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Viewing cable 05PARIS349, FRANCE 2005 INVESTMENT CLIMATE STATEMENT
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Reference ID | Created | Released | Classification | Origin |
---|---|---|---|---|
05PARIS349 | 2005-01-19 15:07 | 2011-08-24 00:00 | UNCLASSIFIED | Embassy Paris |
This record is a partial extract of the original cable. The full text of the original cable is not available.
UNCLAS SECTION 01 OF 17 PARIS 000349
SIPDIS
PASS FEDERAL RESERVE
PASS OPIC
PASS USTR
STATE FOR EB/IFD/OIA, EUR/WE
TREASURY FOR DO/IM SOBEL, RHARLOW, LHULL
TREASURY ALSO FOR DO/IMB AND DO/E WDINKELACKER
USDOC FOR 4212/MAC/EUR/OEURA
E.O. 12958: N/A
TAGS: EINV EFIN ELAB PGOV KTDB FR OPIC USTR
SUBJECT: FRANCE 2005 INVESTMENT CLIMATE STATEMENT
REF: 04 STATE 250356
¶1. Investment Climate Statement
Contents
¶A. French Investment Regime
A1. Openness to Foreign Investment
A2. Conversion and Transfer Policies
A3. Expropriation and Compensation
A4. Dispute Settlement
A5. Performance Requirements and Incentives
A6. Right to Private Ownership and Establishment
A7. Protection of Property Rights
A8. Transparency of the Regulatory System
A9. Efficient Capital Markets and Portfolio Investment
A10. Political Violence
A11. Corruption
¶B. Bilateral Investment Agreements
¶C. OPIC and Other Investment Insurance Programs
¶D. Labor
¶E. Foreign Free Trade Zones/Ports
¶F. Foreign Investment Statistics
¶A. French Investment Regime
Ensuring that France's investment climate is attractive to
foreign investors is a priority for the French government,
which sees foreign investment as a way to create durable
jobs and stimulate growth. Investment regulations are
simple, and a range of financial incentives for foreign
investors are available. A public and commercial
establishment, the French Agency for International
Investment (Agence Francaise pour les Investissements
Internationaux - AFII) integrates all offices responsible
for promoting investment in France. The agency combines the
overseas offices of the Invest in France Agencies (IFA),
with the Invest in France Network (IFN) association.
Foreign investors say they are attracted to France by its
skilled and productive labor force; its central location in
Europe with its free movement of people, services, capital
and goods that took on even greater significance with the
introduction of Euro coins and bills in January 2002; good
infrastructure; and its technology-oriented society.
However, despite a decade or more of economic reforms and
liberalization, U.S. and foreign companies often point to
very high payroll and income taxes, pervasive regulation of
labor and products markets, and sometimes negative attitudes
toward foreign investors as disincentives to investing in
France.
A1. Openness to Foreign Investment
The Formal Investment Regime
The formal French investment regime is among the least
restrictive in the world. There is no generalized screening
of foreign investment. Only acquisitions, irrespective of
size or the nationality of the investors, involving public
order the national security of France or the national
defense interests or research-production-sales of armament,
ammunition, powders, and explosive substances are subject to
prior approval by the Finance Minister
([http://www.legifrance.gouv.fr] - search for 10 December
2004 French Official Journal - loi no 2004-1343 du 9
decembre 2004 de simplification du droit). Nevertheless,
there are certain sector-based foreign investment
restrictions that in practice tend to favor investors from
other EU countries. France has notified the OECD of
restrictions in the following sectors:
Agriculture Aircraft Production
Air Transport Atomic Energy
Audiovisual Banking/Financial Services/Accounting
Services
Defense Industry Insurance
Maritime Transport Publishing
Radio & Television Road Transportation
Telecommunications Tourism
More details can be found in OECD reports. The OECD
Internet address is [http://www.OECD.org].
In applying sector restrictions, French authorities look to
the place of residence, rather than to the nationality, of a
potential investor. The place of residence of a corporate
investor is determined by the place of residence of its
ultimate beneficial owners, without regard to place of
incorporation. While firms owned or controlled by American
citizens legally resident in an EU country will usually be
considered as EU residents, France will normally consider
the following entities with American ownership or
participation to be non-EU residents:
-- Firms established or incorporated in other EU countries,
but owned or controlled by American residents.
-- For publicly traded entities, firms where non-EU
residents own more than 20 percent of a firm's capital.
-- For non-publicly traded entities, firms where non-EU
residents ultimately own or control more than 33.3 percent
of a firm's capital, unless physical persons who are EU
residents also own more than 50 percent of the firm's
capital.
However, for publicly and non-publicly traded firms, the
French government retains the authority to declare that a
firm is controlled by non-EU investors, even if the share of
capital held by non-EU investors falls short of the
thresholds noted above. To determine if non-EU investors
control a firm, the French government may look at, among
other factors, the residency of members of the board of
directors, and the ability of non-EU investors to veto key
management decisions or commercial ties (such as loans,
guarantees, options, licenses, or contracts) if these
factors effectively make the French company dependent on
foreign investors. Firms with questions about their
residency status should contact the Office of Foreign
Investments at the following addresses:
Ministere de l'Economie, des Finances et de l'Industrie,
Direction du Trsor :
Service du Financement de L'Economie
Bureau B1 Epargne et March Financier
139, rue de Bercy
75012 Paris, France
Tel: (33)- 1- 40-04-04-04
Agence des Participations de l'Etat
139, rue de Bercy
75012 Paris, France
Tel: or (33)- 1- 40-04-04-04
The AFII website ([http://www.afii.fr/NorthAmerica] in
n
English) provides basic regulations covering foreign direct
investment, and a general framework on legal issues to help
business decisions, notably in its "Doing Business in
France" report. The website of the Paris Chamber of
Commerce and Industry provides English summaries of
regulations applicable to foreign direct investment:
[http://www.CCIP.fr/index.asp?idmetapage=17].
