Macron announces a 30-billion-euro re-industrialization plan for France.

Macron announces a 30-billion-euro re-industrialization plan for France. President Emmanuel Macron launched a proposal to re-industrialize France worth 30 billion euros (£35 billion) on Tuesday, saying the country must restore its position as a global leader in innovation. Macron said France had taken crucial decisions “15-20 years later than some of our European neighbors” and now needed to “become a nation of innovation and research again,” speaking at the Elysee Palace six months before a presidential election and one month before of a UN climate meeting.

He told a gathering of business leaders and university students that the spending was to repair “a kind of growth deficit” in France caused by previous insufficient investment. As part of a new “France 2030” plan, he stated France needed to revert to “a virtuous cycle” of “innovating, manufacturing, and exporting and thereby financing our social model.” Over the next decade, France aims to become a global leader in green hydrogen, a technology that businesses and governments are increasingly putting at the heart of efforts to decarbonize industries that rely heavily on fossil fuels.

Steel production, cement, and the chemical industry, as well as truck, bus, rail, and air transportation, were singled out by Macron. After the Covid-19 outbreak, which “got us face to face with our vulnerabilities,” he remarked, France needed to work toward French and European productive sovereignty. Macron also stated that France needed to invest extensively in medical research.

Unlike biotech companies BioNTech and Moderna, French pharma giants were unable to develop a vaccine following the global Covid outbreak. Macron stated that the goal now was for France to produce “at least 20” biotech treatments to combat cancers, as well as new and chronic disorders, such as those linked to aging. “All of our efforts must be focused on this goal,” he stated.

Macron laid out the plan in the aftermath of the Covid crisis, according to a French presidential official who did not want to be identified. “It showed our vulnerability and our dependence on foreign countries in some key sectors, but it also showed the importance of innovation, which can change everything,” the official said. Officials in France feel that France must work quickly to narrow the deficit and avoid ceding more ground to emerging nations, particularly China. Macron claimed that carmakers in France have been treated “cruelly” during the last 30 years and that they should refocus their efforts on cleaner vehicles, with a goal of placing two million electric or hybrid cars on the road by 2025.

Macron also stated that France will contribute £1 billion.

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