IRNA - Iran's Economic Affairs and Finance Minister Ali Tayyebnia expressed hope for the exchange volume between Iran and the Czech Republic to reach $500m in two years.

Addressing the Joint Economic Commission meeting in Prague, Tayyebnia said on Friday that the volume of trade exchange between the two countries amounted to about $52m in 2015.

He said there is still room for both countries to work to grow the figure.

He reiterated that Iranian government has put developing exchanges on the agenda and regarding the variety of economic capacities and many competitive advantages in Iran and also variety of fields and sectors, taking advantage of foreign technical and financial capacities is classified as fundamental principles of the government.

There are many capacities for cooperation in infrastructural and developmental projects, namely in constructing railways and roads, developing airports, subway lines, building power plants with focus on renewable energies, constructing steel factories, study, exploration, exploitation and development of oil and gas fields building petrochemical complexes and developing agricultural activities, he noted.

He added that Iran and the Czech Republic have no limitation in developing economic cooperation.

'Due to lifting crippling financial and banking sanctions imposed on Iran and Iranian banks' commitment to international principles and rules in fighting money laundering, terrorism financing and the clarification of international banking ties, we expect to see practical and serious steps to resume banking ties with Iranian banks', Tayebnia said.

Based on Czech statistical administration, economic ties between Iran and the Czech Republic showed a 5-percent growth in 2015 and the volume of exchange was $52m.

The figure, indicating a 10% rise, reached $27,100,000 during the first half of 2016 while the figure stood at $24,236,000 during the same period last year.

Tayyebnia has travelled to Prague to attend the 1st Iran-Czech Republic Joint Economic Commission session.