KUALA LUMPUR (IRNA) -- Iranian Ambassador to Bangkok Mohsen Pak-Ayeen Tuesday called for enhancement of economic cooperation with Thailand given their great potentials.

Pak-Ayeen was addressing a conference to consider avenues for bolstering Thailand's economic cooperation with Islamic states organized by the Thai Chamber of Commerce.

"There are no limits to expansion of Tehran-Bangkok ties in various economic fields," he said.

He noted that bilateral relations have been on an upward trend in recent years. Joint cooperation was particularly promising in the economic, industrial and tourism fields," he said.

He pointed out that Iran has passed a foreign investment incentives law which facilitates foreign investment in the country and grants additional facilities to investors through guaranteeing the return of capital. Referring to the law governing free trade zones in the country, he said "investment in such zones will be exempted from tax for 20 years."

He pointed to the country's petrochemical industry as a rich ground for foreign investment, and said Iran, Thailand and Japan have entered into a tripartite agreement for investment in this Iranian sector.

He added that Thailand is in a position to make huge investments in Iran's petrochemical industry.

The Iranian Embassy's Secretary for Economic Affairs Akbar Nazari, who also addressed the conference, said non-oil exchanges between Iran and Thailand rose by 72.75 percent from the previous year's figure.

He placed the value of trade exchanges between the two countries at $616.9 million in 2006, which is almost double the figure of $357.1 million in 2005.