The OIETAI was founded in June 1975 to conduct and perform a host of activities which, before its establishment, were delegated to different government agencies. The activities mandated to the OIETAI have all an external nature with global international affairs. It ranges from investment to financing as well as from bilateral to regional and international relations.
The president of the Organization is ex-officio the Deputy Minister for Investments and International Affairs of the Ministry of Economic Affairs and Finance. The Organization performs its duties in accordance with its statutes and such other legislation governing foreign investment in Iran, Iranian investments abroad, external financing whether extending loans and credits to other countries as well as borrowings from international sources, coordinating and expanding relations with other countries and regional, as well as international economic and financial institutions and agencies.
The Organization is legally empowered to represent the central investment promotion authority of the Government of the Islamic Republic of Iran by providing legal protection and full security to foreign investments by way of facilitating the flow of capital into the country under the new Foreign Investment Promotion and Protection Act (FIPPA) ratified in May 2002.
The General Directorate for Foreign Investments within the Organization is responsible to receive all investment applications as well as issuance of license, conduct of affairs and safeguard all rights and entitlements of foreign investors in approved investment projects, and also to serve the investors by way of assisting, coordinating and facilitating all issues pertaining to their investments throughout the licensing process and ever after.
Being the investment authority, the Organization is also responsible for all transfers and repatriation affairs of the foreign investments as well as all arrangements and conduct of negotiations related to the bilateral and multilateral agreements for the promotion and reciprocal protection of investments ( BITs ) with other governments and international organizations. At present 58 BIT agreements have been signed with most of the European, South-East Asian, and neighboring countries as well as countries of the Middle East, and North and South Africa, notwithstanding the current negotiations underway with a large number of countries in the globe.
Furthermore pursuant to Article 12 of Implementing Regulations of Foreign Investment Promotion and Protection Act ,The Organization while carrying out the duties relating to admission and protection of Foreign Investments within the framework of FIPPA, is in charge of performing and conducting foreign investment promotion activities inside and outside the Country as well as introducing legal grounds and investment opportunities, carrying out studies and applied researches, organizing conferences and seminars, cooperating with the relevant international organizations and institutions, and establishing relations and coordination with other agencies in gathering, compiling and providing information related to Foreign Investment.