TEHRAN, Feb. 07 (Shana) -- Deputy Petroleum Minister in Petrochemical Affairs Abbas Shari-Moqaddam says Iran's petrochemical sector will develop rapidly provided that the business environment of the country improves as it must in the post-sanctions setting.

He said a national resolve is needed for the petrochemical industry to experience its second leap now that the sanctions have been lifted.

Shari-Moqaddam, who also presides over National Petrochemical Company (NPC), said the business environment of the country is not favorable due to several reasons including the red tape caused by restrictive regulations.

"Beside the regulations, their violation and lack of monitoring bodies to ensure their observation have added to the trouble in the country," he added.

He said investors need to have a crystal-clear understanding of the environment where they are investing their money.

"Pathways for attraction of more investments must be pursued in the petrochemical industry because the sector can generate jobs and is regarded as one of the main levers of the economy of resistance," he added.

By SHANA