NEW YORK, Nov. 18, 2004 -- The Invest in France Agency, the economic development arm of the French government, today awarded Xerox Corporation with the first of its kind Innovate in France Award at the FORTUNE Innovation Forum. The Innovate in France Award is presented to North American companies that have exemplified a commitment to innovation through significant investment in new or expanded facilities in France . The FORTUNE Innovation Forum brings together a cross section of the leading executives and luminaries in business.  Clara Gaymard, ambassador, special representative of France for international investment and president, Invest in France Agency, will present the award to Xerox North American CIO Jane Hollen who will be representing the Xerox Corporation at the conference. Mrs. Gaymard is also a featured speaker on the Forum panel "Innovation and Globalization." "We are proud to present the Innovate in France Award to Xerox for their contributions to innovation and research at their French facilities in Meylan," said Mrs. Gaymard.  "Our highly-educated labor pool, extensive tradition of scientific discovery, leading centers of research excellence and strong institutional support for research make France a leading destination for global companies involved in R&D." France is home to the world's-fourth largest spending on research and development, 13,000 new patents registered per year and 327,000 researchers.  The government is stepping up its policies of attracting the best and brightest researchers and research-driven companies from around the world. On January 1, 2004, the government implemented 50 new measures targeting corporate investment, including Europe 's most aggressive research and development incentives and tax-free status for research-driven startups. Last year U.S. direct investment in France increased 12 percent over 2002, accounting for one quarter of new investment projects in France. Approximately $1 billion in commercial transactions take place between France and the U.S. every business day.  The U.S. is the leading investor in France, supporting almost 550,000 French jobs while France is the number-two investor in the U.S. , supporting nearly 600,000 American jobs. "Xerox is a company founded on innovation so it is an honor to be recognized by the Innovate in France Award," said Herve Gallaire, Xerox Chief Technology Officer and president of the Xerox Innovation Group, who founded the Meylan Centre.  "Xerox research centers span the globe and some of our very best work is being done at our research center in Grenoble, created to anticipate and shape the document systems of the future." Xerox's research and development presence in France dates back to 1993, when the company opened a facility in Meylan, near Grenoble to guide its research activities in Europe .  The centre coordinates research, engineering and the Technology Showroom, a customer showcase for Xerox research and a European technology exchange forum.  The centre is in charge of developing connections within the European scientific community through collaborative projects and partnerships.  It has been involved in several hi-tech initiatives in France and the local area which has become known as the French Silicon valley .