TEHRAN -- Bahraini Minister of Finance and National Economy Abdullah Hassan Saif in a meeting here Monday with his Iranian counterpart Tahmasb Mazaheri welcomed expansion of banking, finance, transportation and joint investment ties with Iran. The Bahraini official said the two countries are interested in upgrading their economic ties adding that "in this respect, proper ways have to be sought to achieve this aim."

He added that Bahrain has accumulated useful experiences in banking and is ready to share them with Iran.

He also voiced his country's interest in signing agreements with Iran on promotion and support of joint investment, removal of double taxation, and establishing sea transportation routes.

Mazaheri also welcomed expansion of bilateral ties in all areas, notably in joint investments, IRNA reported.

He said, Iran is in close proximity with Central Asian countries and Afghanistan which offers a good opportunity of investments.

Bahrain's private sector can benefit from this situation by directly investing in Iran to produce a variety of goods, Mazaheri added. The economy and finance minister further said that Iran's policy is to promote and support the two countries private sectors, adding that "Investors from both countries should directly discuss their plans for joint investments."

Meanwhile, last week Iran and Bahrain expressed a lot of interest in expanding bilateral ties in political, economic and cultural spheres while reconfirming that improved bilateral ties between the two sides would benefit the entire region.

In a meeting on Saturday with Bahrain's King Sheikh Hamad bin Isa al-Khalifa, President Mohammad Khatami commented on the friendly and historical relations between the Iranian and Bahraini peoples and expressed hope that current talks would open up a new chapter in bilateral relations between the two states.

President Khatami commented on breakthroughs achieved in the economic, technological and scientific areas in Iran as well as the move toward the establishment of a civil society based on Islamic values.

He also voiced Iran's readiness to cooperate with Bahrain in all spheres including oil, gas, banking and investment.