“We’re breaking a new record today,” Macron wrote on X, adding that the investments should generate 10,000 new jobs for French people.
Technology and software giant Microsoft will invest €4 billion in France with aim of opening a new data center in eastern France and the expansion of several others, with a focus on artificial intelligence. “It’s the most important investment that we have ever made [in France],” said Microsoft Vice-Chair and President Brad Smith, according to AFP.
Amazon has announced a €1.2 billion investment in a data center for its AWS cloud unit and a warehouse for its retail operations. Finance Minister Bruno Le Maire said Sunday that Wall Street bank Morgan Stanley’s new Paris office, dubbed as its new European campus, would create 100 more jobs.
Fertilizer producer FertigHy is expected to announce a €1.3 billion plant, while Pfizer will put up €500 million on top of a previous €1 billion investment it has promised, AstraZeneca will spend €388 million and GSK is expected to clock in at €140 million. Switzerland’s KL1 has committed €300 million on a nickel refinery and Germany’s Lilium €400 million on an electric airplane.
France is a rare European winner for foreign direct investment in 2023, gaining the most projects even as overall investment in the EU declined last year for the first time since 2020, according to a recent E&Y survey. The survey however did warn that the “enduring competitiveness gap alongside the repercussions of the prevailing social climate and the recent energy crisis” could challenge France’s leadership longterm.
Chief executives of ArcelorMittal, Goldman Sachs, Coca-Cola, AstraZeneca, Envision, and officials from China’s largest investment firm Fosun as well as sovereign wealth funds are among the business leaders who will attend the summit in Versailles. Macron is expected to hold bilateral meetings with several CEOs, before giving a speech ahead of a dinner in the Hall of Mirrors of the palace.
