President Emmanuel Macron is setting his sights on a record-breaking $41 billion (€37 billion) in foreign investment at this year's "Choose France" summit, demonstrating France's growing appeal to international businesses. The annual event, a key initiative launched in 2018 to promote France's economic attractiveness, is scheduled to take place on May 20th at the Palace of Versailles.
The "Choose France" summit has become a significant platform for fostering dialogue between economic decision-makers and the French government. This year's summit marks the 8th edition of the event. Macron has revealed expectations of securing over €20 billion in investments, with more than 50 deals anticipated. Last year's summit yielded €15 billion in foreign investment pledges, highlighting the initiative's increasing success.
Finance Minister Eric Lombard announced the ambitious target of €37 billion, underscoring the government's commitment to attracting foreign capital amid economic challenges. The investments are expected to span various sectors, including technology, finance, industry, tourism, and media, aligning with this year's theme of "France, a land of creativity."
The summit is expected to draw nearly 200 business leaders from various countries, including representatives from major corporations like IKEA, Goldman Sachs, and Blackstone, with a significant presence from American companies.
While the "Choose France" summit has consistently attracted significant investment, some analysts point out that the average number of jobs created per project remains modest compared to other European countries like Spain and Germany. Concerns have also been raised regarding the cost of public incentives offered to attract foreign investment, particularly in light of budgetary constraints and political instability.
Despite these concerns, Macron emphasizes the qualitative nature of investments, focusing on research and development, which may not generate immediate employment but fosters innovation. He maintains that "Choose France" remains a strategic tool for economic sovereignty and influence, crucial for protecting the domestic market and accelerating reforms.
