The follow'ing section describes framework conditions for improving the effectiveness of public investment, focusing on the greater role to give to socio-economic efficiency considerations to help prioritise investment projects, the role of the private sector in the provision of infrastructure, and institutional and fiscal decentralisation reforms that could help make the most out of subnational investment and foster growth. The third section concentrates on two sectors where the stock of capital is extensive in France - transport and energy - and where investment priorities should be geared tow-ards maintenance and meeting environmental objectives. Finally, public support to foster the transition to a digital economy and to boost research and innovation are discussed in the last section.