France to 'invest billions in technology'

French President Francois Hollande has announced plans to invest billions of euros in new technologies in an effort to create jobs and return the country to its former industrial glory, a Bloomberg report reveals.

At a press conference at the Elysee Palace in Paris he called upon executives from businesses across a number of sectors to help create 34 high-tech products, which include a high-speed train and a low energy car.

He wants to create 750,000 jobs in these fields across the coming decade.

"We can all think of examples from the past, of great industrial plans that came from the top," said Mr Hollande.

"It’s not about nostalgia or going back to the 60s ... it’s about a state that can accompany and stimulate."

In order to fund the move, the French government is planning to invest €3.7 billion ($4.9 billion), Le Monde reported.

At present, unemployment in the country is at a 14-year high, but this new plan is aiming to get more people in work.

The socialist leader has announced that he will not be implementing any new taxes on businesses in the upcoming 2014 budget, which is set to be announced on September 25th. He has also made it easier for firms to cut back on staff numbers and cut payroll tax, which should help companies grow.

Mr Hollande is relying upon the company executives to implement his plans. They will be required to coordinate innovation, development and production across a variety of firms in the supply chain, such as public and private financiers, research labs and start-up firms.

"We will trust company executives to implement these plans, so they become more than just words," said Industry Minister Arnaud Montebourg, Bloomberg reports.

If you are considering investing in technology in France, TMF Group has expert local staff on the ground who can help you navigate the legal framework and ensure you get the most from your money.

TMF Group experts 
Article
  Article

Keeping up to date

You can now receive our insights and regulatory updates direct to your inbox by choosing the topics and jurisdictions that most interest you. 

Subscribe to our e-Alerts.