Investing in Tunisia in 2026: which sectors attract foreign investors and what legal precautions should be taken?

Tunisia offers several investment opportunities for foreign companies, notably in manufacturing, renewable energy, services and high value-added activities. Its proximity to Europe, industrial fabric and technical skills make it an option worth studying for groups seeking to develop an activity in North Africa. However, the profitability of an investment also depends on legal factors: regulation of the activity, company structure, financing, taxation, contracts and exit conditions. In 2026, these elements must be examined from the project preparation stage, and not after the first commitments have been signed. 1. Foreign investment in Tunisia: key figures for 2026 The data available for the first half of 2026 confirm international investors' interest in the Tunisian market. According to figures published in August 2026, foreign investments reached 1,929.5 million Tunisian dinars in the first half, an increase of 11.5% compared with the same period in 2025 and of 41.7% compared with 2024. Foreign direct investment (FDI) accounted for 1,911.8 million dinars. The sectoral breakdown of FDI highlights the central place of manufacturing industry and energy. Indicator — Result for the first half of 2026 - Total foreign investments: 1,929.5 MD - Foreign direct investment: 1,911.8 MD - Annual growth in foreign investments: +11.5% - Manufacturing industries: 72% of FDI - Energy: 19% of FDI - Services: 7.7% of FDI - Agriculture: 1.3% of FDI Source: data from the Foreign Investment Promotion Agency (FIPA Tunisia), reported in August 2026 by the Tunisian press. Sectoral percentages are rounded. These figures must be interpreted with caution: amounts invested alone do not measure project profitability or their future distribution. They nevertheless give an indication of the sectors that concentrate investment flows. In addition, the National Institute of Statistics recorded real GDP growth of 2.3% year on year in the second quarter of 2026, after 2.6% in the first quarter. This trend is an indicator of the economic context, but does not guarantee the performance of any particular investment. Source: INS. 2. Which sectors attract foreign investors in Tunisia? A. Manufacturing industry and industrial components Manufacturing occupies first place in foreign direct investment in 2026. Projects linked to automotive components, electrical and mechanical industries, agri-food and certain specialised industrial activities deserve particular attention. In the first half of 2026, Tunisian industrial production rose by 2.9% year on year. Production in the mechanical and electrical industries increased by 4%, while that of agri-food industries rose by 9.3%. These data relate to production, and not solely to foreign investment. Source: INS. For a foreign investor, opportunities may include: - creating a production unit intended for export; - acquiring an existing industrial company; - partnering with a Tunisian manufacturer; - developing a regional supply chain. Legal point: it is necessary to check the regime applicable to the activity, the required authorisations, customs and tax rules, supply contracts, and social and environmental obligations. Acquiring an existing company also requires an examination of its liabilities, contracts and any disputes. B. Renewable energy and energy projects Energy accounted for 19% of FDI in the first half of 2026. This weight confirms the sector's importance in investment flows, without meaning that all energy segments offer the same prospects. Solar, wind, energy-efficiency and related infrastructure projects may interest investors, industrial operators and international financiers. The main questions to examine include in particular: - the authorisation and concession regime applicable to the project; - the conditions for producing and marketing energy; - construction, operation and power purchase agreements; - financing, guarantees and risk allocation; - land, environmental and administrative requirements. In this sector, an upstream legal analysis makes it possible to verify the project's regulatory feasibility and to better frame the risks linked to its financing and operation. C. Business services and high value-added activities Services accounted for 7.7% of FDI in the first half of 2026. Projects may notably concern IT services, engineering, business services, outsourced activities and certain specialised services. For foreign companies, Tunisia can serve as a regional operational base or a shared services centre serving several markets. Before establishing a presence, however, the investor must determine whether the intended activity is free or subject to particular conditions. Rules applicable to data transfers, intellectual property, international service contracts and employment must also be examined. D. Agri-food and agricultural processing Agri-food offers prospects linked to local processing, the valorisation of agricultural products and their marketing on international markets. Projects may cover processing units, industrial partnerships, storage infrastructure or supply chains intended for export. Prior checks should notably cover sanitary authorisations, quality standards, traceability, supply conditions and land constraints. Specific rules applicable to agricultural land must be studied when a project involves their acquisition, exploitation or a change of use. E. Company acquisitions and strategic partnerships Foreign investment does not necessarily mean creating a new company. Acquiring a Tunisian company, taking a stake or creating a joint venture can provide faster access to a market, a customer base or industrial capacity. These transactions nevertheless require an in-depth analysis of the target and of the investment structure. An acquisition must notably take into account debts, off-balance-sheet commitments, ongoing contracts, the situation of employees, administrative authorisations, shareholders' rights and any disputes. For a significant transaction, legal due diligence, negotiation of warranties and drafting of the transaction documents are essential steps. 3. What legal framework for foreign investment in Tunisia? Law No. 2016-71 of 30 September 2016 on investment is one of the reference texts of Tunisia's investment framework. It lays down the principle of freedom of investment, subject to activities and operations that are subject to particular conditions or authorisations. The principle of freedom therefore does not mean that all activities can be carried out without formalities. The official market access portal lists economic activities subject to authorisation as well as the administrative authorisations that may be required to carry out a project. Before choosing a structure or signing a commitment, the investor should notably check: 1. Access to the activity. Identify any sectoral authorisations, conditions of exercise, restrictions and administrative obligations. 