Brochure Global Cities 2014

GLOBAL CITIES
INVESTMENT MONITOR 2014

NEW RANKINGS, TRENDS AND CRITERIA
Greater Paris Investment Agency
GLOBAL CITIES INVESTMENT MONITOR 2014 THE GREATER PARIS INVESTMENT AGENCY AND KPMG
2 3
WHY THIS MONITOR?
THE GREATER PARIS INVESTMENT AGENCY
The Greater Paris Investment Agency
was established as a non-prot
organization more than twenty years
ago by the Paris Chamber of Commerce
and Industry. With over a hundred
major French and international rms,
our membership guarantees our
independence. Our missions include
promoting Greater Paris abroad
and lobbying political and economic
decision-makers.
The Greater Paris Investment also
specializes in benchmark studies and
surveys designed to compare present
and future attractiveness, and assess
the real and perceived image of Greater
Paris. It is a major player in the Grand
Paris project.
The Monitor was designed to provide
international decision-makers with
arguments on which to base their
future investments. The Greater Paris
Investment Agency presents the studys
results during road shows in countries
such as Brazil, the United States, Japan,
Korea, the Gulf Countries, Russia, India,
China and Turkey.
The Monitor is also a reliable tool
for local, national, and international
policymakers. It has also helped the
to attract new investors, foster the
development of innovative clusters and
structure the Grand Paris project.
2 3
KEY POINTS
The Monitor observed that international Greenelds investments have declined in 2013,
as they have done mostly over the last 5 years. This is an alarming trend as they are the
ones creating added value, jobs and growth.
Global Cities act more than ever as anchors: they attract each year a growing share
of international Greeneld investments. 2013 makes no exception and the competition is more
open than ever.
1. Paris and, more globally, Europe, are back at the forefront of the competition. Paris is the
only top global city to make an exceptional gain (+3 ranks).
2. Paris benets from an excellent image in all world regions, and is now also in third position
globally for business attractiveness according to our annual worldwide survey conducted
with over 500 top international investors. The Grand Paris project meets strong interest with
international investors.
3. New York is the only top Global City with Paris to attract more investments in 2013 than in
2012. The success of mature global cities is no accident. Investors focus on essential macro
criteria to select locations: political stability, infrastructure, market size... Economic growth
and costs (labor or taxes) come in second position.
4. On the contrary, major Asian Global Cities, like Shanghai and Hong Kong (respectively 2
nd
and
3
rd
) do not seem to enjoy an image matching their current attractiveness.
5. Europe is once more the rst source and destination of international Greeneld investments,
far ahead of America and Asia. Besides, the global market share of Europe grows more
strongly than those of all the other regions.
4 5
4
METHODOLOGY
A SCIENTIFIC APPROACH BASED ON A REPRESENTATIVE SAMPLE
North America
Canada .......................... 20
United States ................ 90
Total ............................ 110
Middle East
Kuwait .......................... 10
Qatar ............................. 10
Saudi Arabia ................. 10
UAE ............................... 20
Total .............................. 50
Europe
France ........................... 35
Germany ....................... 35
Italy ............................... 20
Netherlands .................. 10
Spain ............................. 10
Sweden ......................... 11
Switzerland .................. 20
UK ................................. 50
Ireland .......................... 10
Total . ........................... 201
Asia
Japan ............................ 40
South Korea .................. 10
Total .............................. 50
BRIC
Brazil ............................ 15
China............................. 25
Hong Kong .................... 20
India .............................. 20
Russia ........................... 20
Total ............................ 100
PERCEPTIONS
A poll conducted by
opinionway
The innovative research compagny
Representative sample of
511 companies with international
business settlements
22 countries
3 criteria:
- Headquarter location
- Industry
- Turnover
Phone interviews with
global business leaders
(CEO, managing director,
administrative and nancial
manager, sales manager,
head of international investment)
From 2
nd
January
to 22
nd
March 2014
BUSINESS ACTIVITY
Services
IT
Heavy industry
Consumer goods
pays dorigine des entreprises
chifres dafaires (en euros)
secteurs dactivit
22%
21%
25%
32%
Less than 500 millions
Between 500 millions and 5 billions
More than 5 billions
Did Not Answer
REVENUE (in euros)
secteurs dactivit
47%
21%
30%
2%
COMPANIES BY COUNTRY OF ORIGIN
America
Greater Europe
BRIC
Asia
Gulf countries
secteurs dactivit
50%
36%
3%
5%
POSITION OF THE INTERVIEWEE
CEO
6%
Human Resources Manager
3%
Development Manager
22%
Marketing/Communication Manager
29%
35%
Financial Manager
Others
5%
6%
4 5
METHODOLOGY
AN OBJECTIVE FOCUS ON THE LATEST INVESTMENTS
The annual period begins with the fourth quarter:
2013
REALITY
To enable verication of our sources, the Monitor allows four months to elapse from the recording
of investments in the fDi Markets. Thus, the period reviewed starts with the 4
th
quarter of the previous year.
Tokyo
Sydney
So Paolo

