During the meeting in the Bolivian city on Friday, Reza Tabatabeyee Shafiyee and Arce Catacora explored avenues for bolstering and reinvigorating bilateral relations in economic fields.
The Iranian envoy and the Bolivian economy minister also exchanged views on regional developments.
The Iranian ambassador highlighted good political and friendly ties with Bolivia and voiced Iran’s readiness to expand all-out economic cooperation with that country as well as sharing Iran's experiences with Bolivia.
The Bolivian economy minister, for his part, said his country is willing to take advantage of Iran's technologies in various sectors and voiced readiness to help remove existing hurdles to this end.
In a relevant development in November 2015, Iranian President Hassan Rouhani and his Bolivian counterpart Evo Morales in a meeting in Tehran underlined the need for boosting economic cooperation between the two countries.
"We have good cooperation in political field, but there is a need to broaden our relations in the economic and trade areas," President Rouhani said during the meeting in the Iranian capital.
The Bolivian president, for his part, expressed willingness to share Iran's experiences on transfer of technology in the field of new energies, water management, medical sciences, agriculture and nanotechnology.
The Iranian and Bolivian presidents also issued a joint statement on economic cooperation at the end of Morales' visit to Tehran.
Iran in recent years has expanded friendly ties with Latin America, specially in economic, trade and industrial fields.
Iran's strong and rapidly growing ties with Latin America have raised eyebrows in the US and its western allies since Tehran and Latin nations have forged an alliance against the imperialist and colonialist powers and are striving hard to reinvigorate their relations with the other independent countries which pursue a line of policy independent from the US.