French companies announced investments worth €9.2 billion on Monday at the first edition of a government-backed "Choose France" summit dedicated to domestic firms. The government is keen to show the euro zone’s second-biggest economy remains a top business destination despite political turmoil.
Some 200 corporations, small and medium enterprises and start-ups, professional federations as well as labour and employer organisations gathered in Paris on Monday for the government-organised "Choose France" summit.
The event is modelled on President Emmanuel Macron's annual meeting with international corporate leaders, held in May.
The €9.2 billion announced Monday adds to €21.2 billion flagged over the past year, bringing the total to €30.4 billion for 150 projects, the Economy Ministry said.
Ahead of the summit, Opcore, a subsidiary of the Iliad (Free) group co-owned by the Infravia fund, announced it will invest nearly €4 billion in a data centre in Seine-et-Marne region just outside Paris on the site of a former EDF power plant.
With a capacity of "several hundred megawatts," the new data centre will be expected to provide the computing power required for the development of artificial intelligence.
Economy Minister Roland Lescure also cited the example of Thésée, a data centre in the Yvelines region, to the south-west of Paris that will add €60 million to increase capacity.
Before attending the event, Lescure and the Industry Minister Sébastien Martin visited a L’Oréal site in Gauchy, 170km north of Paris where bosses at the beauty products company announced on Monday a €60 million-investment in its luxury perfume factory.
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Political tension
In the lead up to the event, business leaders condemned lower-house votes to hike business taxes in the 2026 budget to plug France's gaping deficit rather than cutting spending – the highest among developed economies.
They also criticised the suspension of a controversial pension reform which Patrick Martin, head of the bosses' union, Medef, described in an interview with Le Figaro newspaper as a "fatal mistake."
He added: "This postponement is the original sin. It is heresy - not only in terms of public finances - but also economically.
"The suspension will further worsen the employment rate in France, which is one of our main problems.
"It is also a social mistake because inevitably it will weigh on taxpayers," added Martin.
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Despite such misgivings about the state of the economy, executives from firms in the energy sector, agrifood, health, chemicals and aerospace were in attendance.
"Strategic" sectors were present, including the ecological and energy transition, artificial intelligence, and digital technology.
Event organisers made a point of highlighting signifcant announcements from pharmaceutical giant Sanofi and the aerospace and defence supplier Safran.
Pharmaceutical push
Sanofi plan a €700-million investment package over 2025 - 2026 for ongoing and future projects.
Meanwhile Safran said it will invest around €450 million in the construction of a carbon-brake factory in the Ain department of south-eastern France.
Lescure also said that Opella, which produces paracetamol medicine Doliprane, will significantly increase production.
"We currently produce 450 million boxes of Doliprane in France," he told journalists. Following expanded production in Lisieux and Compiègne in northern France, the figure will rise to 600 million boxes.
Despite recurring turmoil, France's economy grew a faster-than-expected 0.5 percent in the third quarter, outpacing Germany and Italy thanks to surging exports and stronger investment.
(with newswires)
