"There are many capacities in the two countries that need to be developed," Mojtaba Khosrotaj said during a meeting with officials of Serbia's Ministry of Trade, Tourism and Telecommunications in Belgrade, IRNA reported.
The resumption of direct flights between the two countries after almost 27-year hiatus and the removal of visa restrictions on Iranian nationals traveling to that country could help increase trade and investment in the two countries, he added.
The Iranian deputy minister further said joint and collective efforts are required by the two governments to improve banking and transportation infrastructures.
Khosrotaj also decried the current level of trade between Tehran and Belgrade despite the potentials available.
During the meeting, Serbia's Ambassador to Iran Dragan Todorovic called for further expansion of bilateral ties, noting that the trade turnover between the two countries during the first three months of the current year witnessed a fourfold growth compared to the figure for the same period in 2017.
In 2017, the government of Serbia announced that in order to improve bilateral relations as well as to attract tourists and investors to Serbia, it had passed a legislation to abolish visa requirements for citizens of Iran and India intending to travel to the country.
Trade between Iran and Serbia stands at $20 million.
Iran's Foreign Minister Mohammad Javad Zarif visited Belgrade in February to explore the avenues for expanding economic relations between the two countries.
In a meeting with his Serbian counterpart Ivica Dacic, Zarif cited oil, gas, petrochemicals, mines, agriculture and IT as appropriate areas for expansion of bilateral ties.