Iran and Armenia called for further expansion of bilateral industrial ties when the two countries' officials met in Tehran, the local English language satellite Press TV reported on Sunday.

Iranian Deputy Minister of Industries and Mines Ahmad Khademolmelleh and Armenian Ambassador to Iran Grigor Arakelian on March 20 discussed the prospects for the two countries' industrial relationsd.

Khademolmelleh stressed both countries' potentials for bolstering cooperation in mines and industrial areas and called for organizing industrial tours for Armenian business owners in Iran.

For his part, the Armenian ambassador announced his country's readiness to participate in the projects introduced by Iran's ministry of industries.

Arakelyan said that bilateral trade value between the two sides currently stands at 270 million U.S. dollars and the figure is on the rise.

Arakelyan added that the upcoming visit of the Armenian President to Iran may create conditions for further expansion of cooperation between the two states in industry and economy.

In the past years, Iran and its northern neighbor Armenia have signed agreements on energy cooperation and agreed to cooperate in technology and research and enhance ties in commerce and economy.

In January, Armenia and Iran struck a deal on constructing an oil pipeline between the two countries which could cost 240 million U.S. dollars to complete, chinadaily.com.cn reported.