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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

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