Informal Impediments to Foreign Investors
The January 1, 1999 introduction of the Euro as the single
currency of the European Monetary Union (EMU), including
France, has increased the competitive pressures on France to
improve its domestic business and investment climate in
order to promote growth and create new jobs. In addition,
France has responded to a more competitive international
investment climate by implementing market-oriented economic
reforms that increase the attractiveness of the French
economy to foreign investors, and by offering a variety of
investment incentives. Foreign investors also say they are
attracted to France by its central location in Europe,
highly skilled labor force, and good infrastructure
(although France continues to lag behind the U.S. and some
other European countries in personal computer use and
Internet access).
Yet, while today's foreign investors face far less
interference than was once the case, more than a decade of
reforms has not entirely overcome a traditional preference
for national control of business and a sometimes-reflexive
opposition to foreign investment. In some cases, this can
be seen in labor organization opposition to acquisitions of
French businesses by U.S. firms, often reflecting a
perception that U.S. firms focus on short-term profits at
the expense of employment. In other cases, French firms
have stated a preference for working with French and
European, rather than U.S. firms. A degree of opaqueness in
the privatization process (see below) can also aggravate
suspicions about the equal treatment of foreign investors in
publicly held firms.
In addition, deregulation is far from complete and the state
remains very involved in economic life. There is extensive
regulation of business and labor markets, and business
taxation rates are high compared to other leading industrial
countries. Foreign investors most often cite complicated
and pervasive labor regulation and high income and payroll
taxes as the greatest disincentives to investing in France.
In the case of labor market regulation, the impact on
companies of the 35-hour legal workweek is mixed. Many
companies took the opportunity of negotiations with
employees on the switch to the 35-hour workweek to implement
work-hour annualization or greater labor flexibility.
Companies also benefited from a further cut in payroll taxes
on low wages. On the negative side, the 35-hour workweek
mechanically increased labor costs since wages remained
unchanged. The government is taking measures to make the
law less rigid (See D. Labor)
The French and U.S. business communities initially described
France's new "social modernization law", passed in July
2001, as creating burdensome new obligations. The center-
right government elected in 2002 is selectively implementing
the law through its power over implementing decrees. In
addition, the Government has a broad range of investment
promotion and competitiveness measures in the legislative
pipeline.
In making its annual decision on raising the minimum wage by
5.8 percent (effective July 2004), the Government aimed at
stimulating household consumption, the motor of economic
growth. By giving the biggest increases to those who are
the poorest paid this year, the Government has also reduced
the differential between the six different minimum pay
levels, themselves the result of the differing years when
people switched to the 35-hour week. Total convergence
between the six levels will be achieved in 2005. Despite
the increase in the minimum wage, wages in the private and
public sectors are expected to accelerate only slightly
compared with last year (2.5% compared with 2.4% in 2003) as
the high unemployment rate restrains wage demands. The
government decision to resume income tax cuts in 2006 should
benefit the French economy, making France a more attractive
place for both French and foreign investment.
The French treat two social security taxes, the
"Contribution Sociale Generalisee" (CSG) and the
"Contribution au Remboursement de la Dette Sociale" (CRDS),
as social security contributions. U.S. contributors to the
U.S. Social Security system do not pay these taxes. (Based
on the "May 2 2001-377 ordonnance" to apply the 1408/71 EEC
regulation, only "individuals who are subject to income
taxes in France and contribute to the French social security
system including health insurance pay CSG and CRDS". The
related "circulaire d'application" was published in the May
20, 2001 "Bulletin Officiel du Travail, de l"Emploi et de la
Formation Professionnelle"
[http://www.travail.gouv.fr/publications].
On December 8, 2004, the United States amended the income
tax convention between the United States and France to avoid
double taxation and the prevention of fiscal evasion, and
the estate and gift tax convention to avoid double taxation
with respect to taxes on estates, inheritances and gifts
[http://www.treas.gov/offices/tax-policy/trea ties.shtml].
English summaries of labor and tax regulations applicable to
foreign companies in France are available at the AFII's
website [http://www.afii.fr/France/Doing
Business/db_2004_taxation_en.pdf] and at the Paris Chamber
of Commerce and Industries' website
[http://www.CCIP.fr/index.asp?idmetapage=17].
France's Privatization Program
The former Socialist-led government that took office in July
1997 returned to the private sector all or parts of its
stakes in a number of large companies, banks and insurance
groups. U.S. firms showed interest in some of these sales.
The current center-right government, elected in 2002,
announced preliminary plans, but the global slump in the air
transportation and overall equity market declines put a
brake in privatizations through the sale of shares. In 2003
and 2004, the government reduced its stakes in large
companies such as Air France-KLM (to 44.6 from 54.0
percent), France Telecom (to 42.2 from 54.5 percent), Thales
(formerly Thomson CSF, to 31.3 from 33.3 percent), Renault
(to 15.6 from 26.0 percent), and Thomson (to 2.0 from 20.8
percent through TSA). Smaller projects were carried out:
privatizations of SAPRR (Paris-Rhin-Rhone highway company),
and of the electricity company SNET. Plans to open the
capital of three major energy-sector companies (EDF, GDF and
Areva) in 2005 are announced. Other projects are in the
pipeline: merger of Snecma with Sagem, capital opening of
Aeroports de Paris and of SANEF (North and East highway
company), and sales of Air France-KLM shares to employees.
The government still has stakes in Bull, EADS, Dassault
Systemes and a myriad of other firms, and has stated its
intention to continue privatization, based largely on the
same criteria as the Socialists had used.
Sales of government interests are conducted either through
market-based public offerings or, more often, through an off-
market bidding process. In both cases, key decisions are
made by the Ministry of Economy, Finance and Industry on the
advice of the quasi-independent "Commission des
Participations et des Transferts" (formerly known as the
Privatization Commission). Both of these consider financial
and business plans submitted by bidders. While there is a
strict legal and procedural process regulating these
decisions, the confidential nature of off-market sales can
raise suspicions about the equal treatment of foreign versus
French bidders. This can in itself have a chilling effect
on foreign investment. In the past, a policy of selling
former holdings to "core" shareholders in an effort to avoid
the splitting-up of companies or sales of sensitive state
assets to foreign investors also hampered market efficiency
and tended to favor French firms.
