Why Tunisia attracts investors
The Tunisian economy returned to growth in 2025: real GDP grew by 2.5%, compared to 1.6% in 2024, according to the Central Bank of Tunisia (BCT). Located less than two hours by plane from major European capitals, Tunisia has a skilled human capital base — around 12,000 engineers graduating each year — and a large diaspora in France, Italy and Germany. The country is positioning itself as a production and services platform at competitive costs for the European market.
This attractiveness is reflected in foreign investment figures: 3,572 million dinars in foreign direct investment (FDI) attracted in 2025, up 30.3% year-on-year according to the Foreign Investment Promotion Agency (FIPA). The Tunis Stock Exchange also set a historic record in 2025, with the Tunindex gaining 35.1% over the year.
France remains the largest foreign investor in Tunisia, with 351 projects and 899.85 million dinars in investments in 2025, according to FIPA. The country is also banking on the Startup Act, an unprecedented law in Africa, and the national plan “Tunisie Digitale 2025” to become a regional technology hub.
Key figures 2026
| Indicator | Value | Period / source |
|---|---|---|
| Nominal GDP | ≈ 57.5 billion dollars | 2025 — World Bank |
| Real GDP growth | +2.5% | 2025 — BCT |
| FDI flows | ≈ 1.1 billion $ (3.57 billion dinars) | 2025 — FIPA |
| Population | 12.35 million | 2025 — UN / World Bank |
| Currency | Tunisian dinar (TND) | — |
| Stock index (Tunindex) | 13,449 points (+35.1% over the year) | end 2025 — BVMT |
As a reference point, the euro exchanged at an average of around 3.36 dinars in 2025. Inflation fell back to 5.3% on an annual average basis (compared to 7% in 2024), and the unemployment rate dropped to 15.2% at end-2025, compared to 16.5% a year earlier. GDP per capita stands at around 4,657 dollars, and the market capitalisation of the Tunis stock exchange grew by 31% in 2025.
The key growth sectors
Digital and offshoring
The information technology sector represents approximately 11% of GDP, with more than 2,200 active companies and 40,000 direct jobs, according to FIPA. The cybersecurity market alone accounts for 42.5 million dollars in revenue in 2025. Tunisia trains nearly 12,000 engineers each year, a large proportion of whom are in computer science, fuelling an ecosystem of offshoring, shared services centres and startups (fintech, agritech, edtech). Nearly 52% of innovative companies export their services.
The Startup Act offers young companies tax exemptions and easier access to foreign currency. The national plan “Tunisie Digitale 2025” aims to accelerate the country’s digital transformation and strengthen its infrastructure.
Manufacturing industry
Industry is the largest recipient of FDI: it attracted 71.4% of foreign direct investment in the first four months of 2026, according to FIPA. Manufacturing industries attracted 1,780 million dinars in foreign investment in 2024, an increase of more than 20%. In just the first four months of 2026, industry received 919.4 million dinars in FDI, up 56.7% year-on-year. Automotive components, aeronautics, technical textiles and electromechanics concentrate the flows, driven by geographical proximity to Europe.
Tourism
Tourism broke a record in 2025: more than 11 million visitors (compared to 9.4 million in 2019) and revenues of 8,096.9 million dinars, up 6.5% year-on-year according to the BCT. The country is targeting 12 million visitors in 2026. The strategy of moving upmarket — hotels, thalassotherapy, cultural tourism — opens up opportunities in accommodation and associated services, particularly with the “Tunis, Arab Tourism Capital in 2027” programme.
Energy and renewables
The energy sector attracted 689 million dinars in FDI in 2024, up 43%. The share of renewable energy in electricity production reached 9% in mid-2025, but natural gas still dominates at around 91%. Tunisia is launching solar and wind tenders — nearly 500 MW awarded at the start of 2025 — to reduce a structural energy deficit: domestic oil and gas production is declining, while renewables are growing rapidly.
