For the first time, the results of a survey showed, France has emerged as the top destination for international investments in Europe.
France has beaten Britain and Germany to take the top spot for international investments in Europe.
In 2019, France saw 1,197 foreign investment projects, up by 17% from 2018, ahead of Britain which had 1,109 projects, up by 5%, and Germany with 971, said consultants EY.
Towards the end of April, EY had surveyed two thirds of business leaders. The survey results showed two thirds expected to revise their French investment plans this year, while 15% expected to push them back to 2021 and absolutely none expected to cancel or increase ongoing projects.
French President Emmanuel Macron has eased labor laws on hiring and firing and has reinvigorated a payroll tax credit scheme into a permanent business tax cut; he has also set a flat 30% tax for investors as part of a drive to make the French economy more attractive to international investors.
Since the outbreak of the coronavirus, which began in China’s Wuhan, the French government has increased its focus on containing its economic fallout while aiming to boost the recovery by pushing French companies to relocate production activities in France.