Moscow
Montreal
San Francisco

Hong Kong
Shanghai

Mumbai

Warsaw

Dsseldorf
Frankfurt
Amsterdam
London
Toronto

Istanbul
Bangalore
Abu Dhabi
New Delhi
Dublin
Seoul

Beijing

Paris

Madrid
New York
25 Global Cities
- Top destinations in terms of
international Greeneld
investments
- Excluding City States
- The most open economies,
not necessarily the top GDPs.
International Greeneld
Investments
The Monitor measures
the number of published
international Greeneld
investments collected by the
fDi Markets data.
International Greeneld
investments occur when a
company launches new activities
in a Global City. They build up
its economic potential and
create jobs. Purely nancial
investments, like real estate
transactions, privatizations or
alliances are not included. Joint
ventures are included only when
they result in job creation.
Barcelona
4
th
quarter
2012
1
st
quarter
2013
2
nd
quarter
2013
3
rd
quarter
2013
6
25 Global Cities
The Top Global Cities for
the International Greeneld
Investment list has been updated
to take account of the signicant
rebalances experienced by the
global economy.
=
Stay in Top 25
-
Leave Top 25
+
New in Top 25
San Francisco
New York
So Paolo
Mumbai
Hong Kong
Seoul
Shanghai
Tokyo
Bangalore
New Delhi
Sydney
Mexico
=
=
=
=
Beijing
=
=
=
=
+
+
+
=
-
Montreal
Toronto
+
-
Frankfurt
London
Istanbul
Moscow Amsterdam
Dsseldorf
Warsaw
Stockholm
Brussels
Berlin
Dublin
Paris
=
Barcelona
=
Madrid
=
=
=
+
+
+ =
-
-
-
=
=
METHODOLOGY
AN UPDATED, RIGOROUS OVERVIEW OF 2013 INVESTMENTS
Abu Dhabi
+
Database:
fDi markets Financial Times,
January 2003
132,000 international
investment projects
64,000 businesses all over the
world
10,000 information sources:
newspapers, magazines,
associations, websites
PERCEPTION BENCHMARKS
GLOBAL CITIES INVESTMENT MONITOR 2014
Chrysler Building
(318m)
New York
Grande Arche
(111m)
Paris
World Financial
Center
(492m)
Shanghai
METHODOLOGY
Burj al Arab
(321m)
Dubai
8 9
GLOBAL IMAGE
PARIS, THIRD WORLDWIDE

New York
49%
Los Angeles
Chicago
Shanghai
Singapore
Paris
Berlin
41%
London
Tokyo
Hong Kong
London Shanghai
7%
New York Los Angeles
7%
Chicago
6%
Tokyo
9%
Hong Kong
11%
Paris
30%
Berlin
12%
6%
7%
12%
30%
7%
8%
9%
11%
41% 49%
Singapore
8%
CITIES GLOBAL IMAGE
According to you, which 3 cities or major world capitals have the best overall image?
8 9
REGIONAL IMAGE
PARIS, WELL PERCEIVED EVERYWHERE
REGIONAL IMAGE
According to you, which 3 cities or major world capitals have the best overall image?

