Managing Director of National Iranian Oil Company (NIOC) Ali Kardor on Wednesday highlighted importance of attracting foreign capital as mere reliance on domestic financial resources will not bring about economic growth beyond five percent under ideal conditions.

Kardor made the remark in a ceremony attended by senior oil industry officials.

"Our neighbors managed over recent years to gain favorable economic growth as they put attraction of foreign capital as a necessity on their agenda. Iran needs foreign capital too to fulfill its economic objectives, envisaged in the development program, including an eight percent economic growth rate."