Innovation and R&D
France’s competitiveness and employment tax credit (crédit d’impôt pour la compétitivité et l’emploi – CICE) is a new measure introduced in 2013. The aim is to reduce labor costs for all companies subject to corporate tax (IS) or income tax in order to boost competitiveness, innovation and new markets. The CICE tax credit will be calculated on the basis of all remuneration paid to employees, during the calendar year, not exceeding 2.5 times the French minimum wage*.
Calculating the tax credit base
To determine the tax credit base, all remuneration components are to be taken into account provided that:
- The remuneration components are subject to social security contributions as defined in article L. 242-1 of the French Social Security Code.
- The remuneration components are deductible expenses used in calculating taxable corporate income.
- The remuneration in paid by a permanent establishment in France.
As such, remuneration components include: salaries (including those paid to employees under a professional training contract, and apprentices), compensation for paid leave, expenses, certain bonuses, benefits in cash and in kind, etc.
Remuneration components do not include: employer social security contributions, bonuses arising from performance incentive plans, employee profit-sharing and savings plans, etc.
THE RATE APPLIED TO DETERMINE THE CICE WILL BE 4% OF REMUNERATION PAID IN 2013.
THIS RATE WILL THEN BE INCREASED TO 6% STARTING ON JANUARY 1, 2014.
Over time and part-time work
Overtime payments are also included in the calculation of the tax credit base per employee. The CICE tax credit will be granted provided that employee’s remuneration does not exceed 2.5 times the national minimum wage calculated on an hourly pro rata basis.
For temporary or for part-time employees, salaries are taken into account for the amount of time indicated by the employees contract.
Eligibility to receive the CICE
All companies subject to corporate tax (based on their actual profits) are eligible for the CICE. The companies may then offset the CICE against their corporate tax (IS) bill. Any remaining or unused tax credit after a three-year period will be refunded by the French tax authorities. However, SMEs may be reimbursed as of the first year.
CICE pre-financing scheme
The estimated amount of tax credit due may be obtained through a cash rebate from France’s Public Investment Bank (BPI), even before the definitive amount of corporate tax due is assessed.
* The hourly minimum wage in France is €9.43 as of January 1, 2013
The Invest in France Agency has published its “2012 Report: Job-Creating Foreign Investment in France”.
The results are very positive as France confirmed its position as the fifth most attractive investment location in the world and the second most attractive investment location in Europe.
In 2012, France maintained its investment attractiveness with 693 new investment projects, equating to 13 investment decisions on average every week. Despite the global economic slowdown, France remained an attractive investment destination for foreign investors from 39 different countries.
North American and Chinese investors remain loyal
While 58% of foreign investments in France were made by European countries, Asian and North American investors demonstrated their confidence in France, thanks to its key strengths and market opportunities. The number of investments originating from Asia and North America were up 8% and 3%, respectively, with North American and Asian companies accounting for 26% and 12%, respectively, of all foreign investors in 2012.
With 156 investment decisions in 2012, the United States remained the leading foreign investor in France ahead of Germany and Switzerland. It accounted for 23% of all foreign investment in France, with a 5% increase in projects versus 2011. American investments in France in 2012 were mainly characterized by a significant increase in projects involving decision centers and services.
Investments from BRIC countries (Brazil, Russia, India and China) accounted for 8% of all investment decisions in 2012, compared with 6% in 2011 and 1.5% in 2003. Chinese investments accounted for 19% of all projects initiated by companies from BRIC countries in 2012.
France’s innovation capacity attracts foreign investments
The structure of foreign investment in France has shifted over recent years towards projects involving technology-rich activities with high value-added, whether in services such as consulting and engineering, software and IT services or in certain industrial sectors (electronic components and hardware, energy, chemicals, and aerospace/naval and railway materials). These sectors accounted for 57% of projects in 2012, while 106 investment decisions were made in high value-added segments. Since 2007, there has been an average annual increase of 5% in R&D center projects.
The rise of high value-added investments highlights France’s innovation capacity. It is also demonstrates the confidence investors have in France’s key strengths in R&D and innovation, such as its research tax credit, dedicated structures such as innovation clusters, a highly qualified workforce and an excellent education system.
More than ever, attracting high value-added and innovative services remains a firm commitment of the French government to enhance competitiveness and ensure that France remains an attractive investment location in the current economic climate.
