a significant number of foreign investments expected

a significant number of foreign investments expected
a significant number of foreign investments expected

Baptiste Morin / Photo credits:XOSE BOUZAS / HANS LUCAS / HANS LUCAS VIA AFP
7:15 a.m., May 12, 2024modified to

07:38, May 12, 2024

This Monday, France will host the 7th edition of the Choose France summit at the Palace of Versailles. Last year, 28 investment projects from foreign groups were announced for a total of 13 billion euros. For this year, the Élysée expects a new record of announcements and some have already leaked.

The 7th edition of the Choose France summit takes place this Monday. Like every year since 2018, Emmanuel Macron will bring together many foreign business leaders at the Palace of Versailles. Last year, 28 investment projects from foreign groups were announced for a total of 13 billion euros. For this year, the Elysée expects a new record of announcements and some have already leaked.

Like the previous ones, the 2024 edition of Choose France will have its share of industrial projects. For example, the Swiss company KL1 will announce the construction of a nickel refining plant in Blanquefort, near Bordeaux. From 2027, it will have to provide enough to produce cathodes, a key element of electric batteries which is today largely imported from China. The investment of 300 million euros will be supported by a 20% tax credit and is expected to create 200 jobs.

Another factory project in New Aquitaine will be announced during the 7th edition of the Choose France summit. This is a production site for small electric planes from the German group Lilium designed for regional travel. A project which will cost 400 million euros and should generate 850 jobs by 2026.

American, Emirati and African investments

Bruno Le Maire is also delighted to register financial projects. “They are essential to finance reindustrialization,” the Minister of the Economy argues to Europe 1. For example, there will be the inauguration this Monday in Paris of the new European research center of the American bank Morgan Stanley, one of the largest investment banks in the world, with the creation of 100 new jobs. Note that over the past three years, Morgan Stanley has increased its workforce in the French capital almost threefold.

Other financial institutions must make announcements during Choose France. This is the case of the main bank in the Emirates, First Abu Dhabi Bank, and one of the largest African banks, the Nigerian Zenith Bank. “These are real opportunities for France because these Gulf and Pan-African players come to Paris with the clear objective of bringing French and European companies into commercial exchanges with these geographic areas,” adds Bruno Le Maire’s office.

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