President Emmanuel Macron called for a renewed push by French companies and financiers into Africa, arguing that excessive regulation and corporate caution have allowed rivals to displace France from markets it once dominated.

Partnerships with African economies must be part of France’s growth strategy, spanning entrepreneurship, finance and the role of the diaspora, Macron told French ambassadors at a conference in Paris on Thursday.

That objective will be discussed at a summit in May in the Kenyan capital, Nairobi, to which Indian Prime Minister Narendra Modi and German Chancellor Friedrich Merz have been invited, he said.

“There is a timidity on the part of many that is no longer understandable,” Macron said. “I have asked the minister to really take an in-depth look at this. And basically, let’s bring more and more French groups to Africa.”

A number of French banks and corporations have retreated from Africa over the past decade, despite France having been a financial force in the region as recently as 15 years ago, reflecting longstanding ties as the former colonial power.