TEHRAN- After the Supreme Council for Economic Coordination, the Finance and Economic Affairs Ministry, the Interior Ministry, and other influential organizations in Iran decided to facilitate the conditions of foreign investment in the country, Vice President Eshaq Jahangiri announced the Foreign Investment Promotion and Protecting Act (FIPPA) last year.

Although there are easier conditions and best incentives than in the past, the experts and economic activists believe that these are not adequate and it needs reconsideration. They state these conditions are not compatible with other countries in our region. Therefore, last month, in a meeting with the Vice President, this issue was investigated and Jahangiri ordered to remove existing obstacles as soon as possible. One of those responsible for this issue is Foreign Minister. Now, Gholam-Reza Ansari, the deputy Iranian foreign minister for economic affairs, says in an exclusive conversation to Tehran Times that this ministry has provided its own suggestions to be presented to Vice President.

“Although, tangible changes have occurred in the level of interest for foreign investment in Iran after the announcement of the new legislation by the vice president, we are trying to improve it”. Ansari said.

He did not comment about the amount of new investment but described the results of new regulations, “very good” and added, “We should facilitate our regulations according to the regional conditions and the neighboring countries".

The official underlined the reason for this change, “Increase attractiveness for foreign investors”.

Granting protection and facilities to foreign investors the same as domestic investors, making investment in all fields where private sector activity is allowed, protection against expropriation and nationalization are included in the FIPPA.

Inflowing capital into the country depends on various reasons; one of them is the business environment. Since a foreign investor who wants to bring his/her own capital into the country, wants to ensure about returning on profits and capital principle, we have to guarantee the security of this space". Ansari elaborated.

The deputy Iranian foreign minister for economic affairs announced that both Iranians abroad and foreign investors will be audiences of these new changes.