French President Emmanuel Macron will host a dinner with a number of European CEOs to persuade them not to shift production to the United States, where lower energy prices and the Inflation Reduction Act have become bait, Reuters reports.

European leaders were alarmed by sweeping anti-inflationary measures enacted by the Joe Biden administration, which condition tax breaks on content produced in the United States and which EU industry officials said make investment in Europe less competitive.

"We’re having difficulties with companies which are starting to consider offshoring their production or making future investment outside Europe," the French official said.

At the Elysee Palace, Macron will try to persuade executives of companies including chemical groups Solvay and Air Liquide, automakers Volvo and BMW, pharmaceutical giant AstraZeneca and telecommunications groups Ericsson and Orange to stay in Europe and choose France for their future investments.

Macron, who has urged the European Union to adopt its own "European Buy Act" to subsidize European manufacturing, has encountered resistance from the bloc's more anti-protectionist members.

It remains to be seen what Macron will say to executives to persuade them not to move to the U.S., but France last weekend unveiled a series of measures designed to mitigate the impact of high energy bills on French companies.

European companies have been increasingly vocal about the impact of soaring energy prices, which have driven up gas and electricity prices.

Eric Trappier, CEO of Dassault Aviation, which heads the French federation of the steel industry, warned last weekend that Europe must defend its own industry more aggressively or witness it move to other shores.