London
New York
Paris
Los Angeles
Chicago
AMERICA

Shanghai
London
Tokyo
Singapore
BRIC

Tokyo
New York
ASIA

New York
London
Paris
EUROPE
Berlin
Paris
Singapore

GULF COUNTRIES
New York
Riyadh
Paris

Dubai
Hong Kong
New York
London
London

Paris
New entries in the Top 5

10 11
PERCEIVED ATTRACTIVENESS
PARIS JUMPS UP 4 SPOTS TO 3
rd
RANK

New York
26
Singapore
10
Dubai
5
Shanghai
9
CITIES GLOBAL ATTRACTIVENESS
According to you, which 3 major world capitals are currently the most attractive
locations for setting up a business generally (either your business or other businesses)?
TOP 10
London ............................................. 27%
New York ......................................... 26%
Paris ................................................. 11%
Singapore ....................................... 10%
Shanghai ...........................................9%
Hong Kong ........................................8%
Berlin ................................................. 7%
Beijing ................................................6%
San Francisco ................................. 6%
Dubai ................................................. 5%
11-24
Los Angeles ..................................... 5%
So Paolo .......................................... 5%
Toronto .............................................. 4%
Munich ............................................... 4%
Moscow .............................................. 4%
Barcelona ......................................... 4%
Istanbul ............................................. 4%
Chicago .............................................. 3%
Mumbai ............................................. 3%
Tokyo ................................................. 4%
Frankfurt .......................................... 3%
Zurich ............................................... 13%
Houston ............................................. 3%
Dublin ................................................. 3%
Berlin
7
London
27
Paris
11
Beijing
6
San Francisco
6
Hong Kong
8
10 11
THE CONTINENTS ATTRACTIVENESS
INVESTMENT PROJECTS OVER THE NEXT 3 YEARS

EUROPE
Russia included
ASIA
India and China included
AFRICA & MIDDLE EAST
AMERICAS
Brazil included
12%
13%
4%
5%
13%
10%
11%
19%
BRIC
13%
10%
2013
2014
2013
2014
2013
2014
2013
2014
2013
2014
12 13
INVESTMENT CRITERIA
A RENEWED INTEREST FOR INFRASTRUCTURE AND R&D
According to you, which of the following investment criteria
are the most important when choosing your location?

WORKFORCE AND
COST CRITERIA
A
c
c
e
s
s
i
b
i
l
i
t
y
o
f

s
k
i
l
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e
d

H
R
L
i
v
i
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g

c
o
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t
s
,
s
a
l
a
r
i
e
s

a
n
d

t
a
x

l
e
v
e
l
s
84%
78%
A
v
a
i
l
a
b
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l
i
t
y

a
n
d
c
o
s
t

o
f

r
e
a
l

e
s
t
a
t
e
71%
Q
u
a
l
i
t
y

o
f

l
i
f
e
Q
u
a
l
i
t
y

o
f

i
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v
a
t
i
o
n
a
n
d

r
e
s
e
a
r
c
h
QUALITY OF LIFE
AND RESEARCH
62%
54%

81%

POLITICAL AND
ECONOMIC CONTEXT

89%
P
o
l
i
t
i
c
a
l

s
t
a
b
i
l
i
t
y
a
n
d

l
e
g
a
l

s
e
c
u
r
i
t
y

82%
M
a
r
k
e
t

a
c
c
e
s
s
i
b
i
l
i
t
y
a
n
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s
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g
r
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w
t
h
I
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f
r
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t
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86%
Q
u
a
l
i
t
y

o
f

e
d
u
c
a
t
i
o
n
70%
12 13
WESTERN CITIES, LEADERS AGAIN
PERCEPTION OF ATTRACTIVENESS
BY INVESTMENT CRITERION
1 2 3 4 5
Political stability
and legal security
London New York Zurich Toronto Paris
Infrastructure New York London Paris San Francisco Frankfurt
Availability
of skilled HR
New York London Zurich Paris Shanghai
Market accessibility
and size
New York Shanghai London Beijing Zurich
Economic growth Shanghai New York Beijing London So Paolo
Living costs, salaries
and tax levels
London New York New Delhi Berlin Singapore
Availability and cost
of real estate
New York Toronto New Delhi Shanghai Barcelona
Quality of education New York London Boston Paris San Francisco
Quality of research
and innovation
New York San Francisco London Tokyo Berlin
Quality of life New York Paris London San Francisco Barcelona
Total New York London Paris Shanghai San Francisco
PARIS 3
rd
WORLDWIDE
Greater Paris Investment Agency Greater Paris Investment Agency
14
LE GRAND PARIS
INVESTOR EXPECTATIONS
Le Grand Paris, is the largest economic development project in Europe,
with the French government investing over 30 billion. 200 kilometers of automatic
metro lines will be needed to connect the main economic and innovation hubs as well as
the international airports. The aim of this project is to double Greater Paris GDP by 2030.
In your opinion, can this project strengthen Paris position as:
50%
33%
9%
3%
45%
35%
11%
3%
41%
36%
15%
3%
46%
24%
18%
4%
a city which is
more attractive
to foreign investors
a world capital
of luxury and
quality of life
a smart city:
more intelligent and
high-tech
a green city:
more eco-friendly
83
%
80
%
77
%
70
%
Yes, denitely
Yes, most likely
No, not really
No, not at all
% Yes
% Dont know
12
%
14
%
18
%
22
%
14
Transamerica
Pyramid
(260m)
San Francisco
Federation Tower
(506m)
Moscow
Phare Tower
(297m)
Paris
REALITY BENCHMARKS
GLOBAL CITIES INVESTMENT MONITOR 2014
Shard Tower
(305m)
London
16 17
EUROPE, THE LEADING DESTINATION
OF INTERNATIONAL INVESTMENTS
ORIGINS OF INTERNATIONAL GREENFIELD
INVESTMENTS BY WORLD REGION
Europe
North Am
erica
South Am
erica
BRIC (Brazil, Russia, India, China)
Asia
M
iddle East

