Though the preceding sections of this Chapter has dealt primarily with the inflow of foreign investment and technology into Iran, the rapid gains and technological advances made by Iran's industrial sector have now necessitated a review of the framework by which Iranian companies are able to invest and transfer technology abroad. Article 27 of Iran's Second Five Year Plan led to the formation of a ' Coordinating Council for the Export of Engineering Services' so as to structure the requisite institutional framework for the export of engineering and technical services. The efforts of this council has lead to the establishment of some 32 industrial plants abroad with a total value of $500,000,000. The rules and regulations pertaining to the provision of such services and investment are as follows:
 

Article 1
Each and every investment project that Iran intends to make abroad must be submitted to the technical Board of the Organization for Investment and Economic, Technical Assistance of Iran (OIETAI). The Organization is in charge of consolidating and implementing foreign investments.
The Technical Committee shall study the relevant documents regarding each and every project, according to article 4 below, and shall give its conclusion and comments. The project will then have to be referred to the High council for Investments. All concerned bodies, including the relevant ministries such as the Ministry for Commerce, as well as the Iranian Customs Department, the Central Bank of the Islamic Republic of Iran, and insurance and guaranteeing bodies, are obligated to follow up the necessary steps to wards the implementation of foreign investment projects that are approved by the High Council.

Article 2
Foreign investment projects must be feasible and must fulfill the following conditions:

1. The return on the investment must be such that the total investments made in cash of kind by the Iranian side is returned within a maximum of five years.
2. At least 80% of investments to be made by the Iranian side must be noncash, such as in capital goods, raw materials and intermediate products, technical know-how, services and human resources.
3. The financial resources required must be envisaged

Article 3
In addition to approving projects, the High Council for Investments must also decide on the following points. The ratifications of the High Council, bearing the signature of the Minister for Economic and Financial Affairs, shall be passed on to the relevant executive organs.

1. The raw materials, intermediate products and capital goods leaving the country as noncash investments (investment in kind).
2. The amount of cash capital being transferred from Iran, and the banking system's permission for doing so.
3. The amount of undertakings, in foreign exchange, that the Iranian investor accepts for the return of cash and noncash investments and investments in technical know-how and services being transferred; as well as the schedule for the settlement of these undertakings.

Article 4
Applicants for making foreign investments must provide the necessary information / documents for the Technical Committee's consideration. These must be submitted to the High Council, annexed to the application, and must include:

1. Description of the kind of investment envisaged together with a clear explanation as to why it should be made out of the country and how it is justified.
2. The Articles of Association of the Iranian firm intending to make the investment and the financial and accountancy statements of the past three years as approved in the general assembly of the firm. Should the firm have recently been established, the statements of all the previous years (Less than three years).
3. The agreement concluded by the Iranian and foreign sides of the investments and the draft Articles of Association of the joint venture company which is registered in the host country.
4. the amount to be invested by each side (Iranian and foreign) and how it is to be secured (cash, kind, value and kind of currency) as well as amount of shares of and loans provided by each side.
5. The amount the applicant intends to invest (cash, kind, value and currency) as well as his shares and the loan he provides.
6. The balance sheets, profit and loss statements and cash flow accounts of the first five years from the day the company begins to operate.
7. The laws and regulations of the host country governing foreign investments and the protection of FDIs, entry and exit of foreign capital, as well as laws on taxes and other duties which apply to the company's net income and to the shareholders profits.
8. A report on the effects of the proposed investments on export of similar goods from the country (Iran), considering the possible competition that could be created.