When privatizing state-owned firms either through off-market
placements or market-based offerings, the 1993 privatization
law gives the French government the option to maintain a so-
called "golden share" to "protect national interests." This
provision is not specifically targeted at foreign companies,
and has not been a part of every privatization operation. A
golden share gives the government three legal rights:
-- To require prior authorization from the Ministry of the
Economy, Finance and Industry for any investor or group of
investors acting in concert to own more than a certain
percentage of a firm's capital. The thresholds would apply
to all investors;
-- To name up to two non-voting members to the firm's board
of directors; and
-- To block the sale of any asset to protect "national
interests." Assets could include shares, but buildings,
technology, patents, trademarks, and any other tangible or
intangible property.
The French Government will have to reconsider its use of
golden shares in future privatization operations following
the June 2002 European Court of Justice's decision to
reaffirm the basic principle of free movement of capital in
the EU. The Court stated that the use by some EU countries,
including France, of golden shares was a serious impediment
to that principle. Nonetheless, the Government is
considering holding a golden share in the privatization of
Areva due to loopholes in the court's judgment. Areva's
chairman stated that the golden share could be consistent
with EU requirements.
French Government Participation in R&D Programs
With 2.2 percent of GDP devoted to R&D in 2004, France's
effort in R&D remains stable. The French government (GOF)
contributes roughly 1 percent of GDP and the industrial
sector 1.2 percent. The GOF plans to increase R&D spending
to 3 percent of GDP by 2010, with two percent coming from
the private sector. The French government relies on
increased tax credits and incentives for the development of
new investment structures to boost industrial research. In
2005, the GOF intends to create two agencies to prioritize,
fund, and evaluate industrial innovation and scientific
research. It also supports the creation of high-technology
centers ("technopoles", "genopoles") to support local
development policies and foster cross-fertilization between
research and innovation.
The GOF sponsors R&D and technology development programs at
three different levels:
-- International/European programs (e.g. ESA, CERN, EUREKA,
EU Framework program);
-- Technology development programs in the private sector
(approx. 46 percent of R&D expenditures are funded by the
French government), with specific programs to encourage
transfer of research and to aid small and medium firms; and
-- National research programs (Civilian R&D budget
administered by the Research Ministry), with specific
emphasis given to health and biotech (fight against cancer,
research on aging and handicaps, focus on new epidemics,
genomics/genetics); resource management (including food
resources, food safety, water management), sustainable
development and fight against greenhouse gases (research on
clean vehicles, new energies, energy storage and use of
hydrogen, nuclear fusion); information and communication
technologies; nanotechnologies; and space.
The breakdown of the 2004 Civilian R&D budget is as follows:
-- Life sciences: 24 percent
-- Space: 15 percent
-- Math, physics, and chemistry: 12 percent
-- Environment: 10 percent
-- Humanities and social sciences: 10 percent
-- Information and communication technologies: 10 percent
-- Transports, aeronautics, materials and processes: 9
percent
-- Energy: 7 percent
-- Others: 3 percent.
For access to R&D subsidies, the French government provides
national treatment to all foreign companies registered in
France, allowing them to receive the same treatment as
French companies. U.S. companies have experienced no
difficulty in participating in these opportunities.
Visas, Work Requirements
The government of France requires that foreign citizens
complete extensive procedures if they wish to work in
France. The requirements are essentially the same whether
foreign citizens work for French or foreign-controlled
firms. Non-EU nationals who intend to work or conduct any
commercial activity in France must receive a long-term visa
and a work permit (Carte de travail) or business permit
(Carte de commercant - foreign trader's card) before
establishing residence in France. Information can be
obtained from French consulates in the United States. The
web address is [http://www.info-france-
usa.org/intheus/consulates.asp]. For more information on
the foreign trader's card, please consult the Invest in
France agency Web site at:
[http://www.investinfrance.org/France/Living/ Expatriate/?p=f
ormalities&1=en]. For more detailed information on other
types of visas and applicable fees, contact your local
Consulate General of France. In addition, a foreigner's
ability to practice a profession may be curtailed by
government regulation and the regulations of French
professional associations. For example, lawyers seeking to
practice in France must become members of the French bar
before they can practice any type of law under their own
names. This requires passing the bar examination in French.
A number of legislative changes to these regulations are
under consideration, and may be implemented in 2005.
A2. Conversion and Transfer Policies
All inward and outward payments must be made through
approved banking intermediaries by bank transfers. There is
no restriction on repatriation of capital. Similarly, there
are no restrictions on transfers of profits, interest,
royalties, or service fees. Foreign-controlled French
businesses are required to have a resident French bank
account and are subject to the same regulations as other
French legal entities. The use of foreign bank accounts by
residents is permitted.
France has little effective foreign exchange control
regulations. For exchange control purposes, the French
government considers foreigners as residents from the time
they arrive in France. French and foreign citizens are
subject to the same rules. Residents are entitled to open
an account in foreign currency with a bank established in
France and to establish accounts abroad. Residents must
report the account number for all foreign accounts on their
annual income tax returns. French-source earnings may be
transferred abroad.
As part of the international effort to combat money
laundering and the financing of terrorism, France's banking
regulations have undergone several changes, which affect the
handling of checks, as recommended by the Financial Action
Task Force. Additional changes are expected. France
sometimes uses its powers under national law to execute
asset freeze orders against terrorists, as well as operating
within EU structures.
A3. Expropriation and Compensation
Under French law, private investors are entitled to
compensation if their properties are expropriated, and such
compensation must be adequate and paid promptly. In
France's bilateral investment treaties, the French
government promises to provide both prompt and adequate
compensation. There have been no recent disputes involving
expropriation of U.S. investments.
A4. Dispute Settlement
There have been few major disputes involving established
U.S. firms in recent years. Government decisions in
investment cases can be appealed to administrative tribunals
and ultimately to the Council of State (Conseil d'Etat).
The rights of U.S. investors are also protected by the U.S.-
French bilateral convention (see Section B below).
The judicial system is independent. Property and
contractual rights are enforced by the French civil code.
Judgments of foreign courts are accepted and enforced by
courts in France once they have been "declared executor" by
a French judge through "executor" proceedings (Art. 2123 of
the French Civil Code and Art. 509 of the Civil Procedure
Code). However, in some civil cases and in bankruptcy
cases, foreign judgments are recognized and enforced by
French courts without executor proceedings.