North
America
13%
1
4
%
62%
5
%
4
%
-3 pts
Europe
43%
- 5 pts

+2 pts
3
8
%
1
1
%
2
%

Asia
12%
- 6 pts
5
8
%
24%
2
%
+16 pts
+
1
p
t
+7 pts

1
3
%
56%
+1 pt

-
9

p
t
s
2
6
%
South
America
4%
+3 pts
1
%
1
%
6
%
3
%
+ 5 pts
Source:
Greater Paris Investment Agency, KPMG,
fDI Markets Financial Times Ltd
-12 pts
16 17
EUROPE, THE MAIN INVESTOR
IN GLOBAL CITIES
ORIGINS OF INTERNATIONAL GREENFIELD INVESTMENTS,
IN SELECTED CITIES
Europe
North Am
erica
Asia
Others
M
iddle East
PARIS - FOCUS ON ASIA
So Paolo

New York
Paris
Shangai
Mumbai
Sao paulo
London
New York
26%
56%
5%
12%
1%
London
New York
Paris
Shangai
Mumbai
Sao paulo
London
New York
49%
11%
4%
3%
33%
New York
Paris
Shangai
Mumbai
Sao paulo
London
New York
62%
28%
1%
8%
New York
Paris
Shangai
Mumbai
Sao paulo
London
New York
Mum
bai
46%
9%
7%
38%
New York
Paris
Shangai
Mumbai
Sao paulo
London
New York
4%
72%
3%
4%
New York
147%
New York
Paris
Shangai
Mumbai
Sao paulo
London
New York
Shanghai
30%
13%
54%
1%
2%
New York
Paris
Shangai
Mumbai
Sao paulo
London
New York
38%
China
12%
Singapore
Paris
17%
1%
Japan
37%
13%
South Korea
Source:
18 19
EUROPE, THE MOST ATTRACTIVE
CONTINENT IN THE WORLD
DESTINATIONS OF INTERNATIONAL GREENFIELD
INVESTMENTS BY WORLD REGION
Global change: -11%
1
4
%
2
6
%
6%
6%
11%
-10%
-9%
-18%
2%
-13%
+14%
-23%
Oceania
N
orth A
m
erica
South A
m
erica &
the C
aribbean
A
sia
3
5
%
-9%
Europe
M
iddle East
A
frica
Source: Greater Paris Investment Agency, KPMG,
18 19
MAJOR GLOBAL CITIES
THE LARGEST INVESTMENT RECIPIENTS
GLOBAL CITIES SHARE OF NATIONAL
INCOMING INVESTMENTS

> 40%
30% to 40%
< 20%
20% to 30%
Paris

San Francisco
New York
So Paolo
6% 11%
Toronto
23%
44%
Mumbai
11%
Hong Kong
22%
Seoul
54%
Shanghai
25%
Tokyo
57%
Frankfurt
Barcelona
Madrid
London
Istanbul
Moscow
Am
sterdam
47%
30%
18%
50%
10%
Dsseldorf
16%
49%
38%
47%
Warsaw
14%
Bangalore
12%
New Delhi
6%
Abu Dhabi 12%
Sydney
41%
Beijing
13%
Dublin
54%
20 21
NEW TRENDS
SOME SURPRISES
NUMBER OF INVESTMENTS

