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Introduction to the Organization for Investment,Economic and Technical Assistance of Iran( OIETAI )
The OIETAI was founded in June 1975 to conduct and perform a host of activities which, before its establishment, were delegated to different government agencies. The activities mandated to the OIETAI have all an external nature with global international affairs. It ranges from investment to financing as well as from bilateral to regional and international relations. The president of the Organization is ex-officio the Deputy Minister for Investments and International Affairs of the Ministry of Economic Affairs and Finance. The Organization performs its duties in accordance with its statutes and such other legislation governing foreign investment in Iran, Iranian investments abroad, external financing whether extending loans and credits to other countries as well as borrowings from international sources, coordinating and expanding relations with other countries and regional, as well as international economic and financial institutions and agencies. The functions of the Organization may be categorized in three main areas:
1.Foreign Investments in Iran.
The Organization is legally empowered to represent the central investment promotion authority of the Government of the Islamic Republic of Iran by providing legal protection and full security to foreign investments by way of facilitating the flow of capital into the country under the new Foreign Investment Promotion and Protection Act (FIPPA) ratified in May 2002. The General Directorate for Foreign Investments within the Organization is responsible to receive all investment applications as well as issuance of license, conduct of affairs and safeguard all rights and entitlements of foreign investors in approved investment projects, and also to serve the investors by way of assisting, coordinating and facilitating all issues pertaining to their investments throughout the licensing process and ever after. Being the investment authority, the Organization is also responsible for all transfers and repatriation affairs of the foreign investments as well as all arrangements and conduct of negotiations related to the bilateral and multilateral agreements for the promotion and reciprocal protection of investments ( BITs ) with other governments and international organizations. At present 47 BIT agreements have been signed with most of the European, South-East Asian, and neighboring countries as well as countries of the Middle East, and North and South Africa, notwithstanding the current negotiations underway with a large number of countries in the globe. 2. External Financing One important area in the Organization’s overall activities is concentrated on the role in the conduct of all matters related to the relations with international finance and credit institutions as well as Export Credit Agencies (ECAs), World Bank group, Islamic Development Bank ( IDB), OPEC Fund for Development, and various other international organizations. These activities are administered in the General Directorate for Loans and International Institutions and Organizations. It is also responsible for the conduct of negotiations in respect of the government and state-owned companies for the conclusion of loan and credit agreements and, above all, to manage for securing the payment guarantees on behalf of the Ministry of Economic Affairs and Finance. 3-Foreign Economic Relations This duty is performed by the General Directorate for Foreign Economic Relations of the Ministry of Economic Affairs and Finance, within the Organization. It is responsible for all matters pertaining to economic relations including the Joint Economic Commissions with several countries as well as organizing and coordinating a series of tasks in the area of economic relations with countries worldwide. |
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