Iran opens state-run firms for foreign ownership

June 30th, 2008 - 5:58 pm ICT by IANS  

Tehran, June 30 (Xinhua) Iran will allow foreign firms to purchase stakes in state-run companies, with the possibility of obtaining full ownership, Press TV said Monday. Iran will allow foreign companies and nationals to purchase shares of state-run enterprises, director of Iran’s Privatization Company Gholamreza Heidari Kord Zangeneh was quoted as saying.

The move is designed to attract greater foreign investment and is part of the country’s opening up programme, Kord Zangeneh said.

Among the new incentives announced, foreign firms may transfer their annual profit from their Iranian company out of the country in any currency, he said, adding that three years after their purchase or investment they may also transfer their original capital out of Iran.

In May, Iran approved the purchase of its state-run Razi Petrochemical Company by a Turkish consortium in a bid to corporatise its industries.

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