How to invest from France
Tunis Stock Exchange
The Tunindex is not accessible via standard international brokers: Degiro, Boursorama or Interactive Brokers do not list Tunisian securities. A French investor must open a securities account with an authorised Tunisian stockbroker, linked to a foreign account in foreign currency or convertible dinars. Non-residents fund their purchases through the importation of foreign currency, which guarantees the subsequent repatriation of sale proceeds and dividends.
The typical process is as follows:
- Open a foreign currency or convertible dinar account with an authorised Tunisian bank.
- Transfer funds from France, declaring the importation of foreign currency.
- Place orders through an authorised Tunisian stockbroker.
- Keep the bank investment certificate for future repatriations.
Setting up a company
Investment law n°2016-71 allows foreigners to hold 100% of the capital of a Tunisian company in the majority of sectors, without prior authorisation. Exception: non-exporting service activities require approval from the Higher Investment Commission when foreign participation exceeds 50%. In agriculture, operations are conducted through rental leases, with foreign participation capped at 66% for aquaculture and fishing in northern waters.
On the tax side, law 2016-71 provides incentives depending on the sector and region: partial corporate tax exemptions, investment grants and partial coverage of social security contributions for projects located in regional development zones.
Real estate
A non-resident can acquire real estate in Tunisia, provided it is financed by imported foreign currency. The proceeds from resale can then be repatriated. Demand from the diaspora and French retirees supports the coastal and major city segments.
In all cases, the investment must be declared to the Central Bank of Tunisia, via the non-resident investment platform, in accordance with the Foreign Exchange Code and BCT circular n°2018-14.
Note: the association agreement between the European Union and Tunisia, in force since 1998, removes customs duties on most industrial products, which facilitates trade for export-oriented companies. FIPA and the Tunisian Investment Authority also provide free support to project holders with their administrative procedures.
Risks to be aware of
Exchange rate risk
The Tunisian dinar is not freely convertible: its exchange rate is managed by the Central Bank, and all capital outflows are regulated by the Foreign Exchange Code. An investor repatriating funds may suffer a depreciation of the dinar between entry and exit — the dinar lost approximately 3.8% against the euro in 2025. Liquidity in the foreign exchange market is limited.
Regulatory constraints
The repatriation of capital is guaranteed if the investment was financed by imported foreign currency, but transfers outside this framework require authorisation from the BCT. Administrative delays and the obligation to go through authorised intermediaries can slow down operations. Tunisian residents are subject to stricter restrictions, with a 34% cap on capital in non-resident companies.
Macroeconomic environment
Public debt remains high (82.1% of GDP at end-2025), the budget deficit stands at 5.2% of GDP and unemployment, although declining, remains at 15.2%. Growth of 2.5% remains below stated objectives, and the trade deficit is widening (21.8 billion dinars, +15.2%). The objective of 4 billion dinars in FDI in 2026 depends on the pace of flows observed at the start of the year being maintained. These fragile balances may weigh on the dinar and on the cost of financing.
Narrow market
The Tunisian stock market remains narrow: capitalisation and volumes are low compared to European exchanges, which increases volatility and complicates rapid exits. The absence of major IPOs in 2024 also reduced new opportunities for portfolio investors.
Frequently asked questions
Can a French national hold 100% of a Tunisian company?
Yes, in most sectors. Non-exporting service activities are an exception: beyond 50% foreign participation, authorisation from the Higher Investment Commission is required.
Can profits and capital be repatriated from Tunisia?
Yes, provided the investment was financed by imported foreign currency and declared to the Central Bank. Dividends and the net proceeds from sale or liquidation are then freely transferable, even beyond the initial capital.
How can I buy Tunisian shares from France?
Through an authorised stockbroker in Tunisia, with a convertible dinar account funded by foreign currency. International brokers do not provide direct access to the Tunindex.
To go further : discover our complete guide to investing in Africa (6 countries compared).
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