The Africa-France summit held since 1975 is usually dominated by a political agenda, with former colonial power France exerting its historical position as "Gendarme of Africa."
But with the rise of the BRIC (Brazil, Russia, India and China) countries strengthening their economic ties to take advantage of virgin markets and fast-growing African economies, France has found itself increasingly sidelined on the economic front and less influential in the diplomatic arena.
"Commercial and political relations between France and Africa are no longer the same," said a French diplomatic source. "Things are radically different now."
Some 230 African and French companies, including top executives from all the companies in France's CAC-40 stock market index, will hold meetings to discuss potential deals — the first time the private sector has taken part in the summit.
China has become Africa's biggest trade partner, pouring billions of dollars of investment to tap the under-explored raw materials sector to help fuel its rampant economy.
"There is a lot of doubt in France that it can defend its economic positions against these new economic powers, so this summit is an opportunity to focus on that," said Sylvain Touati, coordinator for sub-Saharan Africa at the French Institute of International Relations in Paris.
"We haven't seen massive investments from France and often in Africa they reproach us for this because despite the climate, firms from other countries still come and are backed by their respective governments," said Touati.
Under President Nicolas Sarkozy, France's biggest companies have sought to move away from the poorer West African francophone states focusing on more lucrative markets such as OPEC producers Nigeria and Angola and Africa's sole G20 member, South Africa.
Sarkozy, for example, is only holding bilateral talks with South African President Jacob Zuma and newly-appointed Nigerian President Goodluck Jonathan at the summit.
Fradique de Menezes, President of Sao Tome and Principe, who traveled to Paris on Friday said that the summit would help strengthen France's involvement in African economies. De Menezes expects to meet Sarkozy to revive an agreement between Sao Tome and the French firm Terminal Link to build a $500 million port.
Before Sarkozy was elected president in 2007, he made clear he wanted to break with France's old way of doing business in Africa — a blend of post-colonial corruption and patronage known as "Francafrique" that suited dictators and France alike.
Experts are divided on whether he succeeded, although a traditional pre-summit dinner held with France's allies, known as the "friends dinner" has been scrapped.
"Everyone is our friend now," the diplomat said.
There are political issues still at stake. France has said it is revising defense accords from colonial days with eight African countries, pledging its help if a crisis breaks.
The details of the new agreements have yet to be revealed, but would mean France reducing its military bases to just two in Africa, compared with five in the previous government.
The French will also promote ideas for increased African membership on the UN Security Council and G20.
"Africa is a continent that weighs more globally," said the diplomat. "We have to work with them so they are represented in institutions where they are concerned and work with them in peace and security," he said.
There are some notable absentees. Zimbabwe President Robert Mugabe and Sudan's President Omar Al-Bashir, who is wanted by the International Criminal court for war crimes in Darfur, were not invited. The summit had to be moved from Egypt to Nice to spare co-chair Egyptian President Hosni Mubarak the embarrassment of refusing entry to the leader.
The African Union and Secretary General Ban Ki-Moon may hold a separate session with Sudan's neighbors.
Former French colonies Niger and Guinea will be sending the heads of military governments that are currently in favor in Paris for having pledged to hand power back to civilian rulers as soon as possible.
Guinea's interim junta leader Sekouba Konate comes to the summit a month before Guinea holds what could be the first genuinely democratic national election in its history.
