Major companies, including Amazon. com Inc. , Microsoft Corp. , Morgan Stanley, Pfizer and others, have announced about 15 billion euros or $16. 2 billion in foreign investment in France from the annual “Choose France” summit, according to reports.
French President Emmanuel Macron on Monday opened a summit of 180 CEOs and top executives, aimed at showcasing foreign investment and the government’s efforts to reindustrialize the country.
In a statement, Amazon announced plans to invest more than 1. 2 billion euros or $1. 3 billion in its French operations, which is expected to create more than 3,000 permanent jobs in the country.
On the other hand, technology and software giant Microsoft plans to invest 4 billion euros or $4. 3 billion in France, mainly in the synthetic intelligence sector, or AI.
GSK is expected to announce new investments, while Accenture is expected to announce its goal of creating new jobs in the synthetic intelligence sector.
Morgan Stanley is expected to open a new campus in the country, its new European campus, which is expected to create 100 more jobs in Paris.
French Finance Minister Bruno Le Maire will also reportedly meet with the CEOs of JPMorgan, Goldman Sachs, Morgan Stanley, and Bank of America, among others.
At last year’s summit, around €13 billion in foreign investment was announced across the country.
Microsoft’s planned investment in France, €4 billion or $4. 3 billion, would go mainly to the artificial intelligence or AI sector. According to its vice president and president Brad Smith, the company would set up a data center in the French town of Mulhouse.
In addition, pharmaceutical giant Pfizer will invest €500 million or $538. 5 million in France for its studies and progression work, while AstraZeneca will invest $388 million in its Dunkirk plant.
Le Maire quoted these words: “The new industries and the new economy want massive amounts of capital. We urgently want to take concrete action to get the Capital Markets Union off the ground. . . Europe wants money. Otherwise, it will continue to lose productivity” in the United States and China.