France has launched a €35m fund, "Outre-mer One", to attract private investment to its overseas territories. The fund, unveiled at the first "Choose Outre-mer" economic summit in Paris, aims to support businesses in these regions, focusing on natural resources, decarbonisation, and social inclusion. The fund has already exceeded its initial target of €30m, with investors including BRED, EDF, and the Bernard Hayot Group.
The "Choose Outre-mer" summit brought together investors, entrepreneurs, and public institutions to promote business growth in France's overseas territories. Overseas Territories Minister Naïma Moutchou said the fund's success is a "sign of confidence". The government wants to shift its approach to economic development in these regions, focusing on local advantages such as tropical biodiversity and marine resources.
The fund will be managed by INCO Ventures and will finance projects considered commercially viable while delivering benefits for local economies. Nine start-ups participated in timed presentations at the summit, hoping to secure funding to expand. These included Tahiti Marine Biotech in French Polynesia and Biofuel in Réunion.
Access to finance is only one of the obstacles facing businesses in the territories. Many operate in relatively small domestic markets, limiting their potential for growth. To address this, the government has signed a partnership with Business France to help overseas companies expand into neighbouring regional markets and develop internationally.
The government is also trying to address labour shortages, particularly in sectors where overseas territories struggle to retain highly qualified workers. A recruitment drive was held alongside the Paris summit, with events taking place simultaneously in five overseas territories, including Guadeloupe and Mayotte.
A three-year agreement has been signed with France Travail, the national employment agency, offering nearly 1,000 vacancies to bring overseas employers and qualified candidates together. The initiative builds on the France 2030 investment programme, which has already committed nearly €300m to around 100 projects in France's overseas territories.
Authorities are also renewing efforts to tackle late payments, which can put severe pressure on the cash flow of smaller companies. With "Outre-mer One", the government hopes to convince investors that overseas economies can offer opportunities beyond their traditional dependence on public support.
Key points
- The fund will focus on natural resources, decarbonisation, and social inclusion.
- The government aims to shift its approach to economic development in overseas territories, focusing on local advantages.
- The initiative builds on the France 2030 investment programme, which has committed nearly €300m to projects in overseas territories.