France is a member of the World Bank's International Center
for the Settlement of Investment Disputes (ICSID - [http://
www.WORLDBANK.org/ICSID]). In addition, in most of its
bilateral investment treaties (BIT's) it has agreed to
accept binding arbitration to resolve investor-state
disputes. However, most of France's BIT partners are
developing countries whose investors have few investments in
France. (See below).
A5. Performance Requirements and Incentives
Investment Incentives
France offers a range of financial incentives to foreign
investors. The following information reflects incentives as
they existed at time of this writing. The government has a
broad range of investment and competitiveness measures in
the legislative pipeline, with implementation expected in
¶2005.
France's domestic planning and investment promotion agency,
DATAR (Delegation a l'Amenagement du Territoire et a
l'Action Regionale), provides extensive assistance to
potential investors. In addition, financial subsidies and
tax incentives are offered at the local, regional and
national government level to attract investment to France's
less affluent areas. Incentives are available equally to
French and foreign investors and eligibility requirements
are the same.
Within the French government, foreign investment promotion
is the responsibility of the AFII "Invest in France Mission"
headed by an ambassador at-large, who is based at the
Ministry of the Economy, and backed up by DATAR. DATAR
maintains offices throughout France and around the world to
seek out and advise potential investors on project
development, site selection, investment incentives (the
largest of which are administered by DATAR) and
administrative and legal requirements. DATAR's overseas
offices where re-named "Invest in France Agencies" (IFA --
IFANA in North America) in 2001. There are three
DATAR/IFANA offices in the United States
[http://www.afii.fr/NorthAmerica/AboutUs/Cont act/?l=en]:
Northern and Eastern States
IFANA New York
810 Seventh Avenue, Suite 3800
New York, NY 10019
Tel: (212) 757-9340
Fax: (212) 245-1568
Western and Southern States
IFANA Palo Alto
575 High Street, Suite 340
Palo Alto,
CA 94301-1663
Tel: 650/326-8440
Fax: 650/326-8438
Midwestern States
IFANA Chicago
205 North Michigan Avenue, Suite 3750
Chicago, IL 60611
Tel: (312) 628-1054
Fax: (312) 628-1033
The AFII and DATAR internet addresses are
[http://www.InvestinFrance.org], and
[http://www.DATAR.gouv.fr], respectively.
The primary investment incentive offered through DATAR is
the Prime d'Amenagement du Territoire (PAT). DATAR has
revised downward the PAT program at the European
Commission's request. Nonetheless the PAT incentives remain
generous for investment in disadvantaged zones (parts of
north and central France, and Corsica). The list of
eligible zones will stay the same until December 31, 2006.
Interestingly the current PAT system is more supportive of
small- and medium sized companies in the industry, services,
and research and development sectors. (New rules were issued
in the April 13, 2001 and June 6, 2001 "Journal Officiel").
Other investment incentives may also be available. New
related criteria have been set for the 2000-2006 period.
Potential investors should consult DATAR and AFII to
determine the full range of possibilities, including,
-- Research and development project grants
-- Special tax treatment for company headquarters
-- Local and regional tax holidays and special subsidies
-- "Industrial conversion" zones featuring tax breaks and
grants for job-creation
-- Special access to credit for small and medium-sized
enterprises
-- Assistance for training, including a portion of wages
paid to employees in training
Besides DATAR/IFA at the national level, several French
cities and regions have developed their own investment
promotion agencies that advise potential investors, offer
administrative assistance, and oversee investment
incentives. The February 2002 Local Democracy Law
("Democratie de proximite" - www.legifrance.gouv.fr) gives
regional councils ("Conseils Regionaux") full powers to
establish (without decree or national convention) schemes
for direct aids to companies (subsidies, reduced interest
rates on loans, and advances). Each "Conseil Regional" has
it own website. A list of their addresses is available on
[http://www.fr.yahoo.com] (search "conseil regional" and
select the appropriate region).
All incentives are covered by regulations set by the
European Commission.
Performance Requirements
Other than those linked to incentives, there are no
mandatory performance requirements established by law.
However, the French government will generally require
commitments regarding employment or research and development
from both foreign and domestic investors seeking government
financial incentives. For example, to be eligible for DATAR
grants, the French government usually requires that firms,
whether owned by EU or non-EU residents, create a minimum of
15 jobs within the first three years. As noted above, PAT
and R&D subsidies are based on the number of jobs created.
In addition, the authorities have occasionally sought
commitments as part of the approval process for acquisitions
by foreign investors.
Nonetheless, foreign firms need the French government's
approval on a variety of regulatory issues, and in France,
officials generally have much wider discretion than their
U.S. counterparts. This can leave firms subject to
"unwritten" performance requirements, with regulatory
officials making it known that a firm's request would be
more favorably viewed if it increased employment, R&D, or
exports.
A6. Right to Private Ownership and Establishment
The French government maintains legal monopolies in the
following sectors: postal services (La Poste), national rail
transportation (SNCF), Parisian bus and metro services
(RATP), and tobacco manufacturing and distribution (Seita).
The electricity and gas Companies (EDF/GDF) no longer have
monopolies on production, distribution and sale of
electricity and gas. Market opening has surpassed 37
percent (by volume) of the electricity market and 20 percent
of the gas market -- meaning that that proportion of
customers is free to choose another supplier, although few
have. In July 2004, the option to switch suppliers was
opened to all commercial customers. After a critical piece
of energy sector reform legislation passed that same month,
the first public sales of shares for EDF and GDF are
expected to begin as early as late-2005, leading effectively
to a partial privatization of the two companies. However,
the new law requires the GOF to retain at least a 70 percent
interest. These share sales may be complicated and/or
delayed by questions over the companies' valuation as well
as their large unfunded pension liabilities.
A7. Protection of Property Rights
France is a strong defender of intellectual property rights
and has highly developed protections for intellectual
property. Under the French system, patents and trademarks
protect industrial property, while literary/artistic
property is protected by copyrights. By virtue of the Paris
Convention and the Washington Treaty regarding industrial
property, U.S. Nationals have a "priority period" after
filing an application for an U.S. patent or trademark, in
which to file a corresponding application in France. This
period is twelve months for patents and six months for
trademarks. In July 2004, the French government, internet
access providers and authors and producers of music signed a
"Charter to fight piracy and develop legal offers of music
online." This charter allows access providers to address a
warning message to Net surfers and to remove subscription
rights of people condemned for hacking.
