Monday, November 29, 2004

Shariatmadari: Measures to boost foreign trade outlined

IranMania News: "Measures to boost foreign trade outlined

Monday, November 29, 2004 - ©2004 IranMania.com

LONDON, Nov 29 (IranMania) - Visiting Iranian Commerce Minister, who is on an official invitation, met late Saturday with Iranian and Kuwaiti entrepreneurs and traders to respond to their investment and trade inquiries in Iran.

Mohammad Shariatmadari expounded on steps taken by the Iranian government to expand foreign investments and international trade and touched on policies, which have been adopted to draw foreign investments, according to Iran Daily.

Iran has updated its foreign investment law to remove some of the obstacles previously faced by investors, he added.

The Minister pointed out that the new investment laws provides many facilities for international investors, including tax relief in many economic and free trade zones as well as offering many specialized services to foreign industrialists and traders.

"Also, information useful for foreign investors in doing business in Iran can be accessed from various government-related sources and on the Internet."

He rejected concerns expressed by Kuwaiti investors on business taxes in Iran saying that the taxes on foreign entrepreneurs are the same as those levied on their domestic counterparts.

He noted that the serious attention paid by the government to economic reforms including unification of foreign exchange rates, gradual removal of non-tariff barriers, ratification and implementation of Foreign Investment Law, new tax reform laws, eliminating financial collateral for exports, strengthening capital markets, establishing banks, and using foreign exchange reserve funds for economic stability are all positive steps to ensure economic growth.

The Minister added that to facilitate business transactions and building confidence, several Iranian banks had asked the Kuwait government for authorization to open branches in that country."

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