The AmCham (American Chamber of Commerce in France) and consulting firm Bain & Company have recently published the 22nd annual edition of the AmCham-Bain Barometer, which measures the morale of American investors in France and analyzes their views on the attractiveness of France and its business environment. “Depending on the context, it also reports on their concerns, on the factors impacting their investment decisions,” explains AmCham President Bijan Eghbal. “This edition is excellent, but the current geopolitical crisis could have an impact in the medium term.” The AmCham is an independent organization with over 200 members (including 11 biotech firms or laboratories). 121 American firms in France took part in the Barometer survey. They employ more than 62,000 people across France and generate €60 billion in revenues. 17% are in the pharmaceutical sector. On the whole, the quality of life, the cultural environment, access to healthcare, and the quality of infrastructure in France have been strong assets for several years. 88% of American investors believe that access to the healthcare system makes France more attractive to foreign talent.

“Healthcare is a highly innovative sector, as evidenced by the pandemic and ARNm vaccines. Moreover, the idea of reindustrialization as an absolute necessity stems from there. Hence our recommendations: promote innovation and strengthen the links between regional innovation systems in France,” says Bijan Eghbal, President of the AmCham.

France’s NPS® (Net Promoter Score) has gone up by 19 points and, at -1%, is higher than it has been since 2008. Approximately 74% of American investors predict an upturn in the French economy over the next two or three years (compared with 40% last year). Investors are also impressed with the way France has handled the Covid crisis. Over half (57%) think that the business support measures put in place by the French government are more competitive than those in other European countries, particularly the pass sanitaire (vaccine pass). On the flip side, investment disincentives include labor costs, taxation, administrative complexity, redundancy costs, and the unstable social climate, despite the tax cuts granted to businesses in recent years and the caps on redundancy payments. “Sometimes their perceptions lag behind reality,” admits Bijan Eghbal. Americans appreciate France’s strong innovation and entrepreneurship capacity, and the high level of education and research in the country. 81% of respondents have a positive or very positive view of the innovation ecosystem in France. To conclude, the AmCham recommends a more hybrid working model, more flexible working hours that are better adapted to the various branches and activities within businesses, improving profit-sharing and employee shareholding schemes, further reducing taxes on production, increasing the pace of digitization, and simplifying administrative
procedures.