London
Shanghai
215
Moscow
116
Hong Kong
189
New York
162
305
So Paolo
151
Paris
119
Sydney
124
Beijing
115
Barcelona
106
Source:
Greater Paris Investment
Agency, KPMG,
L
o
n
d
o
n
N
e
w

Y
o
r
k
S
o

P
a
o
l
o
S
y
d
n
e
y
P
a
r
i
s
M
o
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c
o
w
B
e
i
j
i
n
g
B
a
r
c
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l
o
n
a
S
a
n

F
r
a
n
c
i
s
c
o
D
s
s
e
l
d
o
r
f
D
u
b
l
i
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o
k
y
o
A
m
s
t
e
r
d
a
m
S
h
a
n
g
h
a
i
H
o
n
g

K
o
n
g
119
116
124
115
106
93
87
82
79
70
151
162
189
215
305
M
a
d
r
i
d
65
B
a
n
g
a
l
o
r
e
I
s
t
a
n
b
u
l
M
u
m
b
a
i
T
o
r
o
n
t
o
61
58 56 54
2012 ranking 1 3 2 5 4 8 10 7 6 12 9 13 15 22 25 16 14 26 11 17
2013 ranking 1 2 3 4 5 6 7 8 19 18 20 17 16 15 14 13 12 11 10 9

20 21
NUMBER OF INVESTMENTS IN STRATEGIC FUNCTIONS
STRATEGIC FUNCTIONS
BALANCED INVESTMENTS WORLDWIDE

San Francisco
Shanghai
New York
So Paolo
Sydney
Hong Kong
Dsseldorf
Paris
London
166
Dublin
London Shanghai
94
New York
76
San Francisco
64
Sydney
69
Hong Kong
62
So Paolo
61
Paris
60
Dsseldorf
57
Dublin
52
94
76
69
64
62
61
57
60
166
52
166
22
FOCUS ON PARIS
INVESTMENTS BY SECTOR
TOP 10 SECTORS

2
%
Food industry
2
%
Financial services
3
0
%
Softw
are &
IT services
2
6
%
Textile &
fashion
1
3
%
B
usiness services
8
%
Consum
er products
7
%
Com
m
unications
3
%
Equipm
ent, goods &
m
achinery
3
%
Industrial services
2
%
Electronic com
ponents
CCTV Tower
(234m)
Beijing
Cocoon Tower
(204m)
Tokyo
Al Hamra Tower
(412m)
Kuwait City
Hermitage Tower
(320m)
Paris
2009/2013 REPORT
REAL TOP GLOBAL CITIES
24 25
THE GLOBAL RANKING
FOR THE LAST FIVE YEARS, 2009 TO 2013
Source:
TOP 10
P
a
r
i
s
N
e
w

Y
o
r
k
S
a
n

F
r
a
n
c
i
s
c
o
M
u
m
b
a
i
D
s
s
e
l
d
o
r
f
B
a
n
g
a
l
o
r
e
D
u
b
l
i
n
M
a
d
r
i
d
A
m
s
t
e
r
d
a
m
T
o
k
y
o
F
r
a
n
k
f
u
r
t
A
b
u

D
h
a
b
i
L
o
n
d
o
n
1705
S
h
a
n
g
h
a
i
1340
H
o
n
g

K
o
n
g
1142
S
o

P
a
o
l
o
823
M
o
s
c
o
w
753
721
647
602
B
e
i
j
i
n
g
550
B
a
r
c
e
l
o
n
a
518
480
471
469
460
451
428
424
401
329
312
S
y
d
n
e
y
Hong Kong
So Paolo
London
1705
Shanghai
1340
1142
Beijing
550
823
Moscow
129
753
Paris
721
New York
647
602
518
Barcelona
Sydney
24 25
A GLOBAL DECLINE
EXCEPT FOR PARIS
Source:
CHANGES IN THE TOP 5 CITIES, 2009 TO 2013

