"We are interested in fully activating banking ties with Iran as a ground to develop relations in other fields," Sofokleous said during the meeting in Tehran on Tuesday evening.
"Cyprus is willing to expand relations with Iran in economic, trade, scientific, academic, tourism and cultural fields," he added.
Vaezi, for his part, described banking cooperation as a necessary ground to broaden economic relations, and said, "The Islamic Republic of Iran welcomes development of ties and cooperation, specially between the two countries' economic activists and private sectors."
In a relevant development in August, Iranian Foreign Minister Mohammad Javad Zarif and Cypriot Parliament Speaker Demetris Syllouris in a meeting in Tehran underlined the need for the expansion of mutual cooperation.
During the meeting, Zarif and Syllouris explored avenues for bolstering and reinvigorating bilateral relations in different fields.
During the meeting, the two sides also discussed regional developments.
Zarif said the removal of international sanctions has paved the path for further development of economic cooperation between Iran and Cyprus.
The Iranian foreign minister also emphasized the need to resolve difficulties faced by Cyprus through diplomatic dialogues.