The Iranian Parliament on Tuesday passed legislation to guarantee foreign investment in line with the International Trade Law, reported the official Iranian news agency (IRNA).
Under the legislation, applications from foreign investors
will be studied by a special committee in charge of foreign investment, said the agency.
The minister of finance and economic affairs will sign licenses issued by the special committee.
The legislation designates foreign investors as private sector companies.
Even if the investor represents a foreign state company, the process of issuing licenses should not interfere with diplomatic relations, and related disputes should be dealt with through the concerned bodies and in line with international trade law, said the agency.
The parliament made it clear that “no privileges will be offered to foreign investors.”
The legislation also stipulates that the government is not entitled to grant monopolies to any foreign investors, and that none of the foreign investments is subject to expropriation or nationalization, said the agency – Albawaba.com
