experienced a similar fall.
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