In the wake of the global economic crisis, France has chosen to concentrate and invest in science, technology and innovation through specific measures and programs. As part of this, the government has designed and implemented specific measures such as France’s National Pact for Growth, Competitiveness and Employment, research tax credit, innovation clusters, “National Investment Program”, and technology research institutes.
Looking for further information about investing in France? Discover more reasons to say Oui to France: http://www.sayouitofrance-innovation.com/
The current global economic crisis can’t keep France down. According to the European Patent Office, 12,159 companies in France applied for a patent in 2012, an increase of more than 2% on 2011. This makes France the second most innovative country in the European Union and the sixth most innovative country in the world by the number of patent applications filed, ahead of Switzerland and the United Kingdom.
These figures highlight the good health of R&D and innovation in France, and are all the more interesting and satisfying if we consider the significant proportion of high-quality patents. With support from the French Patent and Trademark Office (INPI), more than 2% of France’s GDP is reinvested in R&D, helping to ensure France’s competitiveness, investment attractiveness and leading role in innovation in the years to come.
Thomson Reuters ranked France as the third most innovative country in the world in 2011, after the United States and Japan, not only by the number of patents filed but also by their success, global reach and influence.
France has long been a popular FDI destination, and in 2012 consolidated its position as Europe’s second and the world’s sixth leading recipient of foreign investment.
Still wondering about France’s investment attractiveness? Why not give us a call?
The World Economic Forum’s Global Agenda Council on Emerging Technologies has identified the 10 most promising technology trends to help deliver sustainable growth in the decades to come, as global population and material demands on the environment continue to grow rapidly. The Global Agenda Council considers that these technologies – which can be categorized under nano- and bio-technologies, environmental sciences, health and energy – have made significant development breakthroughs and are nearing large-scale deployment.
With such promising technologies that could revolutionize the world in the near future, France is at the cutting edge as the second leading country in Europe – and fourth in the world – for the number of patents granted in 2012, according to the World Intellectual Property Organization (WIPO). France’s continued investment and commitment to research have helped make it an attractive location for the 588 foreign-owned firms that are already members of France’s 71 innovation clusters.
The fact that 40% of France’s scientific output is produced through international research partnerships only further highlights the country’s openness and global outlook which, when combined with best practices and government incentives, provide an ideal environment for innovation, as shown by the three following case studies:
Fourth-generation nuclear reactors and nuclear-waste recycling
Despite its non-descript name, ASTRID is a most promising fourth-generation nuclear reactor, due to be operational by 2020. This landmark research program is being led by the French Atomic Energy and Alternative Energies Commission (CEA), and has been part financed by the French government as well as numerous French suppliers, including Bouygues Construction, Areva, Alstom and EDF. With a projected output of 600 MW and an unparalleled safety record, ASTRID represents a major advance on its predecessor Superphoenix.
Organic electronics and photovoltaics
ISORG, a French start-up founded in 2010, has already become a pioneer in the field of organic electronics, developing innovative technology that transforms glass and plastic into smart surfaces that can interact with their external environment.
Carbon dioxide (CO2) conversion and use
The French National Research Agency, in partnership with Areva, EDF, Air Liquide, the French National Center for Scientific Research (CNRS) and the CEA, is currently developing project “VITESSE²”, which seeks to convert CO2 emitted by the cement, steel and incinerating industries into methanol (MeOH).
As investments in research and development continue to flourish, the recent unveiling by Oséo, part of France’s new Public Investment Bank, of two new research-tax-credit and innovation-loan schemes will only serve to further foster innovation in France, and may yet provide a boost to the emerging technologies identified by the World Economic Forum.
The Brazilian Investors Club took place for the fourth consecutive year on November 29, 2012. This business meeting between the world’s fifth and sixth largest economies was attended by nearly 60 participants invited by the Brazilian Embassy in France, the Brazilian Chamber of Commerce in France and the Invest in France Agency (IFA).
Speeches by Mr. Demétrio Bueno Carvalho, Minister Counselor at the Brazilian Embassy, Mr. Serge Boscher, Managing Director of the IFA, Mr. Yves Lapierre, Chief Executive of the French Patent and Trademark Office (INPI), and Mr. Philippe Lecourtier, President of the Brazilian Chamber of Commerce in France, all highlighted the links between the two countries and the importance of developing them further.
