Updated May 12th, 2024 at 10:51 IST

Morgan Stanley's expansion marks key investment win for France ahead of summit

Le Maire stressed on the need for France and the European Union to address competition from China and the United States.

Reported by: Business Desk
Morgan Stanley | Image:Morgan Stanley, Paytm
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France has announced significant investments and job opportunities as it gears up to host a crucial annual foreign investment summit.

Finance Minister Bruno Le Maire revealed on Sunday that Morgan Stanley would establish a new European office in Paris, coined as its new 'European campus', generating an additional 100 jobs. Additionally, German aviation firm Lilium committed to investing 400 million euros in a factory, while Swiss-based firm KL1 pledged 300 million euros towards a nickel refining site. Combined, these investments could potentially create over 1,000 jobs.

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The announcements precede the 'Choose France' event, which aims to attract major overseas businesses and investors, and will be hosted by President Emmanuel Macron. Despite concerns over budget deficit and modest growth in the first quarter, France is actively positioning itself to compete globally.

Le Maire stressed on the need for France and the European Union to address competition from China and the United States. At an upcoming EU meeting, he plans to advocate for a capital markets union to facilitate investments in emerging sectors such as renewable energy and artificial intelligence.

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Macron aims to enhance Paris' stature as a premier European business hub, amid stiff competition from other financial centres. While Paris ranked 14th in a recent global financial centre survey, Macron's administration is keen on elevating its position.

As part of the 'Choose France' event, Le Maire will host meetings with top executives from leading financial institutions, including JP Morgan, Goldman Sachs, Morgan Stanley, and Bank of America. These discussions aim to foster continued investment in Paris and support major economic initiatives in collaboration with the President.

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(With Reuters inputs)
 

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Published May 12th, 2024 at 10:51 IST