Iran has some 1600 law obstacles preventing normal trade

Business Materials 27 February 2016 13:51 (UTC +04:00)

Baku, Azerbaijan, Feb. 27

By Khalid Kazimov - Trend:

Over 1600 law articles in Iran are considered as obstacles to normal trade in Iran, an Iranian exports official believes.

Mohammad Lahouti, the head of Iran Export Confederation has said that some of those articles even contradict each other, ISNA news agency reported.

Lahouti mentioned the strict rules against foreign investment and registering companies in Iran. He called on the new parliament of Iran to review those rules in order to facilitate trade.

Given the country's economic situation the new parliament should give priority to economy, he added.

These days Iran is selecting its new parliament, along with an Assembly of Experts.

Following the removal of international sanctions, Iranian President Hassan Rouhani planning to hit an eight percent economic growth in the post-sanctions era, announced that the country is seeking to annually lure up to $50 billion worth of foreign investment.

International Monetary Fund (IMF) released a report last December, saying that Iran's GDP growth is expected to be between 0.5 to -0.5 percent in current year.

While higher oil production, lower costs for trade and financial transactions, and restored access to foreign assets, are expected to lift real GDP to about 4-5.5 percent next year.