TEHRAN -- An economist has underlined the need to promote domestic investors in order to attract foreign investors into the country, adding that the current policy of enforcing contradictory economic policies would harm production.

Najafi Elmi said that laying the ground for domestic investors to participate in economic activities and reinforcing the ground for further investments would also encourage foreign investors to invest in the country.

He stressed that the axis of all laws and regulations intended to boost investment in the country should stress support for domestic investors.

Highlighting the importance of adequate know-how and incentives to encourage investment as factors encouraging sound economic policy, he said the existence of ambiguities in the rules and regulations governing investment discourage prospective investors.

He said Iran's possible accession to the World Trade Organization (WTO) should not be construed as opening the gates of the country to foreign trade as this will be harmful to domestic investors because of the WTO regulation banning imposition of tariffs on imported goods.