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The Annual Report 2020 Foreign Investment in France

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The Annual Report 2020 Foreign Investment in France Annual Report 2020 Foreign investment in France 2020 Contents 6 2 FOREWORD France, 8 a resilient economy EDITORIAL 10 20 2020 SUMMARY INVESTORS TRUST FRANCE AS A PLACE TO SET UP BUSINESS 31 NUMEROUS PARTNERSHIPS AND FACILITY UPGRADES STRENGTHEN FRANCE’S ECONOMY 1 34 HOW BUSINESS FRANCE RESPONDED International context TO BUSINESSES' NEEDS 4 4 The contribution of foreign subsidiaries to the French economy 3 Regional attractiveness in 2020 5 38 Source country FOREIGN INVESTMENTS MADE THROUGHOUT FRANCE’S REGIONS overviews 46 FRANCE’S INCREASING ATTRACTIVENESS IN ACTIVITIES WITH HIGH VALUE ADDED 58 PROJECTS IN A VARIETY OF SECTORS 64 ATTRACTIVENESS DIFFERENTIATED 6 BY REGIONAL SPECIALIZATIONS Appendices 5 RAPPORT 2020 - BUSINESS FRANCE INVESTISSEMENTS INTERNATIONAUX EN FRANCE "Our goal ultimately remains the same: to make France the most attractive country in Europe." Bruno Le Maire Franck Riester Minister for the Economy and Finance Minister Delegate reporting to the Minister for Europe and Foreign Affairs, with responsibility for Foreign Trade and Economic Attractiveness 6 PREFACE The 2020 Annual Report on Foreign with today’s world of work. With two This plan, which invests in strategic Investment in France was eagerly major reforms in particular, the PACTE sectors and associated skills, was rolled awaited. Firstly, as in 2019 France had Act of 2019, relating to business growth out quickly, with €11 billion having been become Europe’s leading country in and transformation, and the ASAP Act pledged at the end of 2020. We are terms of attractiveness; and secondly, as of 2020, relating to the acceleration and accelerating its implementation in 2021, the Covid-19 crisis had generated an simplification of public action, we have with the aim of drawing on an additional unprecedented decline in investment made life even easier for businesses, by €40 billion in funds. flows worldwide. reducing their administrative requirements. As of March 1, €26 billion has been used The results are now in and they are since last September. The twenty largest reassuring. This is the second-best Developing your business in France has investment projects selected to benefit performance France has recorded in 10 never been easier. We have initiated from the industrial regions’ acceleration years in terms of job creation, with the unprecedented tax cuts. For businesses, fund are led by foreign businesses, 1,215 foreign investment projects which will have seen their corporate tax together representing more than €500 recorded having created or maintained rate fall from 33% to 25% between 2017 million of investment. Furthermore, the 35,000 jobs throughout the country. and 2022. To free up household National Investment Program to These results reflect France’s robustness purchasing power, by lowering income promote technological innovation has and how the country has remained a tax by €10 billion and by completely been judged attractive by 88% of foreign winning choice for foreign businesses, eliminating residence tax by 2022. And, business executives. “Relaunch France” having weathered the storm better than finally, to free up investment: this is the has doubled its capacity, with €11 billion most of its partners, both in Europe and meaning behind the reforms on tax on set to be invested over 2021-2022. around the world. high incomes. We continue to invest heavily in our infrastructure, in the This Annual Report is also marked by the International investments were already economy of tomorrow and in the skills size and share of projects of European making a considerable contribution to required for it to flourish. origin, which equates to nearly two- France’s prosperity and they will play a thirds of the total. Beyond geographical decisive role in the country’s successful It is also a sign that our emergency and proximity, this demonstrates the recovery. The 16,600 foreign businesses stimulus measures are going in the right strength of the internal market for established in France account for 2.3 direction. From the start of the pandemic, businesses, but also the will of the EU million jobs, more than 20% of the we have drawn on more than 20% of our member states to actively build the economy’s revenues, more than 14% of national wealth, or €500 billion, to strategic and industrial autonomy that business investment and nearly one- support businesses and protect we need, by creating more European third of exports. Importantly, foreign employment, by deploying one of the and more integrated value chains. businesses that set up in France also do largest economic safety nets in Europe. so to conquer international markets. With our “Relaunch France” plan, we are These results reinforce the priorities further accelerating transformations to identified by the President of the We see this as a sign that three years of make France even more competitive, Republic, which we have been reforms have strengthened the develop skills and ecosystems in future implementing