 "French President Emmanuel Macron gestures after a meeting with European leaders on Ukraine and European security at the Elysee Palace in Paris, France. File image/Reuters")
French President Emmanuel Macron is set to unveil €37 billion ($41.4 billion) in foreign investment commitments at the annual “Choose France” summit on Monday (May 19), aiming to project confidence in the country’s economic prospects despite growing challenges.
The investment figure, which includes €17 billion already announced during an artificial intelligence summit in February, is expected to mark a record for the event. The summit, launched by Macron in 2018, is held at the Château de Versailles and brings together top global business executives to promote France as a destination for investment.
Finance Minister Eric Lombard said the funds are a sign of renewed industrial momentum, although the number of jobs linked to the projects has not yet been calculated, Bloomberg reported.
“This is part of the redevelopment, redeployment of French industrial might even though the number of jobs created isn’t yet tallied,” Lombard told RTL radio. “We think that with these investments, we can start the offensive on employment.”
The announcements come as France grapples with a sluggish economy and a widening public deficit. Unemployment has held steady at around 7.4 per cent for the past year, making it increasingly unlikely that Macron will achieve his goal of full employment by the end of his second term in 2027.
Adding to the uncertainty are trade tensions with the United States. President Donald Trump’s tariffs on European Union goods remain paused, but the threat continues to cloud the economic outlook.
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A recent report by consulting firm EY showed that foreign investment in Europe continued to decline in 2024. Despite the downturn, France maintained its position as the top destination for foreign investment on the continent. However, the data also indicated that the number of jobs created by such investments is falling across Europe.