Known to many as the city of love and romance, filled with quirky cafés and tasty croissants, it’s clear why people decide on living in the “city of love.” It’s beautiful architecture, food and history draw people in from all corners of the globe.
After recently visiting Paris we decided to research in more detail about France’s economy, it’s education and technology sectors, plus some other interesting statistics.
There is more to Paris than just stunning buildings and tourist sites. This is a city that has been building for many years in terms of its economic infrastructure, investments and tech-boom.
So why is Paris important to France? For a start, the city of Paris accounts for more than 30% of the French GDP. The whole economy of France is the 7th largest economy in the world, third in the EU after Germany and the UK and it’s clear to see why Paris is so economically important for France.
France has always had a diverse economy. Industries that have helped develop the economy include the chemical industry, the tourism sector and technology. Another industry that is more associated with Paris’s elegance includes the fashion industry. Paris Fashion Week in Paris is one of the big four fashion capitals of the world alongside New York, London and Milan.
Tech and startups boom
The French technology industry has seen the biggest growth in recent years. According to the Financial Times, one of the biggest improvements was the government’s creation of the special tech visa.
The initiative was created to help import talent from overseas to live and work in the city. Many tech startups in the city now work in English and hire foreign talent. Paris has become a global talent pool all thanks to the visa scheme.
Therefore if you’re a non-EU startup employee, founder or investor, you can obtain a residency permit to live and work in France. The visa also has an extension to your spouse and children, is valid for four years and is renewable upon expiration.
There are many more benefits of the French Tech Visa. For more information please visit the La French Tech website.
Startups have been a major boost in helping the city French start-ups raised a record €2.79bn, up 43 per cent on the previous year. French Tech mission director Kat Borlongan states there are more than 10,000 startups that fit the requirements to apply for the French Tech Visa.
Expats and students
The expat community in France is one of the most desirable for expats as it continues to rise in the global rankings. It’s estimated that there are approximately 150,000 British expats living in France. Major French cities such as Paris, Toulouse and Nice are popular amongst the most popular destinations for expats.
HSBC’s 9th Annual Expat Explorer Survey (a survey completed by 26,871 expats from around the world) showed that France increased its rankings ahead of Belgium, the United States and the United Kingdom. Expats have claimed that one of the main benefits include increased job security.
Some interesting research and statistics from InterNations show why France is a fully integrated, multicultural and educated country, which is considered to offer a higher quality of life. With a good environment, healthcare system and affordable education, these are just a few stand out areas.
- One in seven expats have previously lived in five or more countries.
- 41% of employed managers work in top management.
- Approximately 76% of these managers have completed a postgraduate degree.
- 66% are in an intercultural relationship.
- Almost 50% describe their social circle as mixed.
France is a country renowned globally for its excellence in education, science and technology.
According to ICEF Monitor, France received 343,000 international higher education students in the 2017/18 academic year, resulting in a 4.5% increase in growth. With the Ministry of Higher Education, Research and Innovation applying more funding into the sector, experts see this figure to increase further.
According to the Paris Region Key Figures 2018 report, there are 16 public universities and 70 “Grandes Écoles” (elite schools outside of the University structure) specialising in engineering and business. This shows the strength within the education sector compared to other major cities.
There are many options if you’re considering relocating to Paris. As a start, Paris is surrounded by beautiful towns and sleepy suburbs and offer a range of housing options. The city has easy access to excellent intercity transport, making it entirely possible for you to escape the hustle of central Paris. Many expats choose to live on the outskirts of the city due to the easy commute and affordability.
Thinking about relocating to Paris? Be sure to check out some handy guides online:
Expat Guide to Living in Paris France – Expatolife
Are you an expat living in Paris? Tell us your thoughts in the comments below!