During a courtesy meeting with a delegation from Partit Laburista, Malta Chamber...
Paris is the capital city of France, situated on the river Seine. It is one of the densely populated regions in France with an estimated population of more than 2 million. Paris is an important political as well as cultural hub of Europe and is the largest and capital city of France. Commonly known as the ‘city of lights’, it is known as the European cities of the future. The city of Paris is Europe’s biggest city economy and is estimated to become one of the wealthiest cities to live until 2020.
The main essence of Paris is its social, administrative and economic infrastructure, which makes it one of the topmost financial hubs in the entire world. It has a well developed transport system with an excellent road-rail-air connection which adds a major fillip to the trade activities of the city. Apart from this, there is also a specialized WiFi system in Paris which provides good access to Internet at reduced costs.
The Paris agglomeration is Europe’s largest city economy in Europe and the fifth largest in the entire world. The entire Paris city alone generates a quarter of the GDP of France. Paris alone attracts 27 million of foreign visitors and is a booming region for the country’s tourism industry. According to a research by the Financial Times, Paris has been ranked as one of the three most influential and important cities in the entire world.
The city of Paris is estimated to become one of the wealthiest cities in the entire world by 2020. This shows that there are a lot of positive trends prevailing with respects to the growth prospects of the city. The expanding French economy is a sign of this upward trend, which is mostly driven by the growth in the major cities of France, such as Paris.
With a population of more than 2 million, Paris is a huge market for business owners. Its record- breaking foreign visitors and its easy accessibility to other parts of the country and European Union help investors to bring in even more consumers in and around Paris and make it a huge market.
The economy of Paris is largely diverse, despite the city not adopting a specialization in the global economy. Paris is among the largest economic centers of the world. It is home to as many as 38 of the Fortune Global 500 Companies, which derive the second largest combined metropolitan revenue, next to Tokyo. It had the largest GDP in the EU region in the year 2006. Paris ranked second in the list of European cities in terms of attracting FDI and was one of the top most regions in Europe in creating employment through inward FDI.
Paris is known for its manufacturing sector, and is still the powerhouse for manufacturing in the entire Europe. There has been a paradigm shift in the manufacturing sector of Paris with major businesses shifting from traditional manufacturing to high-tech manufacturing. Some of the best areas worth investing in Paris include banking and finance, fashion, media and automobile, and pharmaceuticals. Some of the other industries worth investing include luxury articles, clothing, manufacturing of jewelry and heavy industries.
The tourism industry is also one of the sectors worth investing in Paris. Every year, lots of foreigners from all over the world visit Paris due to its exotic locations; this really gives tremendous opportunities for investors in tourism and allied industries. Apart from these, Paris also offers loads of opportunities to investors in creative fields such as the fashion industry. Paris is known to host fashion events and is also home to lots of famous fashion houses.
The French investment regime is one of the least restrictive in the entire world, and this has proved to be beneficial to Paris, as it became the topmost city in the Europe in terms of attracting the maximum FDI projects in the European Union.
The French Government only includes a prior approval of foreign investments in sectors which are termed as sensitive by the government. The French Government undertook various economic reforms that enhanced the French Economy and attracted more foreign investors in the country especially in its capital city, Paris. Foreign investors had to face less interference than before and also get lots of investment incentives.
Considering the importance of foreign investment, The French government provides lots of incentives to foreign investors who want to invest in the city. There is an agency known as the ‘French Agency for International investment’, which plays an effective role in promoting investment in France and the city.
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The government of France has taken several initiatives to promote foreign investment in Paris. They have established an agency known as ‘Invest in France’. The main objective of this agency is to promote foreign investment in the country. This has largely benefited Paris as it has been able to attract almost all the major FDI projects that entered the country.
A strategic location, a vibrant infrastructure, an investor friendly government and policies, a positive trend: all these features have really made Paris one of the leading destinations for investments- not only in Europe, but in the entire world. Investors who wish to expand their business, especially in Europe, should not overlook the benefits the ‘City of Lights’ offers.
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