France launches 500 million euro help scheme for agri-food sector

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France has moved to help its agri-food sector, which is affected by excessive prices and struggling to compete on world markets, together with by launching a 500 million euro ($531 million) fund open to non-public buyers.

Agri-food is the main business in France with a turnover of 198 billion euros, based on a joint assertion by the business and agriculture ministries.

The state will present 200 million euros of the full fund with the remainder open to funding funds and strategic buyers, Trade Minister Roland Lescure instructed reporters, including that the funding technique can be specified by the approaching weeks.

“The target is to not nationalise the French agri-food business however to help non-public companions who will assist us to push the sector ahead,” Lescure stated.

The scheme goals to offer improvement capital to small- and medium-sized companies, together with for funding in manufacturing facility automation and agro-ecology in addition to help for consolidation throughout the sector to enhance competitiveness.

The federal government hopes to have the ability to collect funding commitments within the coming weeks, Lescure stated.

The plan additionally contains the likelihood for corporations to defer social and tax prices and coaching for export managers to assist penetrate new worldwide markets.