Former French President Francois Hollande said that years of efforts to attract foreign investors to France could be put in jeopardy if strikes and protests against Emmanuel Macron’s pension reform plan were to continue.
(Bloomberg) — Former French President Francois Hollande said that years of efforts to attract foreign investors to France could be put in jeopardy if strikes and protests against Emmanuel Macron’s pension reform plan were to continue.
“There are investors from all over the world, including from the UK, who are coming to France,” Hollande said in an interview on Bloomberg TV. “The risk is if there was a continuation of the conflict beyond the vote, even if the risk is low, it could effectively dissuade investors from coming and give an image of France that is consistent with some stereotypes.”
Unions are holding a fresh round of strikes and protests on Wednesday against Macron’s plan to raise the minimum retirement age to 64, seeking to put pressure on lawmakers ahead of a vote in parliament scheduled for Thursday. Public transport, refineries, garbage collection and education are among sectors affected by the walkouts.
Hollande, who is currently France’s second-most popular political personality, according to an Ifop poll, says Macron should have a dialogue with unions about his most controversial measure: raising the retirement age. The government has ruled out dropping this provision and says it has already made significant changes to its original plan in order to help those who started their careers early.
While Hollande once called himself an opponent of finance on the campaign trail, as president he lengthened a tax break aimed at attracting expatriates. He said Brexit made it even more important for the government to make a case for Paris as a business and banking center.
“Many rules were decided, especially for foreigners, to help them relocate and pay less taxes,” Hollande said.
–With assistance from William Horobin.
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