These country-specific meetings enable the IFA and its partners to present the latest initiatives to improve France’s economic attractiveness. As the Brazilian Investors Club was held three weeks after the Prime Minister’s unveiling of France’s “National Pact for Growth, Competitiveness and Employment”, it was an opportunity to examine the major announcements that strengthen France’s competitiveness and attractiveness to investors. The Brazilian President’s official visit on December 11-12 also reflects the enthusiasm that exists for Brazil in France.
France’s modern, innovative and technological capabilities are a key selling point for Brazilian investors, as are the 30,000 Brazilian citizens living in France, 3,000 of whom are students who have chosen to pursue their education here. In addition, there are a further 1.2 million Portuguese-speakers currently living in France.
The recent trip (November 19-23, 2012) to Brazil led by Mr. David Appia, Chairman and CEO of the IFA, and Mr. Lecourtier to promote the IFA/INPI “Say OUI to France – Say OUI to innovation” promotional campaign shows how important Brazilian investors are to France. During two seminars held in Campinas and at Fecomercio, Mr. Appia reminded his audience that France was Europe’s leading recipient of foreign industrial investment projects in 2011. He therefore urged Brazilians to consider France’s technological power. As for Mr. Lecourtier, he emphasized that “the conditions in France are much better than people think”. Brazilian companies are still largely unfamiliar with the French market and its key strengths, but they were ready to be convinced, and the “Did you know?” film contributed greatly to this effort by showing just how France is a dynamic and evolving country.
“France is an excellent test market for Brazilian companies: success in France is a guarantee of success everywhere else in Europe”, added Mr. Boscher during the conference.
Mr. Lapierre reminded attendees that a strategic partnership between the INPI and the Brazilian Intellectual Property Office has been in operation since 2007 that provides further support for the establishment and protection of Brazilian companies in France. This creates a healthy environment for bilateral trade between the two countries and leads to innovative collaborative projects. As such, Brazil can benefit from French technologies to develop its own economy.
These various speeches were supplemented by additional technical discussions on employment immigration with Ms. Christelle Caporali-Petit, Project Manager at the Professional Immigration Office, Mr. David Jonin, Partner at Gide Loyrette Nouel and Mr. Servan Cazenave from Catenon.
To conclude this lively and highly informative meeting, Mr. Boscher reminded participants that the IFA opened an office in Brazil three years ago. Since then, Brazilian investments in France have doubled, with around 35 Brazilian projects recorded to date. These projects have been monitored both by Mr. François Rémoville, the IFA’s Project Director in São Paulo and Ms. Marie Piffaut, Business Development Executive at the IFA’s Paris office and the main contact person for Brazilian companies.
Mr Boscher concluded his speech by nothing that ” the main reward for our daily work at the IFA is to hear of the jobs that are created by foreign investors in our country.”
Brazilian investors, you are welcome here in France!
China is one of the five countries to receive a visit from the “Say OUI to France, say OUI to innovation” campaign roadshow, which came to town on December 6-11. David Appia, Chairman and CEO of the IFA, traveled to Beijing for the occasion and then on to the roadshow’s last stop, Shanghai.
The IFA’s China offices were recently expanded and now include a team of nine people split between the main office in Beijing, Shanghai and Hong Kong.
As soon as Mr. Appia landed, he joined up with Mr. Pascal Gondrand, Director of IFA China, to attend a reception hosted by the Pays de la Loire region at the French Embassy in China to mark a visit from Mr. Jacques Auxiette, President of the Pays de la Loire Regional Council. Ms. Sylvie Bermann, the French Ambassador to China, opened proceedings by reciting a list of achievements through joint initiatives targeting the Chinese business community and lauded the IFA’s presence in Beijing.
The next morning, Mr. Appia sat down with Chen Jian, Vice-Minister of MOFCOM (Ministry of Commerce of the People’s Republic of China) with responsibility for foreign investment and economic cooperation matters.
The two parties highlighted their desire to maintain and strengthen the partnership between the IFA and MOFCOM and their mutual aspiration to carry out joint initiatives to make it even easier for Chinese entrepreneurs to invest in France. In a few short years, China has become a key international investor. The size of the European market is attracting Chinese investors and France is one of the leading destinations for these investments in Europe.
