By Jonathan Gregson in La Baule - The closing keynote speech at the 8th World Investment Conference, held in La Baule, France, from June 2-4, 2010, was given by France’s Secretary of State for Foreign Trade, Ms. Anne-Marie Idrac.
Ms. Anne-Marie Idrac observed that Europeans are over-pessimistic, looking at the problems rather than at the solutions. “The global economic crisis”, she declared, “can become an opportunity for Europe and for France”. Noting that France is ranked second or third in global FDI rankings, Ms. Idrac said that the challenge from ‘emerging’ economies like China, Brazil and Turkey must be welcomed, especially as they are now important inward investors into Europe.
In a comparison of Europe’s strengths to those of Asian and American countries, Ms. Idrac said that Europe has a unique combination of stability, dynamism and social balance, and that its competitiveness is based in the depth of the European market, high levels of education and skills, and its capacity for change and innovation…
A closer focus on dynamic new ‘green industries’
As examples of this, Ms. Idrac cited France’s network of high-tech innovation clusters, its tax system – judged to be most favorable for innovation and R&D amongst OECD countries – and recently introduced reforms to labor markets and the tax treatment of innovative companies. All of these, Ms. Idrac says, are designed to increase France’s competitiveness and therefore its ability to attract foreign investors.
The French minister also argued for more effective global governance, especially through the G20 for which France will hold the presidency next year, saying that more work needs to be done on fair trade and the protection of investments and intellectual property. She called for a closer focus on the dynamic new ‘green industries’, citing France’s “Grenelle” round table talks and subsequent environment laws as an example of how to push things forward, and on small and medium-sized enterprises (SMEs) as being the best way to foster innovation and generate employment. Support is needed to ensure more SMEs are successful, she said; not necessarily financial support, but providing good regulation and supportive business ‘ecosystem’ around them.
While accepting that recent turbulence in financial markets over Europe can be frightening, Ms. Idrac declared her conviction that “we are finding a new impulse, a new way forward for Europe”. She looked towards “a community of European strengths” which, thanks to a new openness towards inward investment, would make Europe a place where solidarity and dynamism become one.
