France Plans to Up Investment and Talent Recruitment in 2004

Most countries see economic improvement next year. Competition for foreign direct investment and talent is expected to grow. This tells us that we will see more competitive pressure for economic development opportunities in the US next year.

For one, France believes it can do a better job of recruiting new business investment and attracting foreign technical talent in the coming year. Here is a summary of France's push in 2004:

1. Attracting expertise and talent through:
- encouraging the top researchers to set up leading-edge teams in France in strategic sectors, by offering compensation in line with international standards and funding of from euro 250,000 - 500,000 per project.
- simplification of administrative procedures and conditions for the impatriation of senior managers and their families (abolition of the business permit/carte de commerçant for foreigners representing a company in France, introduction of fast-track/VIP visa and resident permit procedures, automatic entitlement to work in France for spouses of impatriate managers, reforms in personal income tax).
- promotion of French universities and institutions of higher education to foreign students, including the introduction of online applications.

2. Attracting businesses and investment through:
- enhancing investor protection by extending the "rescrit" procedure from tax to social security (This requires authorities to rule on entitlements and exemptions within a given time if requested, failing which the entitlement or exemption is deemed established.).
- adopting project-team methods in government departments at national and regional level to ensure smooth, timely processing for inward investment.
- strengthening and structuring areas of excellence in high technology.

Source: Invest in France.