since 2017. This fundamental elements that are now sectors, such as hydrogen or quantum momentum will be maintained, and the enabling our economy to withstand the technology, aiming to be less carbon- reforms already begun will be crisis. Praised by investors, the reforms intensive and even more attractive to accelerated, to support the carried out by the government under the foreign businesses. As such, we are competitiveness, innovation and revival leadership of President Emmanuel investing an additional €100 billion to of the French economy and build Macron have enabled France to face emerge stronger from this crisis. employment and skills. Our goal current and future economic and ultimately remains the same: to make technological challenges. One particularly noteworthy change is France the most attractive the unprecedented and lasting reduction We have created a more flexible and in production taxes, which began on secure social environment, more in line January 1, 2021 of €10 billion per year. 7 BUSINESS FRANCE - ANNUAL REPORT 2020 FOREIGN INVESTMENT IN FRANCE "In 2020, it was all about being resilient. In 2021, it’s all about the recovery." Pascal Cagni Christophe Lecourtier Chairman of the Board, Business CEO, Business France France, and Ambassador for International Investment 8 FOREWORD Several months of lockdown in France 4%. As for the number of projects in R&D, attractiveness of the Ile de France/Paris and around the world, the closure of although decreasing, it remains at a high region and France’s other main cities has many borders for long periods during level, with 146 projects, a figure higher not harmed other regions: given their 2020, and the sudden fall of nearly 40% than those registered in 2018 (129) and respective economic weight, Occitanie, in foreign direct investment globally: 2017 (125). Bourgogne-Franche-Comté and Grand everything indicated that the number of Est welcomed a higher number of job-creating foreign investment projects Finally, strategic sectors are making clear projects than the Paris region. in France was going to collapse. progress. Healthcare projects recorded an increase of 40%. The majority are This Annual Report, positive in more However, this was not the case: Business expansions of production facilities, such ways than one, should make us feel France and France’s regions identified as Recipharm, the Swedish producer of optimistic. It is the fruit of France’s 1,215 projects in 2020, more than 23 per messenger RNA vaccines (Centre-Val de structural key strengths and the buoyant week. Their decrease in number, -17%, Loire), and Fresenius, the German reforms carried out by the government. must be put into perspective for two specialist in the treatment of renal failure, Furthermore, it reflects the great reasons: firstly, 2019 was an exceptional based near Lyon (Auvergne-Rhône- confidence that France inspires in year, with an 11% rise compared with Alpes), which both created a hundred foreign investors, which has been further 2018, which was itself a very good year. jobs. strengthened by the exceptional Secondly, this figure is in line with the initiatives to support and revive the average (1,233 projects) of the previous Renewable energy attracted 13% more economy taken over the past year. five years. In addition, the score in terms projects and the number of jobs of jobs created or maintained by these generated has almost doubled. The Finally, as Pierre Corneille wrote, “the projects – 34,567 – is higher than the American firm Clarios is investing in the manner of giving is worth more than the average for 2015-2019 (33,424) and is Lorraine area of the Grand Est region to gift”. Our attractiveness will also benefit 14% higher than in 2018. manufacture batteries, the Irish producer from the ongoing improvement in of photovoltaic energy Amarenco is welcoming investors: with a shared If we then look at these projects in more expanding in Lagrave (Occitanie) and desire, the key players of Team France detail, several satisfactory elements Canadian company Boralex is continuing Invest, and the team behind France’s emerge. to build wind power plants in Montélimar attractiveness, bringing together (Auvergne-Rhône-Alpes). Business France, the regions, the One quarter of the projects aimed to prefectures, Bpifrance and the Banque establish or expand a production facility, The ecological transition is indeed a key des Territoires, are stepping up their representing more than 37% of jobs part of France’s attractiveness, as seen efforts in order to optimize prospecting created or maintained, or nearly 13,000. by 89% of the leaders of foreign and support projects. In 2020, it was all The German company Siemens stands businesses. However, we should about being resilient. In 2021, it’s all about out, with the recruitment of 850 people remember that certain sectors are the recovery. to accelerate its development in electric suffering severely from the pandemic, in mobility, automation and energy storage. particular the hospitality/catering and Such attractiveness supports France’s aerospace industries, where the number industrial redevelopment strategy.
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