A8. Transparency of the Regulatory System
The French government has made considerable progress in
recent years improving the transparency and accessibility of
its regulatory system. Government Ministers, companies,
consumer organizations and trade associations may petition
the Unfair Competition Council to investigate anti-
competitive practices.
Of most concern to foreign companies has been standards
setting. With standards different from those in the U.S.,
rigorous testing and approval procedures must sometimes be
undertaken before goods can be sold in France, particularly
those that entail risk. When EU-wide standards do not
exist, specific French standards apply. The United States
and the EU have negotiated mutual recognition agreements
covering the testing and certification of certain specified
regulated products. Information about these agreements and
efforts to extend them can be found at the website of the
Trans-Atlantic Business Dialogue, [http://www.TABD.com].
The National Institute of Standards and Technology,
[http://www.NIST.gov], is represented at the International
Bureau of Weights and Measures, [http://www.BIPM.fr],
located in Sevres, France, and may be of assistance to
firms.
Industry associations have an influential role in developing
both government policies and influencing self-regulatory
organizations. U.S. firms may find it useful to become
members of local industry groups. Experience has shown that
even "observer" status can offer U.S. firms an insight into
new investment opportunities and greater access to
government-sponsored projects, even if U.S. firms sometimes
feel they are not always given an adequate opportunity to
participate in the determination of regulations.
A9. Efficient Capital Markets and Portfolio Investment
Access to Capital and Capital Markets
France has an open financial market that gives firms easy
access to a variety of financial products in both French and
international markets. As markets expand, foreign and
domestic portfolio investment has become increasingly
important. France continues to modernize its marketplace,
introducing tax-advantaged retirement funds in 2004. Facing
the prospect of increasingly tough competition with other
European marketplaces following the introduction of the
Euro, French financial markets are continually updating and
adapting their products, procedures and services. France
is actively involved in the effort to create a system of
internationally accepted accounting standards (to read more,
go to [http://www.iasb.org.uk] or search the SEC's website
at [http://www.SEC.gov]. Most EU listed companies will be
required to use international accounting standards from
¶2005. French market and banking regulators continue to
enhance and develop cooperation with their foreign
counterparts. French legal, regulatory and accounting
systems may not be as transparent as U.S. systems, but are
consistent with international norms.
Commercial banks offer all classic financing instruments,
including short, medium, and long-term loans, short-and
medium-term credit facilities, and secured and non-secured
overdrafts. Commercial banks also assist in public
offerings of shares and corporate debt, and mergers,
acquisitions and takeovers. Banks offer hedging services
against interest rate and currency fluctuations. France
also had 157 foreign banks with total assets of USD 124
billion at the end of 2003, some with sizable branch
networks. Foreign companies have access to all banking
services. Although some subsidies are available for home
mortgages and small business financing, most loans are
provided at market rates.
Increasingly, firms in France are bypassing banks and going
directly to financial markets for their financing needs.
The center of the French market is the Euronext stock
exchange. Euronext N.V., a holding company incorporated
under Dutch law, was formed on 22 September 2000 when the
exchanges of Amsterdam, Brussels and Paris merged. The
Euronext group expanded at the beginning of 2002 with the
acquisition of LIFFE (London International Financial Futures
and Options Exchange) and the merger with the Portuguese
exchange BVLP (Bolsa de Valores de Lisboa e Porto). As of
December 2004, Euronext listed 1,333 companies (of which 300
are foreign excluding countries members of Euronext), with a
total capitalization of USD 2.3 billion. In February 2005,
Euronext Paris plans to merge the three separate markets of
the Paris exchange, the cash market ("Marche au Comptant"),
the regulated market ("Second Marche") and the "Nouveau
Marche" (growth segment) on which new companies, especially
smaller ones with an emphasis on growth and technology, can
raise start-up capital. The new market list ("Eurolist")
will be split in three segments based on the capitalization
of companies (150 million euros, 150 million to 1 billion
euros, and more than 1 billion euros). The changes are
aimed at improving liquidity and visibility of small- and
medium-sized companies. A financial futures market, the
"Marche a Terme des Instruments Financiers," commonly known
as the MATIF, trades standard contracts on interest rates,
short- and long-term bonds, stock market indices, and
commodities. It has established linkages with its German
and Swiss counterparts as well as with the Chicago
Mercantile Exchange. Options are traded on the "Marche des
Options Ngociables de Paris (MONEP)" exchange. These
markets operate under the auspices of the Paris Bourse,
whose website address is [http://www.euronext.com] including
a link with [htpp://www.bourse-de-paris.fr]). Finally,
though not nearly as developed as in the United States or
the United Kingdom, venture capital markets ("Marche Libre"
and "Marche de gre a gre") have become increasingly
important ways for start-up firms to raise funds. In 2005,
Euronext will create a new market "Alternext" to offer
companies a new unregulated market (based on the legal
definition of the European investment services directive)
and more safety than the "Marche Libre," which will continue
to operate.
Foreigners hold approximately 35.0 percent of the capital of
publicly traded French companies. For a foreign company
incorporated in an OECD country to be listed on the Euronext
stock exchange, it must be sponsored by a French bank or
broker and prepare a French language prospectus to get a
permit from the "Autorite des Marches Financiers" (AMF), the
new unified body which has taken up responsibilities of the
former Commissions des Operations de Bourse (COB)" (the
French equivalent to the SEC). The Council of State stated
in December 2001 that the "urgent measures for economic and
financial reform" law ("Mesures urgentes de reforme a
caractere economique et financiere MURCEF") was not
unconstitutional, authorizing foreign companies to provide
statements in English and a short summary in French. Based
on current regulations an application to the AMF must
include a French summary that describes "essential
information related to the content and modalities of
operations" as well as to the "organization, financial
situation and development of the activity of the company".
Details may be found on the AMF web site [http://www.amf-
france.org], which is merging with the COB web site
[http://www.cob.fr].
