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Touting 'transformation', French PM seeks investment in Dubai

AFP  |  Dubai 

France's Edouard Philippe promised lower taxes and a business-friendly at a global summit in today, seeking investment from the oil-rich Gulf region.

"is undergoing great transformation", Philippe said, addressing a thousand-strong audience at Dubai's Government Summit.

The pledged a "favourable framework for business and investment" and a drop in corporate taxes in

The annual summit, often dubbed the of the Middle East, brings together a cosmopolitan lineup of business and political figures -- with Indian as this year's guest of honour.

Philippe sought to contrast the policies of with the isolationist trends of other Western nations, including Britain leaving the and the election of US

Yesterday, the French met the heads of the two largest sovereign funds in the United Arab Emirates, as well as Abu Dhabi

"What I felt was their continued interest in what we were doing and prospects available in France," he said.

No concrete agreements have yet been announced.

With sovereign funds worth more than USD 800 billion, but only a fraction of that -- around USD 3 billion -- invested in France, is working to capture a larger share of UAE petrodollars.

"We must make our country more attractive to foreign investors, and there is work to be done," Philippe told members of the French community living in the United Arab Emirates late Saturday, speaking on board a French military vessel docked in harbour.

The hosts three French military bases.

It has also become a major contributor to the French- backed coalition fighting jihadists in Africa's Sahel region, pledging USD 30 million in December.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, February 11 2018. 19:10 IST