DUBAI: The relationship between France and the Gulf countries has undergone significant political, economic, and cultural developments over the past few years. 

In an interview with Arab News en Francais, Axel Baroux, trade and invest commissioner of Business France Middle East, introduces the upcoming event 鈥淰ision Golfe 2023.鈥�

The anticipated conference of the year: 鈥淰ision Golfe鈥�

鈥淚n the era of 鈥榲isions,鈥� I am pleased to announce that we are organizing the first edition of 鈥榁ision Golfe鈥� on June 13 and 14,鈥� declared Axel Baroux.

The two-day event, held in Paris, aims to become the economic conference of reference for France and the Gulf Cooperation Council countries. 鈥淰ision Golfe鈥� will take place at the Ministry of Economy, Finance, Industry and Industrial and Digital Sovereignty, under the patronage of President Emmanuel Macron.

鈥淰ision Golfe鈥� is the new platform promoting business cooperation in high growth potential markets, and an opportunity to meet key economic players 鈥� ministers, SME managers, start-ups, and senior executives, among others.

Despite the challenges facing the global economy, the GCC countries鈥� economic diversification strategy, geared towards sustainable development and energy transition, offers an environment conducive for attracting talents and investments in various sectors such as energy, healthcare, technology, agri-food, and tourism.

鈥淔rance is fully committed to participating and contributing to the visions of the Gulf countries with its expertise in key sectors and its strong decarbonization strategy,鈥� Baroux said.

萝莉视频 and the UAE are the largest markets in a region marked by considerable growth in trade. Baroux highlighted that the French exports to the GCC were valued at €15 billion ($16.5 billion) in 2022.

Best practices and success stories

鈥淰ision Golfe鈥� will be an opportunity to present 鈥渟uccess stories鈥� and major partnerships鈥� contributions to the strategies of Gulf countries.

On the agenda is an opening speech by Laurent Saint Martin, the director general of Business France, in the presence of French and regional ministers, and a 鈥淒oing Business鈥� in the Gulf countries session, moderated by the GCC Secretary-General Jasem Al-Budaiwi.

Thematic discussions and round tables are planned, with a list of topics including but not limited to:

- Best practices for building lasting partnerships;
- Opportunities for cooperation and investment in various sectors;
- France as the most attractive destination in Europe for foreign direct investment.

Trade relations between France and the GCC countries

鈥淭he commercial partnership between the GCC countries and France is an important element and a priority for the French government,鈥� said Baroux.

To this end, Business France Middle East organizes more than 70 business meetings, acceleration programs and France pavilions per year to connect French companies and local entities and facilitate investment opportunities.

鈥淎 good example of a partnership which will be effective in the coming weeks is E-Fusion. A cooperation agreement specializing in the nuclear sector organized jointly with the Emirati operator, GIFEN, CSFN (the strategic committee for the nuclear sector) and Business France. An incubation program leading to the development of the French economic presence in the UAE,鈥� declared Baroux.

French know-how: Strong potential in the Gulf region

The French presence in the region is well established. In the energy sector, Veolia and Engie invested in the energy transition of the Gulf countries.

France is also stepping up its investments in renewable and nuclear energy in line with the France 2030 Plan, and 鈥渋ts declared ambition to become the first major carbon-free economy in Europe by achieving carbon neutrality by 2050,鈥� explains Baroux.

In the healthcare sector, French pharmaceuticals such as Ipsen, Air Liquide, and Sanofi are present in the Kingdom and in the UAE.

In the food industry, the UAE is becoming an attractive destination for French companies establishing a strong presence in the country with more than 400 restaurants and points of sale of French products (Philibon, St Michel, Isigny Ste Mere, etc.)

Baroux emphasizes the rise of French-style concepts in 萝莉视频, where French know-how has managed to position itself as a reference in catering focused on quality and excellence.

In the logistics and transport sector, the France-GCC collaboration aims to improve infrastructure. One of the largest railway projects in the world, the project between Makkah and Madinah, was carried out by a French consortium (SNCF, RATP and Alstom).

Investments from the Middle East to France

France has always been a preferred destination for investors from the Gulf states, including sovereign wealth funds, historically active in real estate, hotels, infrastructure, and the acquisition of minority stakes in French groups.

Investments from the Gulf states are directed towards economic diversification and the opportunities represented by new technologies.

France has been able to attract this new type of investments from both institutional investors and private groups from the Gulf region.

Through its US subsidiary GlobalFoundries, the Abu Dhabi sovereign wealth fund Mubadala launched the creation of a semiconductor plant in 2022. An investment of €5.7 billion in partnership with the STMicroelectronics group.

The private Saudi group BinDawood has, through its French subsidiary (Future Retail for Information Technology Co.), acquired a majority stake in the French digital marketing company Ykone, to develop its e-commerce strategy.

鈥淔DIs from the Near and Middle East region to France are estimated at €13.7 billion, but these figures are underestimated given the financial investments often made indirectly,鈥� confirmed Baroux.

France and 萝莉视频: A historic partnership

鈥淔rance is a historic partner of 萝莉视频. We are keen to further develop France鈥檚 position and its contribution to the realization of the megaprojects under Vision 2030,鈥� added Baroux.

The Business France team in 萝莉视频 supports French companies in their development projects in the Kingdom. The second edition of the French Fab Booster is set to serve as a Franco-Saudi accelerator program focused on innovative companies in the areas of Industry 4.0.

鈥淰ision Golfe鈥� is anchored in this dynamic of accelerating commercial partnerships between France and key players in the region, namely 萝莉视频, to promote new opportunities and foster potential synergies across various sectors.