Paris beats Lon­don as Europe’s fa­vorite in­vest­ment des­ti­na­tion

Iran Daily - - Tse & Global Economy -

An Ernst and Young sur­vey showed Paris has over­taken Lon­don as Europe’s most at­trac­tive des­ti­na­tion for for­eign in­vestors for the first time since EY be­gan such re­ports 15 years ago.

The change in the con­ti­nent’s peck­ing or­der is a sign of the im­pact of both Brexit and the ‘Macron effect’.

The French cap­i­tal was ranked No. 1 for for­eign direct in­vest­ment by 37 per­cent of busi­nesses, based on a sur­vey of 502 com­pa­nies and data from EY and IBM cov­er­ing 2017, Reuters wrote.

Bri­tain as a whole re­mained Europe’s top des­ti­na­tion for for­eign direct in­vest­ment in 2017, with 1,205 of the 6,653 new FDI projects in Europe, ahead of Ger­many’s 1,124 projects and France’s 1,019 projects.

But France’s num­ber was up 31 per­cent in one year, while the num­ber of in­vest­ment into Bri­tain was six per­cent higher than in 2016, show­ing a slow­down in growth.

This was the first time Paris has out­done Lon­don since the an­nual sur­vey started in 2003. Ber­lin came third and Frank­furt fourth. “The UK is feel­ing the effect of Brexit,” the re­port said.

“In­vest­ment slowed af­ter the 2008 fi­nan­cial crisis, but France is now in catch-up mode, and a ben­e­fi­ciary of Brexit,” it added, cit­ing Pres­i­dent Em­manuel Macron’s re­forms to make the la­bor mar­ket more flex­i­ble.

REUTERS

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