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.