Regulations will change with the implementation of measures
of the European Directive on Prospectus to be published when
securities are offered to the public or admitted to trading.
The Committee of European Securities Regulators (CESR
-http://www.cesr-eu.org] has launched a number of
consultations that address the technical advice required by
September 2003 by the European Commission. Measures cover
the format of prospectus, disclosure requirements and
information included in annual reports. The legislative
package for prospectus must come into force in all EU
countries on July 1, 2005. The sponsoring bank or broker is
responsible for placing the securities with investors when
the securities are listed and for acting as a market maker.
Special procedures apply to listing on the "Nouveau Marche."
Companies must offer at least 100,000 shares with a value of
at least Euro 5 million, or be able to demonstrate
comparable liquidity in their home market if already listed
on another exchange. Information is available on the Paris
bourse website, [http://www.bourse-de-paris.fr] or
www.euronext.com.
Cross-Shareholding
An intricate network of cross-shareholdings among French
corporations has often been seen as a barrier to foreign
acquisition of French firms. Often, two French companies
will each own a significant share of the other. This system,
which was traditionally a means to help ensure state-control
of the economy, has weakened in recent years under the
pressure of the marketplace.
Mergers and Acquisitions
Although French laws regarding takeovers do not discriminate
against foreign investors, a hostile takeover in France by a
foreign investor could face public and even official
scrutiny. Provisions of the company takeover law are
designed to limit hostile takeovers of publicly traded
companies. For example, stockholders are required to reveal
themselves to company management and the authorities when
their holdings total 5, 10, 20, 33 or 50 percent of the
capital of the company. On crossing the 10 percent
threshold, purchasers must declare their "intentions" for
the period covering the coming twelve months. When a
potential investor makes a "public offer to purchase" (OPA)
shares in a publicly traded company, that offer must remain
open for at least 20 working days for "friendly" bids and 35
working days for "unfriendly" bids. Decrees issued in 2002
to implement the May 2001 new economic regulations law
("Nouvelles Reglementations Economiques - NRE") increased
requirements of potential investors for financial
transparency and communication with the public, associated
companies and their employees. Newcomers to the French
stock market should also be aware of the possibility that by-
laws of individual companies may impose requirements that
purchasers of significant amounts of stock in a company
report that purchase to the management of the company.
A10. Political Violence
Occasionally, anti-American sentiments, particularly among
groups likely to be economically harmed by U.S. policies,
result in demonstrations against U.S. investments. The
recent massive demonstrations by anti-globalization
protesters at major international conferences and summits
around the world, which have resulted in the targeting of
U.S. firms and significant property damage, could be
replicated in France should there be an attractive
opportunity for such groups. However, incidents of this
type are mostly isolated, and there is little danger of
nascent insurrection, belligerent neighbors, or widespread
civil disturbances. Moreover, since the terrorist attacks
of September 11, 2001, there have been relatively fewer anti-
American demonstrations in France as compared to prior
years.
A11. Corruption
France has laws, regulations and penalties that effectively
combat acts of corruption committed in France. A 1993 law
established a Central Service for the Prevention of
Corruption under the aegis of the Ministry of Justice. The
French judiciary is responsible for prosecution, and is
active in doing so. There have been numerous investigations
and convictions of public officials and businessmen under
the anti-corruption statutes. Penalties for acts of
corruption vary according to the circumstances; they often
include fines and prison terms. At the 2003 trial of former
executives of the oil company Elf, the prosecution has
sought five to eight-year prison sentences as well as fines
for three of the main figures among the 37 defendants. The
criminal investigation into the activities of the then state-
owned oil company was launched in 1994 and is considered
France's biggest corruption investigation in recent history.
France ratified the OECD Anti-Bribery Convention and enacted
implementing legislation to enforce its provisions in 2000.
The OECD Anti-Bribery Conventions is enforced via amendments
to the Criminal code, which have been integrated into
Articles 435-3 and 435-4 of a new chapter on international
corruption (Chapter V, Title III, Book IV). Article 435-3
incriminates the offer or promise of a bribe, but not the
actual payment of a bribe, which is explicitly mentioned in
the convention. Furthermore, there is a difference in the
treatment of victims of bribery, depending on whether the
bribery is domestic, EU or foreign. In cases of bribery of
GOF/EU officials, any victim may initiate prosecution. In
cases involving the bribery of other foreign government
officials, on the other hand, criminal proceedings may be
initiated only by the public prosecutor on the basis of a
complaint from a Government official in the country where
the bribery took place. In other words, if the victim were
a U.S. company, it would not be able to initiate criminal
proceedings under French legislation.
The OECD Anti-Bribery convention is further enforced via
amendments to the Tax Code and to the Code of Criminal
Procedure. Article 39-2 of the French Tax Code puts an end
to the tax deductibility of bribes as of the entry into
force in France of the Convention (September 29, 2000).
Finally, Article 706-1 of the amended Code of Criminal
Procedure provides that acts criminalized by the OECD
Convention will be prosecuted in the Economic and Financial
Unit of the Paris Court of Justice. More information about
France's implementation of the agreement can be found at the
OECD's Internet address, www.OECD.org.
France has also begun ratification of the Council of
Europe's civil and criminal conventions on corruption. The
procedure should be completed during the first half of 2005.
There have been no specific complaints from U.S. firms of
unfair competition or investment obstacles due to corrupt
practices in France in recent years. More information on
the international fight against corruption can be found at
the Internet site of Transparency International,
www.Transparency.de, a private organization. According to
Transparency International's French Chapter, the sectors
most affected by corrupt practices tend to be public works
and the defense industry.
¶B. Bilateral Investment Agreements
1959 U.S.-France Convention on Establishment
U.S. investment in France is subject to the provisions of
the Convention on Establishment between the United States of
America and France, which was signed in 1959 and is still in
force. Some of the rights it provides to U.S. nationals and
companies include:
-- The right to be treated like domestic nationals in all
types of commercial activities including the right to
establish offices and acquire majority control of French
firms. (This right does not apply to firms involved in
communications, air transportation, water transportation,
banking, the exploitation of natural resources, certain
"professions," and the production of electricity) and in
obtaining and maintaining patent and trademarks;
-- The right to receive the best treatment accorded to
either domestic nationals and companies or third country
nationals and companies with respect to transferring funds
between France and the U.S.; and
-- The requirement that property may only be expropriated
for a public purpose and that payment must be just,
realizable, and prompt.
