In October 2021, President Macron unveiled France 2030, a €54 billion state investment plan designed to transform the country's economic structure over a decade. Four years in, the programme has become the backbone of France's industrial policy — funding everything from quantum computing startups to electric battery gigafactories, and positioning Bpifrance (the state investment bank) as one of the most active venture investors in Europe.
The programme is structured around ten strategic objectives, each targeting an area where France aims to build or maintain global competitiveness. Together, they represent a bet that targeted state investment, combined with private capital and academic research, can shift the economy from its traditional strengths in luxury, aerospace, and agriculture toward the high-tech sectors that will drive growth in the 2030s and beyond.
The Pillars
The plan's ten priorities span nuclear energy (including small modular reactors), green hydrogen production, electric vehicle manufacturing, semiconductor sovereignty, AI and cloud computing, deep-sea exploration, space technology, food system transformation, cultural and creative industries, and healthcare innovation. In each area, France 2030 provides a mix of direct grants, equity investments, and loan guarantees to companies at various stages of development.
Bpifrance, which administers much of the programme, has participated in over 1,100 funding rounds and has become the second-most active investor in French startups. The European Union itself is the top investor in French companies by participation count, reflecting how national and EU-level funding programmes have become deeply intertwined.
AI Sovereignty
Artificial intelligence has emerged as the programme's highest-profile pillar. France 2030 has backed Mistral AI's development through the French Tech Souveraineté initiative, contributed to C12's quantum computing research, and funded dozens of applied AI startups in healthcare, agriculture, and manufacturing. The explicit goal is "AI sovereignty" — ensuring that France and Europe are not dependent on American or Chinese technology for critical applications.
This agenda gained urgency with Mistral's military contract in January 2026, which demonstrated that sovereign AI infrastructure has moved from aspiration to operational deployment. The France-Germany partnership announced to deploy Mistral and SAP solutions across public administration — with binding agreements expected by mid-2026 — shows the programme's influence extending beyond national borders.
Green Industry
France 2030 is also driving the country's green industrial transition. Investments in green hydrogen production, electric battery manufacturing (including several gigafactory projects in northern France), and renewable energy technology are designed to reduce the country's carbon footprint while creating high-value manufacturing jobs. The programme has supported companies like Waga Energy, which converts landfill methane into renewable natural gas, and WAAT, which is deploying smart EV charging infrastructure.
The nuclear component is particularly distinctive to France. While much of Europe debates the role of atomic energy, France 2030 has doubled down, funding research into small modular reactors and next-generation nuclear technologies that could provide the reliable baseload power needed to support both electrification and the energy demands of AI data centres.
Is It Working?
The results are mixed but encouraging. French startup funding reached €8.2 billion in 2025, with AI and digital technology leading the charge. The country now hosts 30 unicorns — a number that has roughly doubled in three years. France led all European nations at CES 2026 with 150 companies, and deep tech investment has shifted from a niche to a core pillar of the ecosystem.
Critics point to the programme's complexity, the slowness of some disbursements, and the risk that state funding crowds out private investment or props up companies that would not survive on their own. There are also legitimate questions about whether €54 billion is enough to compete with the scale of US and Chinese industrial policy.
The Opportunity
For entrepreneurs, investors, and international companies considering the French market, France 2030 creates a specific set of opportunities. The programme's funding is available to foreign-owned companies operating in France, the R&D tax credit regime remains among the most generous in Europe, and the French Tech Visa provides a streamlined immigration path for international talent. Combined with a deep pool of engineering graduates from the grandes écoles and a cost base that remains significantly lower than London or the Bay Area, the investment case for building in France is stronger than it has been in a generation.
France 2030 is not a guarantee of success. But it is the most serious attempt by a major European economy to use industrial policy as a catalyst for technological transformation. Four years in, the early returns suggest the bet is paying off.