The English-Language 'Iran Daily' quoted Kamal Daneshyar as saying the downstream oil industries in Iran have not progressed sufficiently in recent years, adding the country does not need foreign expertise in developing its upstream industries as much as it does its downstream sector.
"Iran's oil and gas industries are such that it is profitable for foreign firms which...are ready to participate in any sector," he said.
He added that poverty, corruption and unemployment are chiefly the result of insufficient foreign investment in the country.
He called on the government to reduce bank profit rates to zero in a bid to encourage greater investment in all economic areas.
"The rise in inflation which will follow a cut in bank profit rates could be brought under control by boosting production and promoting industrial activities," he said, adding that foreign investment is crucial to the development of Iran's oil fields.
The official, however, admitted that the country still had to improve its domestic knowhow in field of oil and gas exploration and utilization.
... Payvand News - 10/18/04 ... --