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"Our political life has shown we can't have sustainable growth while we are isolated," he told the audience. "The time is past when it used to be said that if a foreign investor comes to Iran, our independence will be in danger."

Sanctions have hurt the economy in Iran, which is also battling stubbornly high inflation and unemployment. The International Monetary Fund forecasts growth for 2015 -- before the substantial drop in global oil prices of 2.2 percent, compared to 1.5 percent in 2014.

Unlike its counterparts in the oil-rich Gulf, Iran has curtailed its budget for the coming fiscal year in response to falling crude prices, and used an oil price of $72 a barrel as a basis, down from $100 dollars in the previous period. Brent crude was trading around $55 a barrel on Monday.

For the economy to prosper, Rouhani also said the country needed to reduce the influence of government monopolies, foster more competition and fight corruption.

Last month Rouhani lamented Saudi Arabia's refusal to cut oil output.

"Iran and people of the region will not forget such conspiracies, or, in other words, treachery against the interest of the Muslim world," the Associated Press reported Rouhani as saying during a cabinet meeting.

The most recent report by the International Energy Agency (IEA) showed Iran's crude production was steady at 2.76 million barrels per day (bpd) in November. Exports are limited to 1 million bpd as part of a sanctions agreement reached in 2013.

Originally posted here:
Iran's President threatens nuclear vote