Is there any reshoring in France?
It is often claimed that thanks to the reduction in corporate taxes and capital taxation, the new redundancy rules, the reform of apprenticeships and vocational training, and public aid for onshoring (Future Investment Programme, money from the Recovery Plan to support investment in strategic sectors), France has become more attractive for companies and, as a result, there is reshoring. Beyond the examples of reshoring (which can be found in pharmaceuticals, electronics, high-end textiles and agri-food), is there reshoring at the macroeconomic level despite the well-known negative factors: high costs and low skills? When looking at: France's market shares and industrial foreign trade; Manufacturing employment and production capacity; Industrial investment; Direct investments, we see an improvement in France in 2018-2019 concerning: Exports in volume terms (2018-2019 ); Manufacturing employment (2019 ); Manufacturing production capacity (2018-2019 ); but not exports in value terms, or imports, or the industrial trade balance, or industrial investment. Moreover, there is no improvement in net direct investment, and direct investment inflows do not concern industry, but mainly financial services. So we certainly cannot talk about reshoring.