Iran's parliament approved a new bill, on August 23, to protect foreign investments — as a means of increasing and attracting much-needed foreign investment into the country.
The new bill includes rights such as protection from possible nationalization, as well as permitting foreign investors to transfer without restrictions all profits abroad, reported AP.
The previous law that was in place since before the 1979 Islamic revolution did not guarantee foreign investment — and except for the energy sector, foreign investment in Iran was very limited in the past decade. Therefore, the new legislation will most likely help realize President Mohammad Khatami's economic liberalization and privatization program.
The bill must first be legalized by the Guardian Council prior it becoming a law.—(Albawaba-MEBG)
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