Macron Seeking Investment for 3rd Year... Promoting "Secured 4 Billion Euros"

[Image source=EPA Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] Following last year's Yellow Vest protests and the pension reform protests earlier this year, French President Emmanuel Macron, who has been hampered by these events, will once again hold a briefing on the 20th (local time) to attract investment to his country.

Ahead of the third 'Choose France' event since his inauguration, the French government has launched a promotional campaign, stating that investments worth 4 billion euros (approximately 5.13 trillion KRW) are expected to be made over the coming years. It is also anticipated that new regulations regarding stock options will be announced at the event to attract talent.

According to AFP and Radio France Internationale (RFI) on the 19th, President Macron will hold the event at the Palace of Versailles on the 20th, as in previous years. About 200 representatives from global companies, including American giants such as Coca-Cola, Google, and Netflix, as well as Asian companies like Samsung Electronics and Hyundai Motor Company, will attend.

Since his inauguration in May 2017, President Macron has made "Working France" a core principle and has actively pursued investment attraction to create a business-friendly environment, demonstrating a pro-business stance. The 'Choose France' event is held under this principle. It is held annually ahead of the World Economic Forum (WEF), where global leaders gather, and is also called a "mini Davos."

The French government announced that investments worth 4 billion euros have been confirmed on the day. Coca-Cola has announced plans to invest 1 billion euros in France over the next five years. On the day of the 'Choose France' event, President Macron is scheduled to meet with James Quincey, CEO of Coca-Cola, to discuss investment plans.

MSC, an Italian-Swiss shipping company, has also ordered two new cruise ships at the Chantier de l'Atlantique shipyard in France, investing 2 billion euros. These cruise ships are expected to be delivered between 2025 and 2027, and the French government predicts that an additional 2,400 people will be employed over the next three to three and a half years. MSC has also signed a memorandum of understanding for an additional investment of 4 billion euros. Global pharmaceutical company AstraZeneca has committed to investing 450 million euros over the next five years and plans to hire an additional 100 employees on top of the current 1,000 employees in France.

President Macron is expected to announce new regulations regarding stock options at this event. The regulations will be relaxed to allow foreign companies with employees in France to offer stock options. CNBC reported that this regulatory revision came after 500 European startup founders requested such adjustments from the European Union (EU), explaining that the French government is aiming to attract talent from Silicon Valley in the U.S.

Meanwhile, the 50th Davos Forum, held from the 21st to the 24th in Davos, Switzerland, will be attended by major world leaders including U.S. President Donald Trump and German Chancellor Angela Merkel.