LONDON, July 20 (IranMania) - Iran's Deputy Minister of Commerce says foreign investment in Iran simply requires an authorization permit with no additional complications, PressTV reported.

In a meeting with South Korean private and public entrepreneurs designed to explain Iran's rules and requirements for foreign investment and to introduce Iran's economic and trade capabilities and potential, Mahdi Ghazanfari discussed Iran's ongoing privatization process of its industries and the many incentives for foreign investment, especially in Iran's free trade zones.

Gazanfari explained the existence of foreign investments in authorized sectors for the private sector, adding that the volume of foreign investment in Iran is not subject to any limitation.

Privatization in Iran's industries goes back 20 years but the trend has accelerated, making Iran a desirable place for investment, he added.

Currently, industries such as mining, rail transport, aviation, insurance and banking are being privatized in Iran with foreign investment in these sectors facing no investment limits.

The exportation of industries that absorb foreign investment is also guaranteed with no restrictions, the commerce official noted.

Foreign investments in Iran are completely insured by export credit institutions from risks that may not be related to normal business risks, Ghazanfari said.