26 September Asia Pulse

Austria Awaits Law Change to Boost Investments in Iran

 IranExpert

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Visiting Austrian Minister of Economy Martin Bartenstein, in a meeting with Minister of Economy and Finance Tahmaseb Mazaheri said here that Austria is awaiting changes in new investments and tax reform laws in Iran to boost its capital investments in the country.

Economy Ministry's Public Relations Department reported here that the Austrian minister welcomed agreement on doing away with double taxation between the two countries. He also expressed hope that with the efforts of Iran and Austria a draft proposal will be ready to be finalized soon. Mazaheri stressed Iran's drive for attracting foreign investments and referred to the efforts undertaken for reforming the tax and investment laws.

The door is open for more foreign investments to the country Mazaheri said Monday, adding, "It is hoped that the new law will pave the way for removing obstacles for repatriation of profits and return on investment." He said that Iran is ready to ratify the agreement on removing double taxation and predicted that the law will an impetus for the two countries' companies to use the tax advantages provided.

Earlier on Monday, Bartenstein met First Vice President Mohammad Reza Aref and discussed bilateral ties. The two officials called for strengthening of political, economic and scientific ties.

Aref said the recent trips by Austrian officials to Iran have been an impetus for better bilateral relations. He also called for faster implementation of agreements reached in the meetings of the two countries joint commission. Meanwhile, The sixth meeting of Iran-Austria Joint Commission is being held in Tehran from September 23-25, announced the advisor for international affairs to the minister of industries and mines, Mohammad Taqizadeh-Ansari here recently. At the session, the two sides are discussing ways to enable Austrian companies and businessmen to further participate and invest in Iran's industries, mines, energy and oil sectors, Taqizadeh-Ansari told IRNA.

Iran-Austria commercial ties have increased significantly in recent years. In the previous Iranian year (starting March 20, 2000), bilateral trade transactions reached US$288.8 million, showing a decrease of 8.6 per cent compared to the corresponding figures in the year before.

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