Tehran: In its bid to win investors' confidence, Iran has said it will repeal or amend laws seen as discouraging and urged the private sector to help the country achieve economic growth, IRNA reported Thursday.

Speaker of Iranian parliament or Majlis, Ali Larijani said Wednesday the federal legislature would amend "discouraging laws to give investors protection", adding that parliament fully endorsed the government's policy of encouraging foreign investment in the country.

"A number of laws in the past were approved in a special situation, but in the current situation, they should be changed," Larijani told a conference of Iran's chamber of commerce

He also called on investors to help in the country's economic progress and create an atmosphere of competition, promising parliament's support to their efforts.

"If we want to administer justice, we have to revive the element of competition," he said.