It’s been approved, signed and ratified: the City of Light is now to become a Greater City of Light. Last May 27, the French Senate passed a bill giving the green light to the ‘Greater Paris’ project. The goal? To create the most attractive city in the world for businesses. How? First, by promoting the assets Paris already has. After all, it is already Europe’s leading economic region in terms of GDP, and according to the 2009 Fortune Global 500, it is home to more headquarters of the world’s largest 500 companies than any other city, bar Tokyo…
But above all, the Greater Paris project involves preparing for the future, with substantial public investments, particularly in regional transport networks. Specifically, the French government is issuing a €4 billion grant to build a double-ring metro network around Paris. These lines, stretching 80 to 85 miles with about 40 stations, will connect nine major suburban business hubs: Saclay, Saint-Denis, La Défense, Plaine-Commune, Villejuif, Roissy, Orly, Clichy-Montfermeil and Versailles. An additional €17.4 billion will come from loans to be repaid over the next 40 years or so.
And that’s not all. In addition to the transport stations are regional development contracts, which are “the most important part” according to Christian Blanc, France’s former Secretary of State for development in the capital region, recently replaced by Michel Mercier. Among other things, the contracts will lead to the construction of 1.5 million housing units by 2030 and will create or expand several business districts: from R&D in Saclay, to corporate aviation at Le Bourget and additional office space in La Défense, etc.
The first automated metro trains are expected to be running in 2018. The ring will come full circle by 2023 and from now until then, one thing is clear: Paris doesn’t merely intend to spread its influence in philosophy, but also in the boardrooms of investors throughout the world.
Interesting? To find out more, take a look at:
