Mohammad Reza Bahonar told a conference on Iran’s role in economic security and cooperation that the law for attracting foreign direct investment was approved by the Expediency Council in 2003 and opined that the law is one of the most progressive and advanced laws for the attraction of foreign investment.

The MP stated that ratifications of the Expediency Council cannot be changed easily and opined that problems currently facing foreign investment in Iran will be solved in the near future.

Bahonar also stated that young population, huge natural resources and the Islamic system’s determination to attract foreign investment are good motives for foreign investors to invest in various sectors of the Iranian economy including oil, gas, petrochemicals and mines.

Deputy Majlis speaker also noted that general policies related to Article 44 of the Constitution have been notified by the Supreme Leader and the notification has paved the way for the private sector’s involvement in major economic sectors such as downstream oil and gas industry, telecommunications, airlines, and marine transportation.

He said that the new interpretation of Article 44 will prevent further growth of the government.