Pfizer and AstraZeneca to invest almost US$1b in France
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The news: Pharmaceutical giants Pfizer and AstraZeneca announced plans to channel almost USD1 billion ($1.51 billion) into France ahead of the country’s ‘Choose France’ business summit.
The numbers: Pfizer has pledged to invest €500 million ($814 million) to build out its research and development work in the country, while AstraZeneca will deploy €360 million for its site in Dunkirk in the country’s north.
The context: The ‘Choose France’ summit which drew in €13 billion in foreign investment in France last year, is a key focus for President Emmanual Macron (who is hosting the event) as the country faces a significant budget deficit and lethargic growth (0.2%) in the first quarter.
Earlier on Sunday, French Finance Minister Bruno Le Maire also announced that US bank Morgan Stanley plans to add 100 jobs in its Paris office, known as its new ‘European Campus’, German aviation firm Lilium will invest €400 million in a factory in France, and Switzerland’s KL1 will commit €300 million for a nickel refining site.
What they said: Le Maire told reporters: "New industries and the new economy need massive amounts of capital. We urgently need to take concrete steps to get the capital markets union going. I will be able to go to Brussels at the start of this week to once again make the case for this capital markets union […] Europe needs money. If not, it will continue to lose out in terms of productivity to the United States and China."
The source: Reuters