“There are more than 200 subsidiaries of mainland Chinese companies in France today, employing nearly 7,000 people”, noted Mr. Appia. When added to the ranks of Hong Kong subsidiaries in France, employee numbers rise to 12,000.
Both men pointed to the vast potential of bilateral investment between France and China since French companies are also investing heavily overseas, especially in China. The Vice-Minister concluded by reiterating the need to “continue fostering an environment that encourages bilateral investment, and which is mutually beneficial to both our countries”, and was quick to add that “China is eager to make many more investments and for that to happen we must keep talking and continue to learn more about one another”.
Next was a meeting with executives from the China Economic Consulting Corporation (CECC), which is supported by the think tank CCIEE (China Center for International Economic Exchanges).
Lead-ins to the talk included a screening of the official campaign video and a presentation on its key topics, which then led on to a conversation about the positive health of Chinese investments. There are currently 18,000 Chinese companies investing in foreign countries and France is a popular location. In 2011, it was home to 13% of Chinese investment projects in Europe, making it the continent’s third largest recipient of job-creating foreign investment from China, with 23 such projects generating over 1,000 jobs!
Mr. Appia then attended a meeting with the local Conseillers du Commerce Extérieur de la France (French Foreign Trade Advisors), who for more than 110 years have been volunteering their experience to further France’s economic presence throughout the world. Mr. Appia opened his speech by recalling their leading role as invaluable torchbearers in the promotion of France’s investment attractiveness and the great importance of speaking to them personally about the current campaign seeking to further this mission in partnership with the INPI (French Patent and Trademark Office).
The first day of talks ended on an enjoyable note with leading figures from the Chinese Entrepreneur Club (CEC) at a dinner attended by a group of Chinese entrepreneurs. Guests engaged in lively conversations mainly about the excellent relations between China and France and the steady growth of Chinese investment in France.
The next morning the roadshow headed to a round table attended by a host of journalists from the top Chinese media outlets, including China Business Journal, Caixin Media and China Business News Daily, where they discussed the fundamental messages of the campaign being backed by Fleur Pellerin, Minister Delegate for SMEs, Innovation and Digital Economy. They also touched upon the French government’s most recent reforms to boost France’s competitiveness, including the “National Pact for Growth, Competitiveness and Employment” that Prime Minister Jean-Marc Ayrault unveiled on November 6.
The pact, which increases France’s attractiveness for foreign investors, includes the renewal of the research tax credit, which was hailed by Mr. Appia: “Launched in 2008, 7,000 companies are currently benefiting from the research tax credit in France, which is the only country to offer such a generous measure”. Discussions with these journalists were also an opportunity to swap memorable success stories of Chinese companies setting up in France, including ChemChina/Bluestar, Lenovo, Weichai Power, Sinomac, ZTE and Haier, to name but a few.
The IFA then attended the 11th China Entrepreneur Summit, a key event to promote innovative companies. Around 40 new innovative companies attended the “Future Star Club” dinner, which included last year’s winners and 21 companies handpicked for their growth and innovation potential. Many members of the ICT and e-commerce communities were there, but there were also a number of firms from the manufacturing, healthcare and education sectors, among others. Guests also rubbed shoulders with the founders and CEOs of companies like Ctrip Travel Network, Chinasoft, Five Star and Sinomen Technology Limited.
The IFA was a partner of the “Future Star Club” dinner, where Mr. Appia opened his presentation with the campaign video. He then delivered vital messages to the young innovative entrepreneurs in the audience. “France is a vibrant market and a global economic leader that is open to international investment and ready to receive large numbers of Chinese investments. In our country you will find an innovation-friendly environment, with 71 innovation clusters in a broad range of sectors that generate multidisciplinary partnerships”. He also made certain to tell the dinner guests about the special advantages France offers young innovative companies, which include reduced taxes and social security contributions.
Mr. Appia also took the opportunity to announce the findings of the “Top 100 Global Innovators” study conducted by Thomson Reuters – which ranked France once again as the third leading country in the world for innovation, with 13 French companies and bodies in the Top 100 most innovative organizations in 2012 – before concluding with the campaign slogan “Say OUI to France, say OUI to innovation!”
The roadshow then went on to Shanghai to meet with other influential Chinese media, including the Oriental Morning Post. Mr. Appia also met with a renowned economist from the Lujiazui International Finance Research Center at the prestigious China Europe International Business School (CEIBS).