The treaty does not apply to the use or production of
fissionable materials, arms, or any materials used directly
or indirectly to supply military establishments. The treaty
does not prevent application of measures necessary to
protect essential security interests.
Bilateral Investment Treaties
Investments in France by other EU member states are governed
by the provisions of the Treaty of Rome and by Union Law.
France has also signed Bilateral Investment Treaties (BITs)
with the following 61 countries: Albania, Argentina,
Armenia, Bangladesh, Bolivia, Bulgaria, Chile, China, the
Democratic Republic of the Congo, Croatia, Czech Republic,
Ecuador, Egypt, El Salvador, Equatorial Guinea, Estonia,
Haiti, Hong Kong, Hungary, Indonesia, Israel, Jamaica,
Jordan, Korea (South), Kuwait, Kyrgzistan, Laos, Latvia,
Liberia, Lithuania, Malaysia, Malta, Mauritius, Mongolia,
Morocco, Nepal, Nigeria, Oman, Pakistan, Panama, Paraguay,
Peru, Philippines, Poland, Romania, Russia, Singapore,
Slovakia, South Africa, Sri Lanka, Sudan, Syria, Trinidad
and Tobago, Turkmenistan, Ukraine, United Arab Emirates,
Uruguay, Uzbekistan, Vietnam, Yemen, Yugoslavia (Federal
Republic).
Bilateral Investment Treaties signed with the following 22
countries have not yet been ratified: Algeria, Azerbaijan,
Brazil, Byelorussia, Costa Rica, Cuba, the Dominican
Republic, Georgia, Guatemala, Honduras, India, Kazakhstan,
Lebanon, Macedonia, Mexico, Moldavia, Morocco, Namibia,
Nicaragua, Qatar, Slovenia, and Tunisia.
French BITs generally cover the following:
-- Just and equitable treatment that is no less favorable
than that accorded to domestic investors or the most favored
investor from a third country;
-- Restrictions on expropriation of investments, and
requirements that, in the case of expropriation,
compensation be prompt and adequate;
-- Free transfers; and,
-- The ability to resolve investor-state disputes through
binding international arbitration.
¶C. OPIC and Other Investment Insurance Programs
Given France's high per capita income, investments in France
do not qualify for investment insurance or guarantees
offered by the Overseas Private Investment Corporation
(OPIC). You can connect with OPIC at www.OPIC.gov.
¶D. Labor
France's private sector labor force is one of the country's
strongest points in attracting foreign investment, combining
high quality with relatively competitive unit-wage costs
compared with those of other industrialized companies.
The labor code sets minimum standards for working conditions
including the workweek, layoffs, overtime, vacation and
personal leave. Other labor standards are contained in
collective agreements, which are usually negotiated by
sector on a national or regional basis by the various unions
and employers' associations. French absenteeism is modest by
European standards and, in the private sector, peaceful
labor relations generally prevail.
While the rate of unionization in France has steadily
declined to a little more than half that of the United
States, French labor law provides an extensive institutional
role for employee representatives and for organized labor.
-- In companies with more than 10 employees, employee
delegates are elected for a one-year term. They are
authorized to present individual or collective claims and
grievances relating to working conditions, to inform
government labor inspectors of any complaints under the
labor law, and to concur with management in any
reorganization of the workweek. Management is required to
meet with employee delegates at least monthly.
-- A company with more than 50 employees must have a joint
management/employee enterprise committee, to which employee
representatives are elected. The committee must be consulted
for all major corporate decisions, but has no veto. The
enterprise committee must be provided with the same
information that is made available to shareholders. It is
funded by the company at a rate equal to at least 0.2
percent of the firm's payroll, and uses this money to
finance social and cultural activities for the benefit of
employees.
-- Workers also hold most slots on occupational health and
safety committees, which are mandatory in medium and large
size companies. Labor tribunals (playing a role largely
equivalent to the NLRB in resolving labor disputes) are
comprised of equal numbers of union and employer
representatives. Appeals are possible to the level of the
"Cour de Cassation," one of France's high courts.
Due to a variety of macro and microeconomic factors,
including high payroll taxes, a high minimum wage, and rigid
labor laws, French businesses tend to use less labor-
intensive procedures and rely more on laborsaving technology
than businesses in other countries. This is one reason for
France's high unemployment rate.
While not rejecting outright the 35-hour workweek, the
government of Prime Minister Jean-Pierre Raffarin, who took
office in May 2002, has made the law less rigid, principally
by loosening restrictions on overtime hours. By allowing
French employees to work longer overtime hours, the Raffarin
government has engineered an effective return to a 39-hour
workweek.
¶E. Foreign Free Trade Zones/Ports
France is subject to all European Union free trade zone
regulations and arrangements. These allow member countries
to designate portions of their customs territory as free
trade zones and free warehouses. France has taken advantage
of these regulations in several specific instances. The
French Customs Service administers these zones and can
provide more details. Customs can be contacted at the
finance ministry web address: [http://www.douane.gouv.fr].
In addition, the French government has renewed the tax
exemption program for five years in the existing urban
"enterprise zones" (Zones Franches Urbaines), for 44
depressed or impoverished municipalities in France or its
overseas territories, and added 41 new zones to the list.
Since January 2004, any zone benefited from tax exemptions
on corporate tax, payroll taxes, professional tax and real
estate tax. Related information is available at the City
Government web site [http://ville.gouv.fr].
More information on enterprise and investment zones is
available from AFII and DATAR : [http://www.zones-
franches.org/zones_franches.asp],
[http://www.InvestinFrance.org] and
[http://www.DATAR.gouv.fr].