2009 2010 2011 2012 2013
0
50
100
150
200
250
300
350
400
450
61
126
195 223
151
108
194
146
129
116
191
170
150
108
119
225
239
239
189
231
242
290
309
233
215
351
389
308
270
305
26 27
The Global Cities Investment Monitor is a unique
worldwide survey conducted exclusively by the
Greater Paris Investment Agency in partnership
with KPMG. It ranks the attractiveness of Global
Cities competing at worldwide level.
Although there is no strict denition for a Global
Cities, they are all characterized by a dynamic
and stimulating environment where nancial and
business innovation meets top decision-makers.
Global Cities are focal points with global impact.
They are closely linked to each other, while
competing to dene the best economic, urban and
political standards.
Competition among Global Cities is more open
than ever before. For most of the twentieth century,
Paris, London and New York formed the leading
triad. Berlin was sidelined in the course of the two
world wars. Moscow stood in the Soviet Bloc apart
from economic competition. Tokyo was probably
the rst strong challenger.
Even in a more open, competitive environment very
few cities can hope to rank among the top global
ones. As the Monitor shows, investors perceptions
as well as actual investments tend to focus on a
handful of cities and concentrate there.
For more than twenty years, the Greater Paris
Investment Agency has conducted studies to
compare and rank European cities. The Global
Cities Investment Monitor is the rst annual
global benchmark study. It fully acknowledges
the changing global hierarchy.
What can Paris, a long standing Global City, expect
from the Monitor? The study has shown that Paris
enjoys an attractive, remarkable image and is also
well-positioned in terms of actual investments,
even more so than its image suggests.
The Monitor is a key tool helping the Greater Paris
Investment Agency to advocate and support world-
class investments in infrastructure, architecture,
and clusters in Greater Paris, to make it one of the
twenty-rst centurys leading business capitals.
GLOBAL CITIES
A COMPETITION MORE OPEN THAN EVER
26 27
ABB, Accor, Aroports de Paris, Altran Technologies, Bal du Moulin Rouge,
BNP Paribas, Cailliau Dedouit & Associs, Caisse des Dpts, CEA, Chambre de
commerce et dindustrie de Paris Ile-de-France, Chambre des Notaires de Paris,
Chambre Fnaim du Grand Paris, Cisco, Colas S.A., Colony Capital, Comexposium,
Crdit Agricole CIB (Calyon), Defacto, EDF, Epadesa, ERDF, Ernst & Young,
Fdration Rgionale des travaux publics Ile-de-France, Fidal International,
Foncire des Rgions, France Amriques, Galeries Lafayette, GDF-Suez, Gecina,
Gnrale Continentale Investissements, Gide Loyrette Nouel, Groupe G7, HCL
Technologies, Hermitage, Hinduja Group, IBM, Icade, KPMG, La Poste,
Marne-la-Valle Epamarne/Epafrance, MEDEF Ile-de-France, Orange,
Port Autonome de Paris, RATP, Regus, Siemens, SNCF, Tata Communications,
Tata Consultancy Services, Total, Unibail-Rodamco, Veolia, Vinci Construction,
Viparis, Wipro, Xerox
OUR MEMBERS: GLOBAL & MAJOR COMPANIES
THE GREATER PARIS INVESTMENT AGENCY
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Greater Paris Investment Agency is a non-prot organization
founded over twenty years ago by the Paris Chamber of
Commerce and Industry to attract new international investors in
Greater Paris and to bolster its attractiveness.
It is comprised of more than one hundred major French and
multinational companies; they guarantee total independence
and provide support in fullling the Associations main missions.
As Greater Paris, business ambassador, our Agency is a key
partner and advisor linking government decision-makers and
our prestigious business partners network.
It is a major player in the Grand Paris project.
Chiara Corazza
Managing Director
www.greater-paris-investment-agency.com
KPMG in France
KPMG is the leading Audit and Advisory services provider in
France, employing 8,300 professionals located in 238 ofces.
In 2013, KPMG S.A.s revenue stood at d894 million. KPMG
serves major international companies, SMEs and family groups,
in all industry areas.
KPMG is a member rm of KPMG International Cooperative, a
global network of professional rms providing Audit, Tax and
Advisory services with a presence in 155 countries across the
world. KPMG employs 155,000 professionals and generates
$23.04 billion in sales.
The network is structured around three regions: the Americas,
Asia-Pacic, and EMEA (Europe Middle East Africa).
Jay Nirsimloo
Managing Director KPMG
www.kpmg.fr

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INVESTMENT MONITOR 2014

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