He added the given the recent growing trend of economic developments in both countries, the expansion of mutual ties should be expedited.

Turning to the formation of a special headquarters in charge of multi-faceted bilateral relations, he noted that the move marks Iran`s attempts towards broadening ties.

Expounding on the country`s growing trend in the economic sector in recent years, he said that stability of the seven percent economic growth rate, increase in non-oil exports, control of inflation rate, revision of exports and imports laws as well as drawing up new laws on attraction of foreign investment are some of the major steps taken towards expansion of ties with other countries.

The minister hoped for Iran`s increasing share of the 70-billion-dollar worth of goods imported by Russia. For his part, Primakov said reiterated the need for bolstering bilateral ties.

"Given that the economy of both countries have the potential to develop, the mutual relations can be broadened in line with their capabilities."

"Some of the powers are intent on isolating Iran, but Russia is determined to take measures in the completely opposite direction," he added.

Primakov called for motivating the Iranian private sector to make investments in Russia.