ECONOMY – A record € 6.7 billion, 4,000 permanent jobs and a huge semiconductor factory on the way. The fifth edition of the “Choose France” summit, to be held this Monday, July 11 at the Palace of Versailles in the presence of Emmanuel Macron, will bring his new batch of foreign investments, in health, services or new technologies, to France. .
These announcements – a total of 14 projects in the area – “confirm the attractiveness of our country in new technologies” and contribute to its “re-industrialization”, welcomed the French presidency in a press release.
A four billion euro factory
The largest project, a semiconductor factory for an “investment of close to four billion euros”, was jointly announced by STMicroelectronics, a Franco-Italian semiconductor manufacturer, and Global Foundries, an American chip maker. Information first announced by Le Figaro and confirmed by the companies this Monday morning.
Emmanuel Macron is due to make a trip to Grenoble, Isère, on Tuesday, linked to this announcement, the daily continues, while the government estimates the investment of the two companies at “5.7 billion euros”.
FedEx will create 1,000 permanent jobs in Roissy, Val-d’Oise; the Spanish Amadeus (tourist booking manager) 800 jobs, in particular in Sophia Antipolis, in the Maritime Alps; the consulting firm Accenture 500 in Brittany and the Vietnamese Vinfast (automotive) from 350 to 400 in showrooms and workshops, also detailed the Elysée.
In addition, the Italian group Iveco will develop its own electric bus headquarters in Rorthais, in Deux-Sèvres, as well as the offices in Annonay (in Ardèche) and Vénissieux (in the Rhone), the French presidency added.
Thermomix, drugs and provisionals
The British pharmaceutical giant GlaxoSmithKline (GSK) will invest in clinical trials, the American Collins Aerospace (avionics, information systems, which belongs to the Raytheon Technologies group) in research and development and the German Vorwerk, manufacturer of the Thermomix, will create a second production site of Eure-et-Loir, in Donnemain-Saint-Mamès.
The Dutch interim working group Randstad will also hire 7,000 permanent employees by the end of 2022.
The summit, intended to promote the attractiveness of France, will bring together 180 CEOs of large foreign groups around the Head of State and Ministers of Economy Bruno Le Maire, of the Energy Transition Agnès Pannier-Runacher or of Industry Roland Lescure.
This record participation (there were 120-150 in previous editions) shows “a very strong interest on the part of foreign bosses, following the re-election of the president”, emphasizes the Elysée, still in its statement. The leaders of Coca Cola, Disney, Siemens, Merck Germany, the American banks Citi, JP Morgan, Morgan Stanley, the Chinese conglomerate Fosun or the Australian financial services group Macquarie will find themselves under the gold of Versailles.
An economic agenda for the next five years will be detailed
Emmanuel Macron will also meet the “big sovereign wealth funds,” the Elysée said. Those from the United Arab Emirates, Saudi Arabia, Kuwait, Qatar and Korea will be present, as well as mentioning Canadian funds.
As every year, it is a question of “wetting the shirt to defend France with these foreign players”, notes the presidency. Emmanuel Macron will launch his “economic agenda for the next five years, particularly on the whole pro-business and pro-innovation nature of France,” he adds.
France is proud to be the most attractive country in Europe for foreign investors by number of projects (1,222 in 2021), whose size is generally smaller, according to the EY company barometer. The country benefits from the “extension of a Macron effect” of the liberalization of the labor market and the reduction of corporate taxation, while the United Kingdom remains penalized by a “Brexit effect” and Germany by a “full employment effect” which complicates hiring, EY noted in May.
Nearly 80 investment projects, amounting to € 12 billion and 21,000 jobs, have been announced as part of the ‘Choose France’ Summits since 2018. Of these, 25 have been completed, 50 are in progress (including a factory of batteries in the north) and five have been abandoned or postponed. Depending on the projects, the share of public aid rises from 5 to 10%.
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