R
eindustrialization cannot be decreed and cannot rely solely on publicity stunts. However well-intentioned, the initiative to organize a Choose France summit on Monday, November 17, in Paris, struggled to disguise the troubling reality facing French industry. Intended to galvanize French investment by projecting the image of a "successful France," the initiative only exposed the widening gap between the government's assertive rhetoric and the country's economic reality.
A replica of the international edition, which for eight years has aimed to promote France's appeal to foreign investors, this Choose France summit was, for the first time, directed exclusively at French companies.
The approach remained unchanged: bundle projects nearing completion to present a flattering figure capable of making an impact. French Economy Minister Roland Lescure said that French companies would invest €30.4 billion in 2025 across 151 projects nationwide. This number should be put into perspective, as two-thirds of the projects had already been announced.
Beyond flashy announcements, the summit mainly served as a pretext for the government to try to rebuild its relationship with business leaders stunned by the instability of the political situation and its damaging effects on the country's economic trajectory. Even though growth has held up, with GDP rising by 0.5% in the third quarter, many indicators are turning red. New factory openings have stalled and can no longer offset closures. Holding Choose France on the same day as the announcement of the liquidation of three of the four sites of the French steelmaker NovAsco (formerly Ascometal), with several hundred jobs lost, was a particularly unfortunate coincidence.
