Iran's ambassador to Kuwait here Monday evening called for further expansion of Tehran-Kuwait economic and trade cooperation.

Ali Jannati made the call during a meeting attended by heads of Iranian residents and organizations doing business in Kuwait.

Referring to the enormous potential of both countries to further expand bilateral relations, he voiced Iran's dissatisfaction with the current level of bilateral trade exchanges.

Tehran-Kuwait trade exchanges stood at US$412 million in 2005, he said, and expressed hope this volume could be increased to US$1 billion in the near future.

Jannati noted the absence of an Iranian bank in Kuwait and a number of obstacles in the way of importation of Iranian goods, and said these obstacles hinder expansion of bilateral trade ties between the two states.

The Iranian envoy further noted that Iranian businessmen were unfamiliar with the Kuwaiti market.

Jannati then proposed establishment of a council composed of Iranian businessmen that will organize meetings between the two countries' traders, identify exemplary businessmen and encourage activities to promote bilateral trade.

In the meeting, several Iranian businessmen residing in Kuwait briefed the Iranian ambassador on the problems they face in their trading activities.