SCHEDULE 13D

DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT
1/23/2004

1. NAME OF REPORTING PERSON
Phillip Goldstein


2. CHECK THE BOX IF MEMBER OF A GROUP                  a[ ]

                                                       b[ ]

3. SEC USE ONLY

4. SOURCE OF FUNDS
WC


5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) AND 2(e)                        []

6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
________________________________________________________________

7. SOLE VOTING POWER
321,474


8. SHARED VOTING POWER
19,832


9. SOLE DISPOSITIVE POWER

647,486________________________________________________________

10. SHARED DISPOSITIVE POWER
0

11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON

647,486

12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES   []
13. PERCENT OF CLASS REPRESENTED BY ROW 11

5.36

14. TYPE OF REPORTING PERSON

IA
________________________________________________________________



Item 1. SECURITY AND ISSUER
This Schedule 13D relates to the shares of Common Stock (the
"Common Stock") of The France Growth Fund, Inc. ("FRF".) The
principal executive offices of FRF are located at 245 Park
Avenue, 39th Floor, New York, NY 10167.

Item 2. IDENTITY AND BACKGROUND
This statement is filed on behalf of Phillip Goldstein, 60
Heritage Drive, Pleasantville, NY 10570. Mr. Goldstein is a self-
employed investment advisor and President of Kimball and
Winthrop, Inc. an investment advisory firm.

During the past 5 years Mr. Goldstein has not been convicted in a
criminal proceeding, nor been party to a civil proceeding of a
judicial or administrative body of competent jurisdiction as a
result of which he was or is subject to a judgment, decree or
final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws
or finding any violation with respect to such laws.


ITEM 3. SOURCE AND AMOUNT OF FUNDS AND OTHER CONSIDERATIONS
Mr. Goldstein has accumulated shares of FRF on behalf of
accounts that are managed by him. All funds that have been
utilized to purchase such shares are from such accounts or from
margin loans from broker dealers where these accounts are held.

ITEM 4. PURPOSE OF TRANSACTION
At FRF's 2003 annual meeting shareholders overwhelmingly approved
a resolution to liquidate FRF but it was not implemented by the
directors. The reporting person has submitted a shareholder
proposal calling for FRF'S liquidation (Exhibit 1) and has also
given notice TO FRF that he intends to nominate three persons to
the Board of Directors at the 2004 meeting of shareholders
(Exhibit 2).

ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
As per FRF's semi-annual report dated June 30, 2003 there were
12,072,000 shares of FRF outstanding. The percentage set forth in
item 5a was derived using such number.

a)   Mr. Goldstein is deemed to be the beneficial owner of
     647,486 shares of FRF or 5.36% of the outstanding shares.

b)   Power to dispose of securities resides solely with Mr.
     Goldstein for 647,486 shares. Power to vote securities
resides solely with Mr. Goldstein for 321,474 shares and jointly
for 19,832 shares.

c)   During the past 60 days the following shares of FRF were
purchased (there were no sales):

1/7/2004    5,000 @ 7.66
1/20/2004   500 @ 7.65
1/23/2004   27,900 @ 7.8254
1/26/2004   10,000 @ 7.81
1/28/2004   8,600 @ 7.82


d)   Beneficiaries of accounts managed by Mr. Goldstein are
     entitled to receive any dividends or sales proceeds.

e)   NA

ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER.
None.

ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit 1: Shareholder Resolution
Exhibit 2: Advance Notice

After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.

Dated: 1/30/04

By: /s/ Phillip Goldstein
Name:   Phillip Goldstein



Exhibit 1: Shareholder Proposal

Opportunity Partners L.P.,
60 Heritage Drive, Pleasantville, NY 10570
(914) 747-5262 // Fax: (914) 747-5258//oplp@optonline.net

September 29, 2003

Paul H. Schubert, Treasurer
The France Growth Fund, Inc.
UBS Global Asset Management (US) Inc.
51 West 52nd Street
New York, NY 10019-6114

Dear Mr. Schubert:

We have beneficially owned shares of The France Growth Fund, Inc.
(the "Fund") valued at more than $2,000 for more than one year
and we intend to continue our ownership through the date of the
next annual meeting. We are hereby submitting the following
proposal and supporting statement pursuant to rule 14a-8 of the
Securities Exchange Act of 1934 for inclusion in management's
proxy statement for the next annual meeting of stockholders or
any earlier meeting.

In addition, we hereby give notice that unless the board agrees
to abide by a stockholder vote on our proposal, we intend to
nominate a sufficient number of persons as directors to fill any
seats up for election at the Fund's 2004 annual meeting.  Please
advise us immediately if this notice is deficient in any way so
that we may promptly cure any such deficiency.

RESOLVED:  The stockholders request that the fund be liquidated.

