During a meeting on Thursday, Iran's Minister of Industry, Mine and Trade Mohammad Shariatmadari declared the readiness of Iran's state and private sectors to invest in Iraq, IRNA reported.
He pointed to the obstacles in improving banking relations between Tehran and Baghdad and hoped that the problems will be resolved during his meeting with Iraq's central bank officials.
Shariatmadari arrived in Baghdad on Wednesday evening at the head of a delegation to explore ways to further expand economic ties between Iran and Iraq.
Meanwhile, Iraq's Foreign Minister Ibrahim al-Jaafari thanked Iran for its support for Iraq and highlighted the importance of elevating trade ties between the two countries.
Expressing satisfaction over the promotion of Tehran-Baghdad relations in all fields he said 'Baghdad is honored' to have such relations with Tehran.
Elsewhere in his remarks, he referred to recent developments in Iraq's Kurdistan region and hoped for normalization of the situation in that region.
Meanwhile, Shariatmadari said in a meeting with Iraq's Minister of Electricity Qassim Mohammed al-Fahdawi that the private sectors of the two countries would become active soon to improve electricity facilities in Iraq.
The two also held talks on Iran's financial demands from Iraq.
Iraq has to pay $850 million to Iran for exports of electricity, noted the Iranian minister hoping that the neighboring country would repay the money soon.
Referring to Iraq's financial debts pertaining to gas imports from Iran, the minister underlined that the question should be solved between the two countries.
For his part, the Iraqi minister called for solving the financial issue through the central banks of the two countries.
Governor of Central Bank of Iraq Ali Mohsen al-Allaq said in the meeting with Shariatmadari that the formation of a joint commission between the central banks of Iran and Iraq in order to fully implement the financial agreements.
"Given the extensive nature of business relations, we need to continually hold meetings on issues related to bilateral agreements and facilitate business relations between Tehran and Baghdad," said the Iraqi official.
Al-Allaq underlined, "Within this framework, we have also held meetings with the Central Bank of Iran, and inked a memorandum of understanding (MoU)."
In late September, Iranian Commercial Attaché in Baghdad Nasser Behzad said that Iraq has considerably increased non-oil imports from Iran.
"Over the first four months of the current Iranian year (March 21-August 21), Iraq imported goods worth $2 billion from Iran to become the second destination for Iranian exports," Behzad said.