TEHRAN – Iranian Central Bank Governor Valiollah Seif urged Japan to set up bank branches in Iran in a bid to facilitate the bilateral trade.

Seif made the remarks in a meeting in Tehran on Saturday with Daishiro Yamagiwa, the Japanese deputy minister of economy, trade and industry, the Mehr news agency reported.

“Iran has ample opportunities for foreign investment. Japan can take advantage of the opportunities to launch joint ventures with Iran in different technological field,” Seif said.

Yamagiwa leads a 60-member delegation, including executives from 21 companies hoping to grab a foothold in the Iranian market.

The Japanese official will meet Iranian Oil Minister Bijan Namdar Zanganeh on August 9.

Japan imported 10 percent of its oil from Iran in 2000, but sanctions have cut that figure to roughly 5 percent in fiscal 2014. Japan hopes renewed talks will lead to increased oil imports.

Iran exported $33.14 million of non-oil goods to Japan in the previous Iranian calendar year, which ended on March 20, 2015, while imported $235.03 million of non-oil goods from the country, according to the Iran Customs Administration

European countries also have sent delegations to Iran since that nation signed the nuclear agreement in mid-July. Iran boasts the world's fourth-largest proven oil reserves, and with a population of 78 million is a leading Middle East market.