BAKU, Azerbaijan, May 10. Iran’s Ministry of
Economic Affairs and Finance has delegated the authority to approve
foreign investments to provincial investment service centers and
provincial general departments of Cooperatives, Labor and Social
Welfare starting from May 5, in order to facilitate and accelerate
services provided to foreign investors, Trend reports citing Iran’s Ministry of
Economic Affairs and Finance.
According to the report, within the framework of the executive
regulations of the Law on the Promotion and Protection of Foreign
Investments, the authority related to issuing and extending work
permits for foreign investors and their affiliated persons has been
delegated to provincial foreign investment service centers and
provincial general departments of Cooperatives, Labor and Social
Welfare.
This step was implemented on the basis of a joint memorandum
signed between the Organization for Investment, Economic and
Technical Assistance of Iran under the Ministry of Economic Affairs
and Finance and the Department for Entrepreneurship Development and
Employment of the Ministry of Cooperatives, Labor and Social
Welfare, and was communicated to provincial investment service
centers and provincial general departments of Cooperatives, Labor
and Social Welfare.
Previously, the approval of foreign investments and the issuance
and extension of work permits for foreign investors were carried
out respectively by the Organization for Investment, Economic and
Technical Assistance of Iran and the General Department for
Employment of Foreign Nationals under the Ministry of Cooperatives,
Labor and Social Welfare.
This decision was adopted under the current Iranian government’s
policy of expanding service authority in the provinces, based on a
resolution dated May 16, 2025.