Mr. Appia and Mr. Gondrand subsequently had a chance to travel around the Shanghai area to visit and tour Chinese companies (in a range of sectors: industry, energy, etc.) that have already invested in France. The meetings were a chance to strengthen old ties and remind all the companies that the IFA is available and remains committed to supporting them every step of the way.
This marked the end of the “Say OUI to France – Say OUI to Innovation” campaign roadshow, but the campaign itself continues, so stay posted to the IFA blog for more events in 2013!
The “Say OUI to France – Say OUI to innovation” campaign continued in Brazil from November 19 to 23, 2012. Mr. David Appia, Chairman and CEO of the Invest in France Agency, took part in two seminars, one in Campinas and the other in São Paulo.
These events enabled France’s economic attractiveness and openness to international investment to be promoted to an audience of company directors and journalists.
The presence of Ambassador Mr. Philippe Lecourtier, the Chairman of the Brazilian Chamber of Commerce in France, and representatives from IFA partner banks, consulting firms and law firms, along with the contributions from French innovating agency OSEO and the Chairman of the Brazilian company Innovatecs (which recently set up operations in Strasbourg), illustrated the wide array of stakeholders prepared to spread the word about France’s investment attractiveness.
Mr. Appia and Mr. François Rémoville, the Director of the IFA’s Brazil office, also met with executives from Brazilian companies that already have a presence in France and have created jobs in the country, including Embraer, Inpaer, Achos, Baskem, JBS, Eldorado and Osklen.
These business leaders expressed their keenness to maintain and even expand their operations in Europe. Access to the vast European single market and the desire to take advantage of the continent’s immense technological potential were two of the factors often mentioned during the discussions. Ever stronger competition from Asia, not least in Brazil, also goes some way to explaining this renewed focus on expansion in Europe.
Several companies confirmed their intentions to make further investments into France. These projects will be supported by IFA personnel over the coming months.
Following the launch on October 25, 2012 of the “Say OUI to France – Say OUI to innovation” campaign at the Massachusetts Institute of Technology by French Minister Ms. Fleur Pellerin, IFA Chairman & CEO Mr. David Appia attended the World Economic Forum in India on November 6. He was accompanied by Mr. Dominique Frachon, Director of the IFA’s India office. Mr. Appia used the occasion to promote the campaign in India and to meet with Indian investors interested by opportunities in France, as well as with the local business press. These public/press relations activities complement the media campaign rolled out through the written and online business press since the end of October. The launch in India also provided an opportunity to discuss the development of social networks (on Linkedin and Twitter) in this part of the world. Other initiatives are planned for the first quarter of 2013.
On November 13, the campaign continued in Toronto, Canada. The French Ambassador Mr. Philippe Zeller held a press conference to introduce the campaign, focusing on Canadian investments in France and on the latest measures to promote investment in France. Mr. Zeller was accompanied by Mr. Jean-Pierre Novak, Director of the Invest in France office in Canada, and by several representatives of the firm ACS (Alcohol Countermeasure Systems). The CEO of ACS, Mr. Félix Comeau, shared his very positive experiences of investing in France.
At the Franco-Canadian summit on “The future of digital content”, which was held in Ottawa on November 14, the Ambassador once again highlighted the “Say OUI to France – Say OUI to innovation” campaign in his introductory speech.
In Canada, the next leg of the campaign will take place in Montreal on December 6, when the Ambassador will again hold a press conference featuring a series of success stories.
As for Mr. Appia, he is currently in Brazil where he is taking part in a seminar on innovation in Campinas, before moving on to Fecomercio to present the campaign once again to Brazilian investors. We will shortly be publishing a new blog post, recapping his week in Brazil!
On Thursday October 25, 2012, at the Massachusetts Institute of Technology, Ms. Fleur Pellerin, the French Minister Delegate with responsibility for SMEs, Innovation and the Digital Economy, held an early breakfast meeting with the US technology press to mark the launch of the joint INPI/IFA “Say OUI to France – Say OUI to innovation” campaign. The meeting was held on the fringes of EmTech, a major international trade show on emerging technologies organized by the MIT TechnologyReview.
Ms. Pellerin was accompanied by Mr. David Appia, the Chairman and CEO of the IFA and Ambassador for International Investment, and Mr. Yves Lapierre, Chief Executive of the INPI. The meeting with journalists was interspersed with testimonies from representatives of Anaqua, Dassault Systemes and MathWorks.
