OREANDA-NEWS France is destroying its industry by imposing too high taxes, says Florent Menego, CEO of French tire manufacturer Michelin.

"You are killing your country economically when you impose taxes that are much higher than in other countries. Direct and indirect taxation in France is currently the highest in Europe. Don't expect corporations to be able to accept this all the time," Menego said in an interview with Bloomberg.

According to Menego, manufacturing in Europe costs companies twice as much as in Asia, and the gap has widened significantly since 2019.

"We need to re-adapt to our industrial presence in Europe in order to export less, because it is unprofitable," said the CEO.

According to the agency, Menego is among the leaders of French business who warn about the consequences of the government crisis in France, affecting the areas of hiring and investment.

In November 2024, French tire manufacturer Michelin announced the closure of two factories in the French cities of Cholet and Vannes due to the "deterioration of Europe's competitiveness."

French tire manufacturer Michelin is experiencing difficulties due to the slowdown in the new car market. The group closed its plant in La Roche-sur-Yon in 2020 and is preparing to close two plants in Germany.