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Microsoft, Amazon, Pfizer, and other corporations announced Monday that they are investing a record 15 million euros ($16.2 billion) in France.
The investments were unveiled as part of the seventh annual Choose France Summit. French President Emmanuel Macron created the pro-business event in 2018 to attract foreign investment and help stimulate the country’s economy.
This year’s summit comes as France is struggling to overcome a budget deficit and its unemployment rate reached 7.5% at the end of last year.
The president’s office said this year’s investments could create up to 10,000 jobs.
Microsoft announced the biggest investment of the group. The tech giant is committing 4 billion euros ($4.3 billion), its largest investment in its 41 years operating in the country.
The money will go toward building up France’s cloud and AI infrastructure. Microsoft plans to expand existing data centers in the country in addition to building new ones. It also plans to provide AI skills training to 1 million people and support 2,500 AI startups by 2027.
“This major investment demonstrates a steadfast commitment to supporting digital innovation and economic growth in France,” said vice chair and president of Microsoft Brad Smith in a press release. “We are building state-of-the-art Cloud and AI infrastructure, training people with AI skills, and supporting French startups as they use our technology with confidence to grow in a fair and responsible way.”
Amazon is investing 1.2 billion euros ($1.3 billion) in the county, creating up to 3,000 jobs.
Pharmaceutical giant Pfizer has pledged to invest 500 million Euros ($540 million) in France over the next five years. The investments will help expand the country’s research and development sector. Pfizer has previously promised to invest 1.2 million euros ($1.3 billion) in the country at past summits.
Other corporations that have announced investments include AbbVie, AstraZeneca, GSK, IBM, Kia Morgan Stanley, and Procter & Gamble.