The French President Moves to rebrand Paris as Business Friendly
The president of France run for the presidency on a campaign to revitalize the French economy and eliminate Paris’ reputation of a destination that is unfavorable to investors and entrepreneurs. President’s Macrons efforts have begun to bear fruits less than 12 months since he took the reins of power on Wednesday while attending the World Economic Forum, president Macron announced that France is back in Davos. President Macron continued with his charm offensive to give a conviction to prospective entrepreneurs and investors on a world stage that France was open for commerce. However, one of the Professors of strategy at INSEAD, Professor Peter Zemsky told FRANCE 24 that Paris was recovering from a shallow point both regarding perception and terms of policy.
Professor Zemsky admitted that president Macron was able to shift perception in Davos through his charismatic speech. One of the factors that have hindered investors and businesspeople from starting their businesses in France is the reputation of labour laws that are not friendly for doing business, high taxes and smothering bureaucracy. The global president of the Baker McKenzie law firm, Paul Rawlinson said that that he had a sense of optimism for the first time in a long time that Paris will be a hub of investment from both local and international businessmen. The Macron effect as popularly referred to by the press in Paris has contributed a lot to the favorable business environment.
While the chairman of JP Morgan Jamie Dimon was stating Le Monde, he said that President Macron is impressive, well versed with every detail and extremely competent on whatever assignment that he has been tasked with. In his speech in Davos, he noted that he had committed to making it easier to fail and take risks in France. During his speech, he could quickly switch between English and French as he spoke in English words that are quite sprinkling such as device, gap, free-riding and hub.
However, President Macron is wooing the business class using more than words. During his tenure, President Macron has instituted labour reforms that will see a favourable wage for both workers and employers and forwarded legislation for cuts in corporate taxes. He has also hosted a dinner with over 140 multinational entrepreneurs on Monday in Versailles where he asked them to choose France as their investment destination. Many of these business tycoons used the president’s dinner as a warm-up before the World Business Forum in Davos.
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