France's Finance Minister Calls Out Sanofi's $20 Billion U.S. Investment Move
France's finance minister criticized Sanofi's plan to invest $20 billion in the U.S. by 2030, urging the company to focus on domestic investments. This move by Sanofi is part of a trend where major drugmakers are expanding in the U.S., responding to previous U.S. trade policies.
- Country:
- France
France's finance minister voiced disapproval on Thursday regarding Sanofi's announcement to invest at least $20 billion in the United States by 2030. This decision counters France's efforts to promote domestic investment among companies. "It's clear it was not something that was nice to see and it was an unpleasant announcement," stated finance minister Eric Lombard on BFM Business TV.
Lombard expressed concern that this move sends a negative message, adding that he hoped Sanofi would prioritize investments in France. The French drugmaker, known globally for its vaccines and anti-inflammatory drugs, revealed on Wednesday its plans to bolster U.S. manufacturing capabilities through direct investments and collaborations with U.S. manufacturers.
This decision from Sanofi reflects a wider trend among leading pharmaceutical companies increasing their U.S. footprint in response to former President Donald Trump's trade strategies.
(With inputs from agencies.)
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