By Scott Langeland, CEO of APWireless, a Radius Global Infrastructure Company.
France is experiencing an unprecedented institutional situation: the absence of a clear majority in the National Assembly, government instability and difficulty in charting a predictable legislative path have created a political climate unlike anything seen under the Fifth Republic. This situation not only hampers public action but also raises questions about the country’s ability to provide a stable environment for investors – especially foreign investors – whose presence remains a cornerstone of France’s economic attractiveness.
What about long-term visibility?
France remains one of the most attractive markets in Europe. The success of the latest Choose France summit and 2024 investment figures confirm this: the country alone captures nearly 20% of the continent’s foreign investment, with major international companies continuing to recognize the quality of its infrastructure, industrial base and talent pool. But while the current political instability is unlikely to drastically affect short-term outcomes, long-term visibility – which is crucial for sustainable investment – is becoming blurred.
Major companies do not think in months or quarters but in years, even decades. They assess signals from the host country – regulatory stability, tax predictability and the coherence and continuity of economic policies – before committing to large-scale projects. In an era where parliamentary compromises are increasingly complex and legislation struggles to pass, the question is no longer whether France will remain attractive – undeniably, it is – but whether it will continue to be so in five or ten years.
Telecom: A strategic example
The telecommunications sector perfectly illustrates this challenge. A network-based, highly capital-intensive industry, it relies on particularly long investment cycles, currently dominated by 5G and fiber-optic infrastructure – critical elements for digital competitiveness, AI and cybersecurity. Both French and international investors therefore need a clear horizon, from both regulatory and industrial perspectives, to make multi-year investment decisions. Without it, investments can be delayed – or even abandoned.
In this context, industry stakeholders are closely watching the outcome of the Bill to Simplify Economic Life, particularly Article 17, which increases the layers of decision-making required to approve new infrastructure installations. While well-intentioned – aiming to improve business competitiveness – this provision could, in fact, increase telecom investment complexity by raising barriers to entry and poses a genuine risk of unconstitutionality: it could reduce property owners’ rights and freedoms in the use of their property, for instance, when installing antennas. Unfortunately, the drafting of the bill by deputies and senators has not addressed all industry concerns and conflicts with European regulations in effect since November 2025.
France has many strengths that allow it to remain a key player in the global economy. But to maintain this status, the country must quickly send investors – especially foreign ones – a strong, reassuring message: no matter the political reshuffles, France’s economic, industrial and regulatory trajectory will remain stable and predictable. Only then will today’s investments become tomorrow’s jobs, networks and growth.