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New infrastructure and funding make Paris increasingly attractive for tech investment, while Brexit may fuel finance job relocations
Paris is making a drive to position itself as an attractive destination for tech investment. The government has set up an investment fund of $12 billion for tech start-ups and introduced a new tech visa, targeting skilled employees from outside the EU. By 2025, the tech industry is expected to account for 13% of total employment in the Paris region, according to Oxford Economics.
Tech employment in Paris has risen by an average of 2% per year over the past 10 years, compared with 0.5% for total employment. Incubator and co-working spaces – such as Station F (below), the world’s largest start-up campus – are providing the physical infrastructure to support growth.
Station F campus, Paris
Paris is also positioning itself to gain from jobs relocating from the UK as a result of Brexit. The city was selected as the new home for the European Banking Authority, and recently overtook Frankfurt as the top location for anticipated relocations of finance jobs (see chart). Ease of access to London and a vibrant city environment compared with Frankfurt may be contributing factors.
Anticipated finance job relocations from London to Paris and its major rivals
Source: Reuters survey
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Paris is attractive to business, talent and international visitors
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