Top Firms Announce Billions in Investments in France

Several major companies, including Amazon.com Inc., Microsoft Corp., Morgan Stanley, Pfizer, and others, have unveiled significant foreign investments totalling around 15 billion euros or $16.2 billion in France during the country’s annual ‘Choose France’ business summit.

French President Emmanuel Macron inaugurated the summit, attended by 180 CEOs and executives, aimed at highlighting foreign investment as part of the government’s strategy to revitalise the country’s industrial sector.

Amazon announced plans to inject over 1.2 billion euros or $1.3 billion into its French operations, which is expected to generate more than 3,000 permanent jobs in the country.

Meanwhile, tech giant Microsoft is set to invest 4 billion euros or $4.3 billion in France, primarily focusing on the artificial intelligence (AI) sector.

Healthcare companies Pfizer and AstraZeneca also revealed investments totalling nearly $1 billion. Additionally, GSK and Accenture are anticipated to announce investment plans during the event.

GSK is expected to unveil new investments, while Accenture plans to create new jobs in the AI sector.

Morgan Stanley will establish a new office in France, marking its new European campus and creating 100 additional jobs in Paris.

French Finance Minister Bruno Le Maire is scheduled to hold meetings with CEOs from prominent financial institutions, including JPMorgan, Goldman Sachs, Morgan Stanley, and Bank of America, among others.

Last year’s summit witnessed approximately 13 billion euros in foreign investment announcements.

Amazon’s proposed investment will see the expansion of Amazon Web Services’ cloud infrastructure in the Paris region to support France’s burgeoning AI opportunities, as well as enhancements to logistics infrastructure to improve delivery speed and reduce carbon emissions. Frederic Duval, country manager at Amazon France, noted that these new jobs supplement the 2,000 positions announced for 2024. Amazon has invested over 20 billion euros in its French operations since 2010.

Microsoft’s planned 4 billion euros or $4.3 billion investment will primarily target the AI sector, with the establishment of a data centre in the French city of Mulhouse, according to Brad Smith, the company’s vice chair and president.

Furthermore, Pfizer intends to invest 500 million euros or $538.5 million in France to bolster its research and development activities, while AstraZeneca plans to allocate $388 million for its Dunkirk site.

Le Maire emphasised the importance of substantial capital infusion for new industries and the modern economy, stressing the need to accelerate the capital markets union to bolster Europe’s competitiveness against global rivals like the United States and China.