Foreign investment policies 3

According to Article 5 of the Act on Promotion and Protection of Foreign Investments, foreign investors shall submit their requests for admission, entry, utilization and withdrawal of capital to the “Organization for Investment and Economic and Technical Assistance of Iran” (OIETAI). In order to decide on such requests, a “Foreign Investment Board” is established in OIETAI. The Board consists of the Deputy Minister of Economic Affairs and Finance and Head of OIETAI, as the Chairman of the Board, the Deputy Minister of Foreign Affairs, the Deputy Head of the Management and Planning Organization, and the Deputy Governor of the Central Bank of the I. R. Iran, as well as other deputy ministers as the case may require.

Foreign investments falling in the realm of APPFI will equally enjoy all rights, protections and privileges granted to Iranian investors. According to APPFI, foreign investments will not be expropriated or nationalized, except for public purposes, through a legal process, in a nondiscriminatory manner, and subject to appropriate compensation which will be calculated based on the real value of such investments immediately before the expropriation or nationalization takes place.