Macron Unveils Moonshot $35 Billion Industrial Revival Plan
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French President Emmanuel Macron unveiled a 30-billion-euro ($35 billion) plan to create the high-tech champions of the future and reverse years of industrial decline in the euro area’s second-largest economy.
The plan, dubbed “France 2030,” foresees investing the funds over five years in sectors including nuclear and renewable energy sources, electric cars, semiconductors and robotics.
“I want us to look ahead and see our weaknesses and strengths,” Macron said in a speech at the Elysee Palace on Tuesday. “We need the country to produce more.”
France 2030 is the latest in the country’s long history of pumping public money into a hoped-for industrial renaissance. After the global financial crisis, then President Nicolas Sarkozy launched a 35-billion future investment program, which has been replenished three times. Macron said this plan is different because it will take greater risks and not rely on well-established industrial firms.
