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Overview
With a notable level of political and economic stability; a legislative framework which positively encourages foreign investment; and a highly sophisticated legal profession, Tunisia continues to attract investors from the Gulf states, Europe, the US and, increasingly, China. The advantages offered to foreign investors under the Tunisian investment incentive code has encouraged the development of the textile, automotive and food sectors. Tourism remains at the forefront of Tunisia’s largely service economy, with the recent development of existing Monastir airport and building of a new airport demonstrating the government’s focus on this sector.
The financial sector is highly regulated and dominated by local institutions. Recent moves to privatise a number of Tunisian banks have failed to materialise and the Tunisian dinar is not yet fully convertible, but liberalisation of this and the financial sector in general is anticipated by 2009-10 under Tunisia’s OIC (Organisation of the Islamic Conference) commitments.
Local law firms are largely engaged in assisting foreign investors in setting up and running export companies to benefit from the investment incentives, particularly in the oil and gas sector; and advising on how to maximise minority interests in other areas such as telecoms. Project finance has featured recently in line with the airport and oil and gas sector activity.
Foreign law firms have had ample opportunity to go through their paces in Tunisia, often operating through their Paris offices due to language and legal similarities with the region. The only foreign firm to maintain an office in Tunisia is French global player Gide Loyrette Nouel.