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HomeMaritimeFrance urges CMA CGM and other companies to help its economy

France urges CMA CGM and other companies to help its economy

With France nearing a recession, the country is urging some companies that are doing well to help out.

On Wednesday France’s finance minister, Bruno Le Maire said that shipping company CMA CGM and other transport and energy companies should be sharing their profits with the country. If they don’t, Le Maire warned they could face the government’s wrath.

Le Maire spoke to the media, saying that there were companies making money in the midst of this economic crisis, and that he wants them to come up with proposals where they would give back a portion of their profits to benefit the French people.

Le Maire gave companies an option to rebate on fuel prices, and according to Reuters he specifically told CMA CGM to reduce the cost of transporting materials used by the construction sector.

However, he mentioned that if the companies decide to not do more, the government will “take its responsibilities.”

French president Emanuel Macron has had a strong relationship with CMA CGM’s chairman, Rodolphe Saadé. During the COVID-19 pandemic, Macron financially helped the shipping company, and he visited its headquarters and got Saadé involved in different maritime initiatives.

CMA CGM is France’s largest shipping company, and it is on track to make more than the $18 billion it made last year.



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