Supporting Statement

Last year, the Fund's stockholders voted overwhelmingly to
liquidate the Fund or otherwise allow stockholders to realize net
asset value.  The vote was as follows: 5.5 million shares "For";
2.5 million shares "Against;" and less than 0.1 million shares
"Abstain."  Of the 2.5 million shares voted against the proposal,
2 million were cast by Bankgesellschaft Berlin AG, which controls
four board seats and agreed in advance to vote its shares against
liquidation to settle a dispute with the other directors.  Of the
votes cast by stockholders other than Bankgesellschaft Berlin,
over 90% favored liquidating the Fund.
It is obvious why stockholders want to liquidate the Fund.  Its
performance has lagged its benchmark while its expense ratio has
soared to 3%.  The board established an operating budget for the
Fund of $1.45 million for 2003.  By June 30, 2003, $1.2 million
worth of expenses had already been incurred.  A significant part
of that is the $180,000 in fees, insurance and expenses incurred
by the bloated board's eleven directors.  Other expenses incurred
by the Fund in the first half of 2003 are also inexplicably high,
e.g., $53,000 for "reports to shareholders," $51,000 for
"shareholder meetings and relations expenses," $247,000 for
"legal fees," and "$72,000 for "other expenses."  Did
stockholders receive benefits that are worth these expenses?
Clearly, many people including the directors receive financial
benefits from the Fund.  Unfortunately, the stockholders who have
not received a dividend since 2001 do not appear to be among
them.
Did the directors ignore last year's overwhelming stockholder
mandate to liquidate the Fund because they want to continue to
collect fees and like to travel for free at stockholders'
expense?  Whatever their reason, we think the argument for
liquidating the Fund is more compelling than ever.  In a
nutshell, the Fund continues to trade at a double-digit discount
to net asset value, its liquidity is poor, its performance is
mediocre at best, its expense ratio is excessive and its board of
directors is unresponsive to stockholder votes.  The obvious
conclusion is that the Fund has outlived it usefulness to
stockholders and should now be liquidated.
Very truly yours,
Phillip Goldstein
President
Kimball & Winthrop, Inc.
General Partner
Cc:  Margaret Bancroft, Esq.
     Dechert LLP
     30 Rockefeller Plaza
     New York, NY 10012





Exhibit2 : Advance Notice

60 Heritage Drive
Pleasantville, NY 10570
(914) 747-5262//Fax (914) 747-5258

January 29, 2004

The France Growth Fund, Inc.
245 Park Avenue
39th Floor
New York, NY 10167

Attention: Steven M. Cancro, Vice President and Secretary

Dear Mr. Cancro:

I hereby give notice that I intend to nominate Andrew Dakos,
Gerald Hellerman and me for election as directors at the 2004
annual meeting of the France Growth Fund, Inc. (the "Fund") and
to propose that an orderly liquidation of the Fund be commenced
as soon as practicable for the reasons stated in the enclosed
supporting statement.  I intend to solicit proxies from other
stockholders and to seek reimbursement from the Fund for my
solicitation expenses.

I own one share of stock jointly with my wife and I have voting
and/or disposal authority for an additional 647,485 shares that
are beneficially owned by my clients and me.

The pertinent information about each nominee is provided below.
I consent to being named as a nominee and if elected, to serve as
a director of the Fund.  Mr. Hellerman's and Mr. Dakos' consents
are enclosed.

Gerald Hellerman (Age 66), 10965 Eight Bells Lane, Columbia, MD
21044
Managing director of Hellerman Associates, a financial and
corporate consulting firm; President, director of The Mexico
Equity and Income Fund since 2001; Director and chairman of the
audit committee of Frank's Nursery & Crafts since 2002; director
of Innovative Clinical Solutions, Ltd. since 2002 and president
since 2003; Director of MVC Capital since March 2003; Director of
Brantley Capital since March 2003.

Phillip Goldstein (Age 58), 60 Heritage Drive, Pleasantville, NY
10570
Investment advisor since 1992; Director of Brantley Capital
Corporation since 2002 and of The Mexico Equity and Income Fund
since 1999.

Andrew Dakos (37),  43 Waterford Drive, Montville, NJ 07045
President and CEO, UVitec Printing Ink, Inc.; Managing member of
the general partner of Full Value Partners L.P.; President of
Elmhurst Capital, Inc. (an investment advisory firm); Director of
The Mexico Equity and Income Fund since 2001.

Neither Mr. Hellerman nor Mr. Dakos owns any shares.  There are
no arrangements or understandings between any nominee and any
other person with respect to the aforementioned nominations or
proposal.

Please advise me immediately if this notice is deficient in any
way so that I can promptly cure any deficiency.  Thank you.

Very truly yours,


Phillip Goldstein