Pfizer, AstraZeneca, and GSK Ramp Up Strategic Investments in France Amid Global Supply Chain Restructuring

May 13, 2024 19:20 CST Updated 19:20

Pfizer

Biopharmaceutical Manufacturer

AstraZeneca

Pharmaceutical Technology Research and Development Provider

GSK

Pharmaceutical R&D Manufacturer

On May 12, Pfizer and AstraZeneca announced nearly US$1 billion in new investments in France combined, ahead of this year's annual "Choose France" business summit.

Pfizer announced an investment of 500 million euros ($538.5 million) to strengthen its R&D efforts in France, while AstraZeneca declared a $388 million investment for its facility in Dunkirk.

According to Le Figaro today (May 14th)）Report: The 2023 "Choose France" Investment Summit, which kicks off today, will announce 28 investment decisions amounting to a record-breaking 13 billion euros and is expected to create 8,000 jobs.It is reported that more than half of the investments are in the fields of low-carbon energy and electric vehicles.

In the pharmaceutical field, Pfizer Inc. will invest an additional 500 million euros over the next four years, and GSK will invest 400 million euros in three production bases.

In recent years, countries have been striving to attract foreign investment.

France's annual "Choose France" event aims to attract large overseas companies and investors.

In addition to Pfizer, AstraZeneca, and GSK,Wall Street bank Morgan Stanley announced that it will add 100 jobs in Paris and launch new projects, while other companies such as German airline Lilium will also invest in France.In the home furnishings sector, IKEA Group will invest 906 million euros between 2023 and 2026, while German building materials manufacturer Knauf will also invest 100 million euros. In the technology sector, Nokia will add 500 R&D jobs over the next 5 to 8 years. In the agrifood sector, U.S.-based Mars, Incorporated announced an investment of 130 million euros.

France hopes to enhance Paris's position as Europe's top business capital.

But Paris has consistently lagged behind New York and London on a global scale.The highly anticipated Z/Yen Global Financial Centres Index, released in March this year, ranked New York as the top global financial center, with London in second place. The survey placed Paris at 14th.

▲Z/Yen March 2023 Global Financial Centres Graphic

On February 29, 2024, Business France released the "2023 Foreign Investment in France Report"》The relevant data. The report shows,In 2023, the number of projects involving foreign investment decisions in France reached 1,815., which will create or retain 59,254 jobs in the next three years. On average, 35 investment decisions are made each week to establish operations in France.

The 2023 report highlights 559 projects related to the strategic industries of the 'France 2030 Plan,' accounting for 31% of the total investment projects.

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