As France prepares for its annual ‘Choose France’ business summit, the pharmaceutical giants Pfizer and AstraZeneca have made strong financial commitments of almost $1B, giving the country’s economy a boost. Pfizer has confirmed an investment of €500M ($538M) for the project. Out of this, Biogen will direct €310M ($354M) towards France to boost the nation’s research, development, and innovation efforts, whereas AstraZeneca has earmarked €360M ($388M) for its lab in Dunkirk, located in the northern part of the country, to facilitate its long-term presence there.
These investments come at a crucial time as President Emmanuel Macron prepares to start the “Choose France” event, aimed at attracting prominent international businesses and investors. Macron’s aim is to position Paris as the leading European business headquarters, a target which has historically competed with financial giants like New York and London.
Pfizer and AstraZeneca’s decision to allocate substantial amounts of investment in France reflects their confidence in the country’s economic capabilities and aligns with Macron’s long-term plan to make France a preferred destination for foreign investment, particularly during tough economic times such as budget deficits and sluggish growth rates.
The ‘Choose France’ summit in the past year not only attracted €13B in international investment but also highlighted economic growth through foreign collaboration. Alongside Pfizer and AstraZeneca’s pledges, other notable commitments included US bank Morgan Stanley planning to expand its Paris office with 100 new jobs, German firm Lilium investing €400M to open a French factory, and Swiss company KL1 raising €300M for a nickel refinery in France.
French Finance Minister Bruno Le Maire emphasized the importance of attracting capital for innovative and productive economics. He illustrated the significance of projects like the capital markets union and discussed the need to invest within Europe to remain competitive against economic powerhouses like the United States and China.
As President Macron heads to the upcoming summit to showcase France’s investment potential, the pledges from Pfizer, AstraZeneca, and other business players indicate positive results for the country’s economic future. These budgetary measures not only reflect confidence in France’s future but also demonstrate efforts to renew its status on the global economic stage.
