TEHRAN- Iranian Finance and Economic Affairs Minister Masoud Karbasian and Georgian First Vice Prime Minister Dimitry Kumsishvili, in a meeting in Tehran on Monday, stressed the necessity of strengthening banking relations between the two countries.

During the meeting, Karbasian mentioned banking issues as the main subject to be prioritized for expansion of economic ties between the two sides and announced Iran’s readiness for establishment of bank branches in Georgia, Shada news agency reported.

The minister named customs, insurance, tourism and electricity as some areas apt for bilateral cooperation.

Kumsishvili, who is also the minister of economy and sustainable development of Georgia, for his part, voiced his country’s preparedness for development of trade and economic relations with Iran.

He said 31 weekly flights between Iran and Georgia indicates the high potential for tourism and trade cooperation between the two countries.

Saying that Georgia’s stock exchange and capital market is small compared to that of Iran, the official called on Iran to transfer its experiences in this due to Georgia.

Based on the data released by the Islamic Republic of Iran Customs Administration (IRICA), Iran-Georgia trade stood at $156.665 million in the past year, of which $90.085 million was Iran’s exports to Georgia and $65.68 million was Georgia’s exports to Iran.

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CAP: Iranian Finance and Economic Affairs Minister Masoud Karbasian (R) and Georgian First Vice Prime Minister Dimitry Kumsishvili in a meeting in Tehran on Monday