Iranian Cabinet approved a Ministry of Economy and Finance proposal to sign an agreement with France and Germany for removing double taxation on investments and finance, IRNA reported from Tehran on Wednesday.

The ministry's public relations department said that the directive authorizes the Ministry of Economy and Finance to follow up and finalize the signing of an agreement on temporary removal of income and investments taxes, with France and Germany.

Iran has signed agreements with 48 nations on support of joint trade and investments. The agreements stipulate for governments to finance private companies making the pacts an effective tool in support of economic vibrancy in Iran.

Also, Iran has inked accords with 34 countries on removal of double taxation on trade and investments which is also a boost in drawing funds to the national economy.

The serious attention paid by the government to economic reforms including unification of foreign exchange rates, gradual removal of non-tariff barriers, ratification and implementation of foreign investments law, new tax reform laws, eliminating financial collateral for exports, strengthening of capital markets, establishing banks, and using foreign exchange reserve funds for economic stability are all positive steps to ensure growth in the sector.

Minister of Economic Affairs and Finance Safdar Hosseini said here in September that foreign investment applications tripled in the first quarter of the current Iranian calendar year which commenced on March 20.

The rise in the number of foreign investment requests shows that the government has managed to prepare the grounds for attracting foreign investments through reform and constructive interaction, he added.

Total foreign investment inflows to the country stood at dlrs two billion in the last Iranian year (Ended March 19).

"The figure will, at the minimum, register a fourfold rise this year," he underlined.