Iran to launch single window system for investment

Business Materials 29 October 2012 14:38 (UTC +04:00)

Azerbaijan, Baku, Oct.29/ Trend G.Mehdi/

Iran will launch single window system for investment in all provinces in the near future in a bid to streamline the activity of economic enterprises, the Mehr News Agency quoted Iranian deputy economy minister Behrouz Alishiri as saying.

"The single window system has been envisaged by the fifth five-year development plan (2010-2015)," he noted.

The single-window system is a trade facilitation idea. As such, the implementation of a single window system enables international (cross-border) traders to submit regulatory documents at a single location and/or single entity.

Such documents are typically customs declarations, applications for import/export permits, and other supporting documents such as certificates of origin and trading invoices.

The main value proposition for having a single window for a country or economy is to increase the efficiency through time and cost savings for traders in their dealings with government authorities for obtaining the relevant clearance and permit(s) for moving cargoes across national or economic borders.

In September, Alishiri said that foreign investment plans worth as much as $10 billion are expected to be transacted by Iran during the current Iranian calendar year, which ends on March 20, 2013.

Foreign investment plans in Iran amounted to $4.3 billion last year, showing a 27 percent growth compared on the year before, Alishiri said.

Iran needs up to $400 billion in direct foreign investment to materialize its objective of 8 percent economic growth, he added.