The ‘Choose France’ event this year will result in €15 billion in foreign investments, according to the French presidency on Monday.

This figure represents an increase compared to last year’s summit, which generated €13 billion worth of foreign investments.

President Emmanuel Macron launches the event, an annual summit focused on drawing foreign investment to France.

The summit aims to enhance Paris' reputation as a leading European business hub, especially as France, the eurozone's second-largest economy, grapples with challenges such as its budget deficit and sluggish first-quarter economic growth, Reuters news agency reports.

Paris has historically trailed behind New York and London as a global financial hub. The widely watched Z/Yen survey published in March ranked New York as the world's top financial centre, with London coming in second place.

Furthermore, the French presidency stated that this total of €15 billion worth of foreign investments came from 56 different business projects. Key sectors for investments included technology, artificial intelligence (AI), and finance.

According to a Business France official: “The 'Choose France' event is like an essential gateway for companies that want to invest in France. Companies around the world will see how France's numerous reform policies are increasing its investment appeal.”

Over the weekend, France announced that Amazon would unveil a €1.2 billion investment at the event. 

Additionally, leading healthcare companies Pfizer and AstraZeneca announced investments worth nearly $1 billion in total.

France’s Finance Minister Bruno Le Maire will also host meetings on Monday with the CEOs of JPMorgan, Goldman Sachs, Morgan Stanley, Bank of America, and other financial institutions.

The Choose France initiative is instrumental in keeping France's top position in attracting FDI (foreign direct investment) projects among European countries for the fifth year in a row. According to a recent survey by Ernst and Young, France had 1,194 FDI projects last year, surpassing the UK (985), which ranked second, and Germany (733).