"So far, the country has absorbed $50 billion in the petrochemical production sector," Ahmad Mahdavi Abhari said, according to Mehr News Agency.
He added that this industry needs $83 billion in investment in the next seven years.
The official said fluctuations in the foreign exchange market have worsened the exports of petrochemical products.
Abhari said cooperatives should be allowed to get involved in this industry to create a competitive atmosphere.
According to a recent report, the exports of non-oil products in the six months from March 21 show that the value of petrochemicals exports has grown by 24 percent compared to the figure for the same period in 2017.
Meanwhile, the value of exported products, excluding petrochemicals and gas condensates, has increased by 20 percent in the six-month period from the amount in the same time span a year ago.
During March 21-September 22, Iran exported non-oil goods valued at more than $23 billion — up 13 percent compared to the figure for the same period in the previous year.
In August, CEO of National Petrochemical Company (NPC) Reza Norouz-zadeh said Iran's petrochemical industry was 'unsanctionable' and that the exports would continue as per schedule.
The US has imposed fresh sanctions on Iran after withdrawing from the 2015 Iran nuclear deal and is planning to cut Iran's oil exports down to zero by November 4.