France Plans Investment Fund for Aerospace Sector, Le Maire Says
(Bloomberg) --
France will announce a stimulus plan for the French aerospace industry in the next week to 10 days as the country's economy deals with the fallout of the coronavirus pandemic, Finance Minister Bruno Le Maire said in an interview on broadcaster France 3 on Sunday.
Measures will include the creation of an investment fund to help small and medium-sized companies in the sector, with Le Maire saying he wants France's four large aerospace companies, Thales SA, Safran SA , Airbus SE and Dassault Aviation SA, “to be present” in the fund.
France's aerospace plan would follow an 8 billion-euro ($8.9 billion) stimulus package for the country's struggling car industry announced on Tuesday, which includes 5 billion euros in state-backed loans for Renault. The aerospace industry is France's biggest exporter, with foreign sales valued at 64.2 billion euros in 2019, according to customs statistics.
Le Maire said Renault's survival is in play. He said the carmaker needs to become more competitive and have a long-term strategy that includes electric vehicles.
Aid for the tourism, hotel and restaurant industry will be maintained until at least the end of June, according to Le Maire. He said France could still have “a magnificent French tourism season.”
Le Maire said he's not interested in the job of prime minister, and would prefer to continue his “mission” at the Economy and Finance Ministry of overhauling France's economy.
©2020 Bloomberg L.P.
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