¶F. Foreign Investment Statistics
Foreign investment represents a significant percentage of
production in many sectors. Rapid growth in the new
technologies sector has given way to renewed growth in
traditional sectors: automobiles, metalworking, aerospace,
capital goods, and consultancy and services. France has
remained one of the main destinations of foreign direct
investment (FDI), although foreign investment in
industrialized countries has declined. . Foreign
investment inflows remained significant, but decreased in
2003 by 20.0 percent to 2.7 percent of GDP (versus
3.4percent in 2002) due in part to the worldwide economic
slump. Based on preliminary information the U.S. remained
one the largest sources of FDI in France. Using Bank of
France balance of payments data based on the historical book
value of investment, U.S. firms accounted for 15 percent
(versus 25% in previous years) of the stock of foreign
investment. Using the book value instead of the market
value of investments tends to underestimate the value of
U.S. investments in France. This is because investments by
U.S. companies tend to be considerably older than other
countries' investments and because U.S. firms often finance
expansions and acquisitions on domestic French capital
markets or through subsidiaries in third countries. Thus,
much U.S. investment in France is not recorded in balance of
payments statistics, even though U.S. citizens ultimately
control it.
Correcting for these statistical biases, and including the
value of U.S. holdings of French stocks, the market value of
the stock of U.S. investment in France may be as much as
five times the USD 47.9 billion book value for 2003 reported
in U.S. Department of Commerce data
[http://www.bea.doc.gov/bea/di1.htm]. About 2,000
affiliates of U.S. firms are established in France. Around
540,000 jobs result from U.S.-origin investments.
Today, foreign-controlled firms play a significant role in
France's economy: they account for 22 percent of the
workforce, 27 percent of capital expenditures, 30 percent of
exports, and 30 percent of production.
An updated list of U.S. investors may be found on
[http://www.investinfrance.org/NorthAmerica/Y ourProject/Data
base/?l=en]
Lists of foreign investors by industry can be found in
local periodicals such as Expansion ("Les 1000 de
l'Expansion": [http://www.lexpansion.com/PID/7800.html]).
The Expansion link provides useful information on the first
1000 companies and financial institutions established in
France.
Stock by country of origin (Book value) (USD billions)
2000 2001 2002
OECD 251 288 n.a.
EU, 185 221 255
of which
United Kingdom 35 45 59
Netherlands 51 58 57
Germany 29 35 45
Belgium 29 39 40
Italy 10 13 14
Other 30 31 33
North America, 40 43 51
of which
USA 39 42 50
Canada 1 1 1
Other OECD countries 26 24 n.a.
Switzerland 20 19 21
Japan 5 5 8
Other 2 0 n.a.
Non OECD countries n.a.
Total 258 300 349
Total as percent of GDP 19.7 22.7 24.1
(Exchange rate:)
USD 1.00 equals Euro 1.08 1.12 1.06
Source: Bank of France
Stock by Industrial Sector of Destination (USD billions)
2001 2002
Holdings 104 116
Finance intermediation 45 53
Real estate 30 39
Retail trade 21 19
Chemical industry 13 17
Transportation equipment 6 7
Transport and Communications 9 7
Food and processed food 5 6
Metal Industry 3 5
Wood industry
- publication - printing 4 4
Mechanical industry 3 3
Oil refining 3 3
Other 55 70
Total 300 349
(Exchange rate:)
USD 1.00 Euro 1.12 1.06
Source: Bank of France
Flows by country of origin (Market value) (USD billions)
2001 2002 2003
OECD 48 51 n.a.
EU, 35 37 37
of which
United Kingdom 15 15 15
Netherlands -1 -1 6
Germany 10 10 8
Belgium 1 1 11
Italy 0 0 -2
Other 10 10 4
New EU members (1) 0.1 0.1 0.2
North America, 6 6 10
of which
USA 6 6 4
Canada 0 0 6
Other OECD countries 7 7 n.a.
Switzerland 0 0 2
Japan 3 3 -1
Other 3 3 n.a.
Non OECD countries -1 -2 n.a.
Total 47 49 52
Total as percent of GDP 3.8 3.4 2.7
(Exchange rate:)
USD 1.00 Euro 1.12 1.06 0.81
Source: Bank of France
(1) Cyprus, Estonia, Hungary, Latvia, Lithuania, Malta,
Poland, Czechoslovakia, Slovakia, and Slovenia.
Stock by country of destination (Book value) (USD billions)
2000 2001 2002
OECD 404 457 n.a.
EU, 217 261 290
of which
Belgium 54 74 83
United Kingdom 56 66 72
Netherlands 40 39 41
Germany 28 27 33
Spain 12 15 18
Italy 13 17 17
Other 14 23 27
North America, 149 173 152
of which
USA 113 142 130
Canada 35 32 21
Other OECD countries 26 24 n.a.
Switzerland 17 18 20
Japan 8 8 10
Other 14 -2 n.a.
Non OECD countries 26 61 n.a.
Total 430 517 529
Total as percent of GDP 32.7 37.8 36.6
(Exchange rate:)
USD 1.00 Euro 1.08 1.12 1.06
Source: Bank of France
Stock by Industrial Sector Destination (USD billions)
2001 2002
Holdings 174 166
Finance intermediation 114 116
Retail trade 28 32
Computer 26 26
Electricity, natural gas,
and water 28 25
Transportation equipment 23 24
Chemical industry 16 16
Transportation
and communication 11 12
Other 98 111
Total 517 529
(Exchange rate:)
USD 1.00 Euro 1.12 1.06
Source: Bank of France
Flows by country of destination (Market value, USD billions)
2001 2002 2003
OECD 85 60 n.a.
EU, 56 23 46
of which
United Kingdom 13 4 16
Germany 8 6 8
Italy 4 0 1
Spain 3 2 1
Belgium 22 6 0
Other 5 3 10
New EU members (1) 4 2 1
North America, 17 16 9
of which
USA 17 16 8
Canada 0 0 1
Other OECD countries 12 21 n.a.
Switzerland 0 2 5
Japan 0 2 0
Other 12 17 n.a.
Non OECD countries 2 -10 n.a.
Total 87 50 63
Total as a percent of GDP 6.6 3.4 3.3
(Exchange rate:)
USD 1.00 Euro 1.12 1.06 0.81
Source: Bank of France
(1) Cyprus, Estonia, Hungary, Latvia, Lithuania, Malta,
Poland, Czechoslovakia, Slovakia, and Slovenia.
WOLFF