'Ties between Iran and India have always been outstanding and vital,' said Eshaq Jahangiri in a meeting with the visiting Indian Minister of Transport, Highways and Shipping Nitin Gadkari.
Jahangiri went on to describe the visit in May 2016 to Tehran by Indian Prime Minister Narendra Modi as a turning point in bilateral relations between the two nations.
Pointing to the Chabahar Port in southeastern Iran, Jahangiri said the country welcomes India's engagement in the projects.
He added that most of the obstacles to India's presence in Chabahar have been removed.
Iran intends to launch gigantic projects for development of the regions around Chabahar and the beach resorts of the Gulf of Oman, said the Iranian first vice-president, adding that Tehran is willing to cooperate with New Delhi in implementation of the projects.
Jahangiri also said that grounds are prepared for India to engage in the railroad construction in Iran.
The Iranian official then referred to the banking ties between the two countries and stressed the need for banking hurdles to be removed.
The Iranian banks are ready to enter talks with their peers in India to solve existing problems, he said.
According to Jahangiri, as far as development of bilateral ties in the oil industry is concerned, Tehran and New Delhi should embark on projects that benefit both sides.
For his part, the Indian minister said that his country is interested in making investments in Chabahar.
Gadkari also submitted to Jahangiri a letter from Indian Premier to Iranian President Hassan Rouhani inviting him to visit New Delhi.
The Indian minister said there are high capacity for the two countries to promote cooperation in oil and petrochemical sectors.
Gadkari said there have been positive developments in bilateral banking ties, adding New Delhi is reviewing the issue of opening of branches of Iranian banks in the country.
India is willing to widen banking relations with Tehran, he said.
Indian minister traveled to Tehran to take part in the swearing-in ceremony of President Rouhani, held on August 5.