Macron: "Choose France"... Amazon to Invest 1.2 Billion Euros

Annual Overseas Investment Attraction Event 'Chuze France'
Amazon Plans 1.2 Billion Euro Investment and Creation of 3,000 Jobs
Pfizer and Morgan Stanley Also Commit to Investment and Job Expansion

On the eve of the 7th anniversary of France's overseas investment attraction event 'Choose France (Choose France)', global companies including Amazon have successively announced their investment plans in France.

According to reports from Bloomberg and others on the 12th (local time), Amazon plans to invest 1.2 billion euros (about 1.7 trillion won) in France. Through this, Amazon Web Services (AWS) will develop cloud infrastructure and strengthen the logistics infrastructure of local delivery services. French President Emmanuel Macron predicted that Amazon's investment would create 3,000 jobs.

[Image source=AP Yonhap News]

The global investment bank Morgan Stanley is also stepping up to create jobs in France. French Finance Minister Bruno Le Maire explained, "Morgan Stanley plans to increase the total number of employees in Paris to 500 by 2025 and add 100 employees in the capital city, Paris." Global pharmaceutical companies Pfizer and AstraZeneca also announced investments of $538.5 million and $388 million respectively in France.

'Choose France' is an annual event where the president personally invites CEOs of global companies to revitalize the French economy and attract overseas investment. It started in 2018, the year following President Macron's inauguration. Last year, it succeeded in raising 13 billion euros (about 19 trillion won), and local media expect that this year’s investment will exceed that amount.

Such overseas investment attraction is expected to drive President Macron’s plan to make Paris the top business hub in Europe, while also providing an opportunity to reverse the domestic public opinion, which has recently turned cold due to the fiscal deficit. France’s fiscal deficit for 2023 exceeded government forecasts significantly at 5.5% of gross domestic product (GDP). The growth rate in the first quarter was only 0.2%. Authorities plan to tighten belts by urgently cutting 10 billion euros (about 14 trillion won) from this year’s budget.

Bloomberg evaluated, "France is often criticized for its strict labor laws, regulations, and political pressure on companies," adding, "As new plans to enhance Paris’s appeal as a European financial center are being promoted, it has grown into a place where banks and hedge funds seeking a foothold in the European Union (EU) after Brexit are settling."