France Secures $16 Billion From Microsoft, Amazon and Others at Foreign Investment Summit — Update
By Mauro Orru
France bagged 15 billion euros ($16.16 billion) of investment commitments from U.S. tech giants and other companies at a summit just outside of Paris, underscoring a push from President Emmanuel Macron to promote the country as an attractive destination for international investors.
Microsoft, Amazon.com, Pfizer and AstraZeneca were among the top investors at the Choose France summit held Monday at the Palace of Versailles. Dubbed France's mini Davos, the event draws high-profile executives willing to pour funds into the French economy.
Macron launched the summit in 2018 during his first term as president in an effort to portray France as an attractive hub for foreign investors. In a post on X, he said this year's summit would bring in a record EUR15 billion in investments and create 10,000 new jobs.
Paris has long lagged behind major financial centers such as New York and London, but the amount in investment commitments marks an endorsement of France as a key European hub for many foreign investors.
Microsoft President Brad Smith said the tech giant would invest EUR4 billion to build out artificial-intelligence, data-center and cloud infrastructure in the country.
Russ Grandinetti, senior vice president of international stores at Amazon, said the e-commerce giant would invest more than EUR1.2 billion to bolster its Amazon Web Services cloud infrastructure, logistics infrastructure and artificial intelligence.
On the pharmaceutical front, Pfizer France President Reda Guiha said the country had developed a solid biopharmaceutical ecosystem that was benefiting innovation in fields like oncology. The maker of the Covid-19 vaccine is investing EUR500 million as part of a five-year plan to strengthen research and development.
Meanwhile, rival AstraZeneca said it would pour $388 million to further develop its production site in Dunkirk, northern France.
Write to Mauro Orru at mauro.orru@wsj.com
(END) Dow Jones Newswires
May 13, 2024 09:20 ET (13:20 GMT)
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