Attracting Foreign Investment to Iran
* Invited by the Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA), PricewaterhouseCoopers Company’s senior officials gathered with senior Iranian officials, discussing how to attract more foreign investment to Iran. Mentioning the establishment of an office to attract foreign investment by this chamber, the head of TCCIMA talked about their attempts to identify and eliminate impediments ahead of foreigners’ presence and participation in the country. Mr. Ronnberg, a senior PwC official, then, stressed on enhancing transparency in companies’ Iranian’s operations along with preparing their IFRS-based financial statements as the major steps to be taken. Focusing on building trust between both Iranian and foreign companies, he also asked Iranian entities to fully understand and implement international business rules and regulations. Referring to the steps taken so far in Iran’s capital market, including attempts to establish credit rating agencies, reforming reporting methods, introducing diversified instruments and deepening the debt market, Mr. Qalibaf-e Asl, the CEO of Tehran Stock Exchange also stated taken measures to list Iranian companies on global exchanges and insisted on turning to international markets for finance, as the best way that can bring the current high finance cost down. As another guest, the CEO of Bank Middle East also explained the way taken so far to open a branch in Germany and concentrated on the issue of corporate governance, which seems to be neglected in the country. Mr. Aqili also talked about the importance of internal auditing, anti-money laundering rules and risk management in banks, in addition to demanding Iranian banks to pay more attention to implementing internationally accepted standards such as Basel Committee’s, which act as pre-requisites to link Iranian banks with their foreign counterparts.