China Upped Investment in France by Nearly 30% Last Year on Automotive Drive

China Upped Investment in France by Nearly 30% Last Year on Automotive Drive

Feng Difan

Date: Fri, 04/13/2018 - 17:00 / source:Yicai
China Upped Investment in France by Nearly 30% Last Year on Automotive Drive
China Upped Investment in France by Nearly 30% Last Year on Automotive Drive

(Yicai Global) April 13 -- Chinese investment in France grew nearly 30 percent last year to make the world’s most populous country one of the European nation’s largest Asian investors.

China’s two largest investment targets in France are the automotive manufacturing and textiles sectors, Jean-Maurice Ripert, French Ambassador to China, said in a press briefing at the embassy in Beijing. Some 52 percent of spending was in Paris, while 12 percent went to Auvergne-Rhone-Alpes, France’s second-largest economic region also hailed as Europe’s Silicon Valley.

New-energy vehicle maker BYD Co. was one of the major investors in the country, Ripert said, mentioning its plans to build a EUR10 million (USD12.3 million) factory to produce electric buses in northern France and create more than 100 jobs. Another key player was Hong Kong’s Rosewood Hotel Group, which reopened the luxury Hotel de Crillon in Paris after four years of renovation and almost doubled staff numbers to 370, he added.

More than 600 companies from the mainland and Hong Kong employed more than 31,000 workers in the country, according to a report by state-owned organization Business France, which promotes exports and inbound investment.

France’s economic image is improving, Ripert continued, saying last year 84 percent of foreign investors had a positive outlook for the market, compared with 74 percent in 2016.

Editors: Emmi Laine, James Boynton

 

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Keywords: France, AUTOMOTIVE, Textiles, Chinese Foreign Investment