IRAN’S president said on Saturday that his country needs the equivalent of £76 billion in foreign investment to achieve an annual target of 8 per cent economic growth, up from the current rate of 4 per cent.

The remarks by Masoud Pezeshkian, who was elected in July, came in his first live televised interview by state TV.

President Pezeshkian said that Iran needs up to £190bn to reach its goal but more than half is available from domestic resources. Experts say growth in GDP of 8 per cent would reduce double-digit inflation and unemployment rates.