Despite the financial turmoil in Europe, the euro is still worth about $1.40. So the relatively strong exchange rate is pushing many French companies to open offices in the United States, a growing number of them in metro Atlanta, says François Delattre, France’s ambassador to the United States.
Delattre was in Atlanta last week as part “France-Atlanta 2011,” a series of events centered on cooperation between the European nation and the Southeast.
The ambassador said the French see growing opportunities in the area, specifically because of a partnership with Georgia Tech, which has a campus in France, and access around the world via Hartsfield-Jackson International Airport.
In a wide-ranging interviewing with AJC reporters and editors, he talked about metro Atlanta’s assets, the impact of the European debt crisis and why he’s optimistic about Atlanta, despite our sagging economy.
Q: Why are you here?
A: The purpose of my visit is to officially open France Atlanta 2011, a series of French-American events centered on innovation. This is a very ambitious initiative whose goal is to bring new life and new energy, new perspectives ... between France and the Southeast. This is exactly the kind of initiative that we want to promote also with other parts of the country and with our American partners in general.
Q: Are you expecting joint ventures to come out of the Atlanta-French alliance?
A: We have the same priorities in Atlanta and France — innovation. Within this priority we have the same priorities in terms of sectors – nanotech, biotech, green tech. That is why right now we want to enhance our cooperation to create the conditions for a much greater cooperation. It’s not about political, institution or diplomatic niceties.
Q: Why partner with Atlanta?
A: In my radar screen, Atlanta is on the rise. Atlanta is on the map. Economically, for the reasons I said. Culturally, with the High Museum’s Louvre exhibit. Atlanta is much more important for us. It’s really among my priorities. Georgia Tech is the backbone of our cooperation. We also work with Emory University on kidney work and with Georgia State University on other matters.
Q: Has that interest in Atlanta translated into jobs?
A: In the region, between 15,000 and 20,000 jobs come from French companies. Why is it on the rise? Because of the ups and downs of the dollar-euro exchange rate, French companies want to produce in the dollar zone to protect themselves against the swings. Many companies are knocking on my door and on the door of (Pascal Le Deunff, consul general of the French Consulate in Atlanta) asking, “In the dollar zone in the United States, where should we go?” And more and more, we believe Atlanta is a great source for opportunities and growth for French companies.
Q: What are our assets that make us a draw?
A: The backbone is Georgia Tech and its property in France, Georgia Tech-Lorraine. The other backbone is the agreement between the Atlanta airport and Charles de Gaulle Airport in Paris, which brings with it a lot of cross investment.
Hospitality, cost of living and logistics also play a role. Last July, a memorandum of understanding was signed between the Paris region and Atlanta Mayor Kasim Reed that would create jobs together in the two airport zones and attract new investors. The third backbone is the booming number of French nationals living in your city. There are roughly 5,000 French citizens living in Georgia, mainly in greater Atlanta, and that number is growing at about 25 percent a year.
Q: Do you think Atlanta’s struggling economy could have a negative impact on the initiative?
A: We bet on this region. I looked at the U.S. and said, “Where can we do better?” We consider that in the middle run, Atlanta is and will be one of the fastest growing regions in the United States. No doubt about it in our mind. We are already strong in New York, we are quite strong in Chicago and San Francisco. Here, I don’t think that we’re not strong, but we could be stronger. It will depend of long-term partnerships and joint ventures. That’s what the Georgia Tech and Atlanta Airport-Charles de Gaulle Airport is all about.
Q: What impact will Europe’s financial woes have on the United States?
A: The euro to date, after being weakened a bit over the last weeks, remains 40 percent higher ... against the dollar. So it is a strong currency. For exports it’s a problem. Our industries keep complaining, “The euro is too strong, I can’t export.” That’s why, by the way, we want to invest abroad and in your region. But in Europe we have three challenges: to settle the Greek crisis, how to leverage the bailout fund to be more efficient and keep the crisis from spreading, and reforming the governance of the eurozone. That is what is at stake today. (European leaders early Thursday announced they had reached an agreement they hope will help deal with the crisis.)
Q: How do you deal with the complexity of uniting 17 nations under one currency?
A: The European integration is a day-to-day meshing to compromise. When it’s about economic decisions that we have to take with other Eurozone countries, then it’s a process of negotiation, where we have to compromise. Out of the 17 national interests, we have to have the general interest of the European family. That’s easier said than done. ... It’s not easy, except we are used to it. We are used to compromise.
