Proactive Investors - Microsoft Corp (NASDAQ:MSFT) said it will join a string of mega-cap companies in investing billions into the French economy after it pledged fresh investment into the European country.
Some €4 billion will be invested into the nation by the tech giant as part of the annual ‘Choose France’ business summit, Microsoft vice chair and president Brad Smith told reporters.
Funds from Microsoft will go to developing France’s AI sector and will see a new data centre set up in the city of Mulhouse.
Amazon.com Inc (NASDAQ:AMZN) promised to invest over €1.2 billion in its French operations, aiming to create more than 3,000 jobs.
Pharmaceutical giants Pfizer Inc (NYSE:PFE) and AstraZeneca PLC (LON:AZN) also announced investment into the country during the summit, with the two’s total adding up to around US$1 billion.
US firm Pfizer said it would provide France with US$538 million to help improve its research and development, while London’s AstraZeneca (NASDAQ:AZN) said it would pay US$388 million for the building of a site in Dunkirk.
Wall Street bank Morgan Stanley (NYSE:MS) said it would create 100 new jobs in Paris, with firms like German aviation group Lilium also investing.
Choose France is an annual event aimed at drumming up investment from foreign companies.
This year it is expected to result in around €15 billion worth of new funds.