Trade exchanges between Iran and Belgium currently stand at $300-$400 million per year and attempts should be made to boost the figure to over $1 billion, a top official said.

Iran's Deputy Minister of Industry, Mine and Trade Mojtaba Khosrotaj was speaking at the recent Iran-Belgium Trade Conference in Tehran, Iran Daily reported.

Two Belgian banks expressed readiness to finance projects in Iran, Geert Bourgeois, minister-president of Belgium's Flanders Region was quoted as saying in the report.

Bourgeois added that no contract has yet been inked between the two countries but it is hoped that trade ties will be sustainable and long-term, the report said, citing Irna.