Greater Bay Area Targets French Firms for Growth

A significant step towards enhanced economic cooperation between the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and France was taken at a major conference held in Paris on May 24th. The event, titled “Guangdong-Hong Kong-Macao Greater Bay Area and Europe (France) Economic and Trade Cooperation Conference,” attracted over 400 representatives from French industrial and commercial circles.

GBA Poised as Attractive Gateway for French Investment

Prominent French industrial leader Gilles-Henry Garault underscored the GBA’s rising prominence as a global economic powerhouse. He noted that a substantial number of French companies operating in China, including established names like EDF Energy, Danone, and Sanofi, have already chosen Guangdong Province, a core component of the GBA, as their base of operations. Garault further expressed his conviction that the GBA represents an optimal entry point for foreign companies seeking to establish themselves within the vast Chinese market.

Strong Trade Relationships and Shared Innovation Focus

Official data presented at the conference revealed a robust trade relationship between France and Guangdong. Trade volume between the two regions reached 24.86 billion RMB in the first quarter of 2024, signifying a noteworthy year-on-year increase of 11.1%.

Norbert Ducrot, President of Wavelandes, shared his extensive experience working in the GBA. Having witnessed the region’s remarkable development over the past two decades, Ducrot highlighted the GBA’s immense market potential and its rich talent pool. He identified the region as an ideal breeding ground for France and China to collaborate in critical sectors like software, hardware, electronics, and artificial intelligence, all areas where the GBA boasts established companies and a highly skilled workforce.

Mutually Beneficial Collaboration

Roger Sebbagh, a special advisor to the French President, emphasized the “win-win” nature of cooperation between France and China. He expressed his belief that this collaborative effort will not only benefit both nations but also serve as a positive catalyst for development on a global scale.

The conference yielded concrete results, with preliminary figures indicating the securing of 36 bilateral investment and trade cooperation projects between France (and Europe) and the GBA. These projects represent a combined value of 3.22 billion USD, with investments flowing in both directions in a near-balanced manner.

The success of this conference signifies a significant milestone in strengthening economic ties between the Greater Bay Area and France. As both regions continue to explore collaborative opportunities, the future holds immense promise for mutually beneficial growth and innovation on the global stage.

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