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Hosseini: Red Carpet for Foreign Investors
As reported by Public Relations Department of the Organization for Investment, Economic and technical Assistance of Iran, Seyed Shamseddin Hosseini, Minister of Economic Affairs and Finance said today at the “Capital Coalition Forum” in Shiraz : Notwithstanding financial crises in the world economy, economy of Iran showed a more resilient operation in 2009, in a way that the volume of non-oil exports saw a 35% growth.
Minister of Economic Affairs and Finance, saying that despite price cuts at the international level, Iran witnessed a 10% increase in the value of its non-oil exports, stipulated: This happened while the volume of global trade has faced a reduction of 12%.
Foreign Investment Growth
Based on what he said; the highest rate of  growth in foreign investment, last year, amounting to 60% , happened in Iran, while the growth of foreign investment in the world saw an average reduction of 30%.
Dr. Hosseini, referring to the 58% growth of the Index of the Stock exchange and 31% growth of the transactions of the Stock Exchange for  Commodities added: these factors collectively, resulted in the economy of Iran to register 800 billion dollars for GDP, based on purchasing power parity which is the index for welfare and purchasing power, and the Iranians income per capita to pass 12500 dollars.
The Outlook of the Economy of Iran
He evaluated the economic outlook of Iran in the year 1389 as more positive, reasoning: the oil market which was experiencing recession since 2007, has been picking up during the last few days, climbing out of it. The other problem of the economy in the last few years has been unfavorable climate.
The member of cabinet stressed: growth of Tehran Stock exchange in the course of the last two months reflects the fact that in the current year, the growth of economy will get more resilient, while the Index of Tehran Stock Exchange has seen a 13% increase.
With regard to easing the environment for manufacturing and investment in the country, he said: the approvals of the Government in the last three  months, especially the approval of the  Board of Trustees for Currency Reserve Account, on elimination of the restriction of the 25% ceiling,  to use the resources of this account by the firms, and increasing it to 49% is among the approvals of the government to protect foreign investors.
Hosseini also referred to approval of the by- law of Foreign Investment in 
Tehran Stock Exchange and attempts to ease the inflow and outflow of capital, principal and profits,  called it another measure in line with attraction of foreign capital, he added: there is only some limitation on repatriation of capital for strategic investments up to two years, which can change through negotiation with Organization for Investment.
He also said: regarding the high capacity of the provinces across the country to attract foreign investment, the by-law on Establishment of Investment Centers was modified, so now if the process of attraction and issuance of the licenses and permits to foreign investors face  delay, the governors of the provinces are authorized to issue the licenses by themselves. 
Requesting from the parliament
Minister of Economic Affairs and Finance with regard to the attempts made to eliminate the redundant regulations said: We request the parliament to put in its agenda the issue of amending article 5 of the law on Principle 44 of the Constitution on establishment of banks and expediting investments.
He also requested approval of the bill on Protection of Foreign Banks for removing the restrictions  and added: attraction of foreign investment in parallel with easing the environment for doing business is the priority and central program of the 10th administration , and whoever is not moving in this direction is not with the government.
Hosseini announcing that the government gives the investors the red- carpet treatment , welcomes them and removes the obstacles, emphasized on appropriate use of the resources saying: Iran is allocating 80 billion dollars in subsidies  per annum which means it is investing that amount, but it is not clear where the investment is made, but   this amount should serve production and investors.
Minister of Economic Affairs and Finance reiterating the issue that the subsidies should go to investment and production added: the doing business environment also  should improve and the investors avail themselves of the investment opportunities in Iran.
Pointing out that the policies of the Law on principle 44 of Constitution  allow investment in all economic sectors to foreign investors he declared:  privatization in all fields and sectors including banking, insurance, auto industry, air industry , power plant, oil refinery and so on is being carried out.
Minister of economic Affairs and Finance stressing that  all the affairs should be delivered to entrepreneurs and people added: although there is some resistance in the middle layers, but the pace of principle 44 will not slow down.
He invited the foreign investors to purchase the participation papers issued for various Iranian projects. He also stipulated; the currency reserves of the country is 4 folds that of its currency  obligations so the economic risk will be zero. 
May 24, 2010 14:12
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