"The boosting the two countries' cooperation and diplomatic shuttles can open new chapter in Austria-Iran relations," the Austrian envoy said.

Stift reiterated that Austria has always mentioned Iran as a regional power and the two countries' ties date back to 500 years ago.

In relevant remarks in early November 2016, Head of Australia's Vorarlberg State Chamber of Commerce Helmut Steurer underlined the need for broadening of trade and banking relations with Iran.

"I am certain that my country's banks are willing for active presence in Iran," Steurer told reporters.

He underlined that the Austrian banks must open up branches in Iran.

Steurer visited Iran to attend a conference on Iran-Austria trade cooperation, and said, "There exist some agreements for protecting joint investments between Iran and Austria which can serve as a good base for promotion of investments in the future."

He said that since Austria's Vorarlberg state is a neighbor of Switzerland, Germany and Lichtenstein, the western Austrian State of Vorarlberg has to compete with these economic powers.

"The products of this state are of high quality and can help Iran's progress," Steurer added.

The conference on Iran-Austria trade cooperation was held in Tehran on November