Anaqua and MathWorks are two Boston-based firms which have already decided to set up business in France. “We are very excited by all the changes currently taking place in France” Ms. Priya Iyer, the Anaqua CEO, declared enthusiastically. In the course of the meeting, the Minister and the INPI Chief Executive informed her that a joint European-level agreement would soon be in place that will make it possible to file a single European patent instead of the 27 separate patents that are currently required within the European Union.
Despite having an office in Paris, Anaqua has decided to locate its main office in Pau (south-west France). Ms. Iyer declared herself very satisfied with the choice – “We achieved growth of 40% in France last year” – while Ms. Pellerin reminded her audience that “France is open to entrepreneurs and innovation”. Ms. Valérie Ferret, the Dassault Systemes representative, pointed out that “Talent is important, but the ‘business ecosystem’ is also a determining factor when it comes to choosing location. And you will find both in France”.
Following this extremely rewarding breakfast, the Minister made her way to the W3C’s offices where she had the opportunity to speak with Sir Tim Berners-Lee, the inventor of the internet.
The campaign was officially launched at mid-day with a speech by the Minister to the EmTech conference. She immediately won over the audience when she declared that “France is committed to taking full advantage of innovation which it sees as an important lever for economic growth and sustainable development. In 2011, there were 6,502 firms in France’s innovation clusters, 588 of which were foreign-owned. The United States continues to be France’s largest investor. American investment accounts for nearly 150 new projects annually. Last year alone, these projects created more than 6,000 jobs. Companies such as GE and Google have also made the strategic choice to develop R&D projects in France. Technology and innovation-focused companies have found France to be a strong partner that recognizes the need to compete in today’s global economy.”
“Our approach to innovation has worked for big-name multinationals. And now we’re making it easier for SMEs and startups to get in on the action too. The aim of the campaign by the IFA and the INPI, that we are launching today, is to demonstrate that France really is a global leader, to show why today it represents an excellent investment opportunity for foreign investors, and at the same time to explain what companies need to succeed in France. The main focus of the campaign is R&D and innovation, and encouraging startups to choose France as an investment location. The “Say OUI to France” campaign is being rolled out in five countries selected for their world-class reputation in the areas of R&D and innovation, namely, the United States, Canada, India, China and Brazil.” The Minister concluded her presentation by pointing the audience towards the campaign’s website www.sayouitofrance-innovation.com which was going live at the same time.
The Minister then joined 15 scientific representatives and CEOs of US companies for lunch, which provided the opportunity for a very fruitful exchange of ideas and allowed her to highlight the role of the IFA which acts as a facilitator for companies wishing to set up business in France.
Ms. Pellerin then met a number of representatives from the Young Entrepreneurs Initiative (YEI). YEI has launched a competition to encourage young US-based entrepreneurs to come and invest in France. The winners of the competition will receive a grant to help them set up business. The program also offers a vast network of contacts that will help the winners to successfully set up in France by creating new connections to streamline procedures and facilitate meetings with all those involved. During the meeting, the Minister was able to exchange ideas with entrepreneurs who make use of innovative technologies and was able to reassure them regarding the new Government bill regarding France’s research tax credit: the bill is expected to be passed into law in December and will be a clear improvement, as firms will be able to obtain the research tax credit in future for research projects that are already underway.
Finally, the Minister wound up her very long day by visiting the premises of MassChallenge, a business incubator located at the very heart of MIT. The main purpose of this non-profit organization, mainly staffed by volunteers, is to help young startups grow. An annual competition is organized, which has many advantages for those taking part, as they all receive customized feedback from the panel members, while the 125 finalists have the opportunity to take part in a three-month program designed to speed up and facilitate the early days of their company. Each participating company is assigned a world-renowned mentor, offices are made available to them free-of-charge, and they then have the opportunity of working within a community of enthusiastic entrepreneurs. All this plus the support of a grant of almost US$1 million. Ms. Pellerin was accompanied by the 2011 MassChallenge competition winner, Léonide Saad, who explained to the Minister the significance of these types of initiatives by demonstrating to her the benefits of such a project.
The day ended with the Ministerial delegation leaving for New York, where the Minister and Mr. Appia would meet with journalists from the US financial press to continue the promotion of the “Say OUI to France” campaign.