Iran seems determined to open up to foreign investors, in the hope of attracting international businesses that would inject fresh capital into Iranian industry. Access will be facilitated to a number of key sectors that the government has identified as strategically important, including energy, mining and agriculture, according to Ali Salehabadi, chairman of the Iranian Securities and Exchange Organization, quoted by Press TV.
The Islamic republic is planning to focus on developing its petrochemical sector, aiming to increase its exports to $12 billion in the current Iranian year, which started March 21. Abbas She'ri-Moqaddam, managing director of the National Petrochemical Company of Iran, said that the country's petrochemical sector is a "secure area for investment," encouraging international investors to take advantage of the incentive package.
Investors will be encouraged to invest in other sectors as well, although incentives vary depending on which sector businesses are interested in. For example, investing in agriculture will mean that businesses will pay no taxes at all, while those pouring capital into industry and mining will have up to 80 percent of their revenue exempt from tax, Tehran officials explained.
As part of the incentive package, Iran will also be significantly cutting red tape, so that foreign investors will need no permission from Iranian authorities to do business in the country's stock exchange. The state will even provide facilities to investors in some sectors, Press TV reported.