TEHRAN, June 12 (Shana) -- Farhad Fozouni, a member of Tehran Chamber of Commerce, Industries, Mines & Agriculture(TCCIMA) on Sunday called for direct foreign investment in Iran's oil and gas industry.

Speaking to Shana, he noted that Iran's oil industry has witnessed significant progress in production of oil products in the past few years.

Utilizing foreign investment is the best way for development of Iran's oil and gas industry at the present time, the official said.

He noted that after removal of Iran's sanctions and resolution of banking problems in the post sanctions era, financing oil and gas projects with direct foreign investment can help achieving more progress in these fields.

Iranian government has decided to go ahead with the expansion of the oil industry and foreign investment is required for this.

The government aims to absorb finance for various sectors including oil and gas, minerals, manufacturing and tourism that offered opportunities for investors in order to realized the targeted plan of reaching 8 percent growth.

Iran is trying to increase its oil output and exports after sanctions crippled the energy sector and the economy.

By SHANA