2. The legal structure. Compare possible forms of presence, notably incorporating a Tunisian company, taking a stake in an existing company or, depending on the project, another form of establishment. 3. Rules specific to foreign investors. Examine the conditions applicable to capital ownership, governance, foreign exchange operations and the transfer of income or sale proceeds, depending on the structure and the activity. 4. Tax and social obligations. Check the applicable taxes, filing obligations, the employment regime and any incentive schemes, without assuming eligibility. 5. Contracts and protection of the investor's interests. Provide for appropriate clauses on liabilities, warranties, payment terms, confidentiality, termination and dispute resolution. The legal framework must be checked against the texts in force and the concrete characteristics of the project. A rule applicable to an industrial activity cannot necessarily be transposed to a financial, energy or regulated activity. 4. Key legal precautions before investing Check authorisations before committing funds The investor must identify the necessary formalities before signing a long-term lease, paying a significant deposit or starting works. Tunisia's official portal notably provides for procedures and timeframes that vary according to the nature of the authorisations. These timeframes must not be treated as a guarantee of obtaining approval: the conditions specific to the file and any applicable exceptions must be verified. Carry out legal due diligence When acquiring a company or taking a stake, a legal audit helps identify risks that may affect the value of the transaction. It may cover: - articles of association, capital and shareholders' rights; - commercial contracts and financial commitments; - title deeds, leases and assets; - tax and social debts; - authorisations and regulatory compliance; - ongoing or potential disputes; - employment contracts and obligations towards employees. The results of this audit may justify a change in price, conditions precedent, contractual warranties or, in some cases, a renegotiation of the deal. Secure financing and financial flows An investment project must be analysed in light of its financing arrangements, the guarantees granted and the applicable foreign exchange rules. Investors should notably check the conditions for transferring funds, repatriating income and sale proceeds, as well as the supporting documents and banking formalities required. These issues are particularly important in international financing transactions, cross-border acquisitions of stakes and debt-financed acquisitions. Frame relations with local partners A partnership may be structured through a commercial contract, a joint venture or a shareholding. The choice depends notably on risk allocation, respective contributions and the desired degree of control. The documents must clearly define decision-making powers, financing obligations, voting rights, restrictions on share transfers and deadlock resolution mechanisms. It is also advisable to provide from the outset for exit conditions, share valuation and dispute resolution arrangements. Anticipate tax, social and regulatory risks Tax advantages or investment incentives must never be treated as automatic. Their availability depends on the project, the sector, the legal conditions and the required formalities. A prior analysis must also integrate compliance obligations, rules on personal data, sectoral standards and, depending on the activity, environmental requirements. 5. Investing in Tunisia in 2026: mistakes to avoid The main difficulties do not result solely from the choice of sector. They often appear when legal checks are carried out too late. Investors should notably avoid: - choosing a legal structure without checking the rules of access to the activity; - treating an authorisation as obtained before it is granted; - acquiring a company without prior legal due diligence; - signing a shareholders' agreement without providing for deadlock or exit situations; - relying on tax incentives without checking eligibility conditions; - neglecting financing, foreign exchange and fund transfer arrangements; - using international contracts without examining how they interact with Tunisian law. For a high-stakes investment, coordination between legal, tax, financial and operational advisers must take place early enough to allow an informed decision. 6. How to prepare a foreign investment project in Tunisia? Structured preparation can be organised around five steps: 1. Project study: sector, target market, partners, financing needs and profitability objectives. 2. Regulatory verification: access to the activity, authorisations, land constraints and sectoral obligations. 3. Legal structuring: form of presence, capital allocation, governance and relations between partners. 4. Securing the transaction: legal due diligence, contract negotiation, warranties and conditions for completion. 5. Post-investment follow-up: compliance, filing obligations, governance and preparation of any future growth or exit transactions. This method can be adapted to company creation, an acquisition, a stakeholding, an industrial project or a financing transaction. 7. ANILF's legal support for investing in Tunisia A foreign investment requires a precise understanding of Tunisian law and of how it interacts with contracts, financing and the investor's commercial objectives. ANILF assists Tunisian and international companies in preparing and securing their investment projects in Tunisia, notably for: - legal structuring of an establishment or a stakeholding; - analysis of the regulatory framework and required authorisations; - legal due diligence in acquisition transactions; - drafting and negotiation of commercial contracts and shareholders' agreements; - mergers and acquisitions and restructuring transactions; - company law, financing and governance matters; - legal coordination with investors, in-house legal departments and foreign law firms. For international groups, investment funds and companies considering a transaction in Tunisia, the objective is to identify legal risks upstream, secure commitments and facilitate completion of the project. Are you preparing an investment, an acquisition or a partnership in Tunisia? Contact ANILF to examine the legal issues of your project and identify the checks required before you commit.